Q: Dear All,
I have recently decided against proceeding with the purchase of a new build home I booked last year. Does anyone know whether it is possible that the reservation of house sales to another interested party? Any advice would be greatly appreciated.
A:No you cant its gone. Sorry.
A:Thanks very much for your replies. Yes I was hoping to make a profit from the property but I have decided against investing my money just now. The property is in Scotland. I was just wondering if there was a way to transfer the initial ￡500 reservation to another person or if you just have to write the money off if you decide to back out. Someone I know suggested that you could sell the reservation to a 3rd party but it doesn't sound right to me!
A:NO. If they are on an estate that is sought after you might be able to buy/sell on completion date. You would need advice on how to do this.
What you must bear in mind is you might well be commited to buying. In Scotland when you reserve £500 then a few weeks later £2000 and you sign missives. If you then back out the Builder can sue you for the difference between your price and the eventual selling price.
If the builder has a waiting list they are just going to keep your money then sell it on themselves.
A:Why not ask the builders? They might have a waiting list for any available unreserved homes.
Or were you hoping to make a profit from the as-yet unbuilt property?
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