Currently waiting for a property in Kennington, London to complete. It was said by the agents, who were informed by Gladedale, that it would be finished by January 2008. Unfortunately, this assurane was only a verbal communication.
It is now June 2008, and, quite frankly, the whole block doesn't look as though it will be finished until September 2008. In the entire time, we've not received one piece of official correspondence from the firm at all, just verbal reassurances that it will be finished in 'the next month'. The site manager has been banned from giving out dates at all. I'd like to register my disgust and shock at their lack of transparency with their buyers.
Shame.
I wonder if it's because they might be in an irregular financial situation due to current housing situation. I'd hate to hear that they were suffering losses, financial mishaps, financial disaster, possible bankruptcy or any other untoward problems due to the credit crunch.
Delays are very common and the sales staff will often give unrealistic dates to sell the property. You won't get anything official until the property is build complete or practically build complete - two weeks before they expect you to move in. They do this to avoid paying liquidated damages i.e. the agreed penalty for delays in the contract. How fair is that? Is there any incentive to build quickly?
With regard to financial difficulties, you have nothing to worry about assuming you have an NHBC warranty. Might be worth checking
I hope this helps
Tony
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