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Foxyfox

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  1. I sent TW a reply last week to say 'I am OUT' and have asked for my deposit to be returned. They have suggested someone from their corporate office would be getting in touch with me next week to discuss the next steps. Thanks for all of your suggestions, contibutions and guidance. I am now in full campaign mode and feel it necessary to flag this up with the local council, the local MP, and BBC .. thanks Ed999 for the email address - I for one would surely be dropping them an email in this regard. Big builders can not just hold buyers at ransom - and why isnt the government protecting the interest of us First time buyers. I have lost considerable time and money in the process of enlightenment - but it has been worth the while. Further none of my mates are gonna be buying from TW unless the company thinks hard to change the clauses within their contracts.
  2. The following are the questions raised by my conveyancer and TWs reply marked in red. Clause 11 – our client would like a restriction on the amount that the plot size can be altered. Clause 23 – our client would like a penalty clause to be inserted, whereby if this clause comes into effect penalties will be payable by your client, for instance interest payable at the contract rate on the deposit held by them. Extended Completion Window – our client would like this to be reduced to 6 months. Rent review – our client would like the rent review clause to be changed to every 25 years as opposed to 10. and Taylor Wimpey’s response:- I can respond to the enquiries raised as follows: I cannot agree this amendment. This clause is standard and should remain as drawn. For an off plan development - the plot schema's are the only visible tool a buyer has to understand how his development would look like once completed. How can a buyer get any assurance if the developer is not ready to put a restriction within the contract indicating the allowable variance post completion ? I cannot agree this amendment. This clause is standard and should remain as drawn. You client cannot expect to be put at this advantage compared to other plot purchasers and there is no way my client would agree the provisions suggested. If I fail to pay the cost of the development - the developer wants to charge me for outstanding funds an interest 4% above the bank rate, however are not willing to invoke the same clause if they fail to develop on time ? how is this fair I have now heard from my sales department. They advise that they will not agree to any amendment to the completion window but assure that completions are due to take place in Nov/Dec, if your client has been on site he will appreciate that the build is fairly advanced. f they are so sure of delivering on time ( as they mention the development is going well ahead of plan) why not write it down within the contract. Put your money where your mouth is. 4. Again I cannot agree this amendment and it would not appear to be logical in any event. The ground rent under the lease doubles from £250.00 every ten years until the fiftieth anniversary of the term. These provisions are standard to all our development leases and your client cannot expect an exception to be made on their part. This is somewhat re-assurring , the cap at the end of the 50 years is 4000, but does this mean the ground rent would remain constant for the remaining term (125 - 50 years) ?? I would appreciate everyones views on this as this is the real DEAL braker clause within the contract I am confused, frustrated and have lost faith in both the conveyancer and the builder. I am now almost certain to walk away from the contract and would demand a full refund of my deposit tomorrow. I have also decided to spread the awareness to first time buyers like me - It is difficult as it is in the current economic times to get on the property ladder. If I was aware of all these in the first place I would have not wasted my time and money. I am baffled with the developers arrogance on the replies mentioned above - surely the buyers are no fools and should not be treated like one.
  3. Thank you all for your valuable comments. Believe me I am now wondering why I am paying a substantial fees to my Conveyancer who is probably not looking in my vested interest. I have received the following reply from my conveyancer on the subject : ''The rent review provisions are standard across Taylor Wimpey’s leases and this cannot be changed as all the Leases for the development have to be in the same form. The rent is doubling every ten years, however you must bear in mind the rate of inflation. Where X amount may see like a large sum at present it may not be in the future. If the ground rent did become an unrealistic amount – all leaseholders will be in the same position, and there would be options available to you and other leaseholders. You could approach the Landlord and ask them to reduce the ground rent figure, although this would be discretionary.'' for the other concerns I raised I received the following justifications '' Due to the unforeseeable nature of future construction - the exact sizings of the property are not included within the contract. The plan for the plot is included within the contract and within the Lease showing the position/extent of the property. It is unlikely Taylor Wimpey will agree to the insertion of a Penalty Clause if the property is not completed by the Completion Window. What we can request is a ‘Long Stop Date’ which means that if the property is not ready by the end of January 2012 you can bring the contract to an end. Would you like me to request this? In previous experience Taylor Wimpey will not agree to amending this clause. They need the flexibility allowed due to the unpredictability as outlined in point 1 above. However Taylor Wimpey do have a clause in the contract confirming they will construct the property in line with the planning permissions. We do not have a completion date yet for the property and completion will be on notice as per clause 2.1 of the contract." I have asked my conveyancer to convey my concerns to the builder Solicitors - Even though I have been told nothing would change. I have suggested if this is a 'take it or leave it offer' then I would be happy to walk away and would expect the builder to refund my deposit.
  4. Hi all I am in the phase of exchanging contracts for a Taylor Wimpey apartment I am looking to buy in East Croydon. This evening I received the contract from my conveyancer ( who was recommended by Taylor Wimpey). Many people have suggested that there are hidden clause in the contract which I should carefully note and if not happy inform my conveyancer. While reading I realised a clause suggesting Ground Rent to be 250 pounds doubling every 10 years ? ? with the lease of the flat being 125 year , the amount of ground rent payable during the last 10 years would be astronomically high 512,000 (half a million). Can someone advice whether this is common - or a money making gimmic applied by Taylor Wimpey - what can I do on this front. I also noticed the contract does not specify any date of completion which is worrying as I have heard horrific stories with the same developer not completing on time. Thanks
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