Off Plan Apartment - Salford Quays

[philip lewis]

I've bought an off plan apartment from a developer in 2015. The apartment was due to be handed over to me in 2018. Due to delays in construction and the main contractor going bust, it is unlikely that I will be in possession of it until 2020. I'm now in a position where I can get my 50k deposit back due to the delays. I'll only get this back and no interest. The developer has informed me that I will also have to wait until my apartment is sold to another buyer before I will be reimbursed. The developer has a good track record and several other developments ongoing in the North West.
Have you any thoughts on my predicament?

 

[Longterminvestor]

Salford Quays is a very up and coming area with MediaCity close by (correct me if I am wrong). If you need to wait until the property is sold to get your money back why dont you negotiate a discount on the original price and still buy the property? Assuming the new builder will actually get the job done. If you dont need the stress then get your money back and avoid off-plan in the future.

 

[philip lewis]

Salford Quays is a very up and coming area with MediaCity close by (correct me if I am wrong). If you need to wait until the property is sold to get your money back why dont you negotiate a discount on the original price and still buy the property? Assuming the new builder will actually get the job done. If you dont need the stress then get your money back and avoid off-plan in the future.

Salford Quays is a very up and coming area with MediaCity close by (correct me if I am wrong). If you need to wait until the property is sold to get your money back why dont you negotiate a discount on the original price and still buy the property? Assuming the new builder will actually get the job done. If you dont need the stress then get your money back and avoid off-plan in the future.

 

[philip lewis]

Thanks for the advice. I wasn't aware that you could renegotiate the asking price. Is this common place and does anyone have any experience of doing so?

 

[diyhelp]

Hi @philip lewis , I think it is a case of attempting to renegotiate the asking price yourself as opposed to any strict procedure written into your contract. At the end of the day, if you don’t ask you don’t get