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Can a developer renege on a contract?

Buying new build, through assignment of contract. The value of the property has jumped from 300k to nearly 400k between the original sale and now. I secured the assignment for 340k. If the developer thinks he had get 30-40% more at today's prices can he break the contract?

Asked on May 18 2014, New Homes in London | Report content

Answers (1)

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  • No, you have bought a contract that has already exchanged so the developer is committed to the original price. If he were to renege you could sue him for all your lost profits and costs.

    Answered on Nov 13 2014, Report content

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