Hi JacM
They are settling early because things have moved quicker than expected plus they have developed Stage 7 and 8 BEFORE Stages 5 and 6 because of some drainage and road access that has prevented them developing Stages 5 and 6 until 7 and 8 are complete. I thought this alone would be cause for compensation.

However, I have spoken with the guy who sold me the block and he is negotiating with the developer for me. There is a chance that he will get a builder to swap a block with me for a block smaller than the one I have at present but a more regular shape, this will delay settlement until Jan or Feb next year. This might be the more favourable outcome for me as the loans that I have fixed (with huge break costs) will be unfixed by Jan 2012 which was my problem in the first place.

Will let you know how it all ends up!

Thanks for all your help and comments.

Anita

Hi Colin

I have not seen a registered copy of the sub-division plan. I have been in contact with Lewis O’Brian who was recommended by Paul Dobson and he has been extremely helpful. I have also taken your advice and tried to negotiate with the Developer solicitor but he was very blunt and would not enter into negotiation with me and then hung up on me!!! I have gone back to the guy who sold me the block in the first place and he is going to look into what he can do for me. I am hoping that I get somewhere with it before I lose my deposit!..

Anita

Thanks Colin and Terry

The Contract says “Settlement Date shall be the date upon which vacant possession of the Property shall be given by the Vendor to the Purchaser namely upon acceptance of Title and payment of the purchase price in full.

Payment of balance 14 days from the date upon which the Vendor’s Solicitor notifies the Purchaser or the Purchaser’s Solicitor that the Plan of Subdivision has been registered.”

However, when I complained that I had purchased in the Final stage of that development (Stage and now Stages 7 and 8 were going to be settled before 5 and 6, this is the response I received via email from the Solicitor:

“When you purchased in May 2008, we were advised by our consultant team that it could take up to 4 years to complete the entire project with the target of stages 7 and 8 being the last stages. We had to advise clients due to legal sunset clauses in the contract of sale that would be the maximum completion timeframe and this was the best estimate 2.5 years ago, however we have been able to move abit quicker through the civil construction stages. We were advised by our consulting engineers that stages 7 and 8 need to be completed before stages 5 and 6 due to a variety of reasons that mainly concern the connection of services, drainage and roadways with our neighbouring development at The Reserve. The settlement of stages 7 and 8 will be around May 2011, 3 years from when you purchased instead of 4 years as we believed in 2008. This is an extremely long settlement date, and I will be sending through the details of our preferred finance brokers in the new year.”

Do you think I have good reason to argue that I should get my deposit back ? I am running out of time now to get a nominee and will not be able to settle.

Regards
Anita