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The Property Podcast

ASK161: I have an off-plan investment property that’s gone wrong. How can this be fixed? Can I get my deposit back?

The Property Podcast

Rob Bence & Rob Dix

News, Investing, Education, Business, Business News

4.82K Ratings

🗓️ 6 November 2018

⏱️ 12 minutes

🧾️ Download transcript

Summary

In a bold move this week, we only have one property investment related question on Ask Rob & Rob. No, that’s not us being lazy. That’s just us wanting to dedicate time to expand on this one, off-plan buy to let investment question with the level of detail that’s needed. We get many questions relating to off-plan investment property each and every week, but none as frustrating as this. So hit the play button to hear Trevor’s story and listen to what Rob & Rob would do in this situation.   Trevor in Broxbourne, Hertfordshire is having a tough time with an off-plan investment property in Liverpool. He exchanged contracts in November 2017 with completion due around June 2018 with a long-stop date of August 2018. Fast forward to February 2018 and Trevor was still nowhere near completing on this property. In fact, when Trevor visited the site, work hadn’t even begun on his buy to let investment. Skip to June 2018 and still nothing had progressed. Since then, Trevor has been back and forth with the developers who have since offered him three alternative plot switches (one of them with a hefty additional cost of £20,000), but has also discovered other amenities which are now no longer included within the build or have been moved elsewhere. Not ideal when purchasing an off-plan investment property. If he chose to stick with his original off-plan apartment, the developer had changed the plan so the bedroom no longer had a window and no natural ventilation - something which would possibly affect the rental potential of the property. So, Trevor has decided to call it a day and the developer has 28 working days to return his deposit. Is it likely to be plain sailing or can Trevor look at exploring breach of contract? In a twist of fate, Rob & Rob did some research on the property developer in question and you’ll have to listen to the podcast to find out why the Robs chose to walk away from their deals. But the Robs do have some handy information for those who want to safely invest in off-plan property. Should you look for a good track record, protected deposits or both? Make sure you grab a notebook and pen as Rob & Rob take you through a checklist for investing in off-plan property safely. Do Rob & Rob think there’s a chance for Trevor to get his deposit back? Listen and let us know what you think of this week’s podcast. Enjoy this week’s Rob & Rob.  Do you have a property or property investment related question for Rob & Rob? If you’d like to feature on the next episode, give us a call on 013 808 00035 and leave a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over in The Property Hub Forum yet? If you love property chit chat, this is the place for you. Our online community are a friendly bunch, keen to share their knowledge and experience. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob.

0:03.0

And I'm Rob.

0:04.0

And this is Ask Rob and Rob.

0:08.0

Hey everyone, welcome to Ask Rob and Rob,

0:10.0

the show where you give us your questions and we give you our answers.

0:13.4

This week we're going to break from tradition and only answer one question.

0:17.0

But because this question is so valuable,

0:19.5

we wanted to give it our entire focus.

0:21.9

Now you may be thinking one question a week how am I ever

0:23.7

going to get my questions answered? Well don't worry we often do more than one and we

0:27.7

make it very easy for you to get your questions in. How do you do it Rob?

0:31.6

Well all you do is call

0:33.0

Oh 1.3 808.00035. That's 1.

0:36.0

808.

0:37.0

Oh 3.8.

0:38.0

Or if you don't fancy reaching all the way for the phone but you're sitting in front of your

0:41.0

laptop then you can go to the Property Hub.

0:42.8

Dot Net slash Ask and leave us a voicemail there instead.

0:46.1

So with Pleasantries out of the way we can get onto a true story of woe from Trevor in Broxbourne.

0:51.1

Hello Rob and Rob, This is Trevor calling from Brocksbourne in Hertfordshire.

0:57.0

We're really loving the stuff that you guys are doing.

0:59.0

Just recently signed up for the magazine.

...

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