We paid a deposit last year for a new build, the mortgage broker we went with came back with a deal that we were not

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Customer: We paid a deposit last year for a new build, the mortgage broker we went with came back with a deal that we were not happy with and we signed the documents for the new property, ready to move in pending the loan approval from the our broker and bank. The broker came back with a deal that our lawyer was not happy with, second tier, he did not even approach the bank, the building company (Navigation) said that the time frame for finance had passed and had to re-sell the our newly built home however they did say they will be building more houses with stage 7 development, they said they can offer us another new build and the deposit will be transferred to the new house once they start the build, covid hit and everything was put on hold (last year), I have been emailing Navigation about stage 7 as they have started the building, to no avail, they have only responded a couple of times via email saying they are waiting on the lockdown and waiting on sections to be released, November 2021, to date we have not heard back from them. My question is, since losing the original house due to finance falling through due to our broker not doing his job properly, the verbal and email that was sent by Navigation, is that a legal contract for the company to honor what they said they will do with regards ***** ***** us another house on stage 7 which is now in the building stage and land packages have been sold?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: no, I forgot to mention that our broker also refinanced our current property as we wanted to renovate and he said we could only go through a second tier and not a main bank, we had to find our own main bank to take over the mortgage from Southern Cross, he was not very helpful and the fees were horrendous. We just want to know if Navigation's verbal agreement to transfer the deposit we made for the original house is still legal and binding.
JA: Where is the property located?
Customer: Paerata Rise is the new build
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The new build was for our daughter, she signed the papers and we were using our property to help her get her into her first home, she withdrew her kiwisaver and first home grant and her lawyer had to return this when the deal fell through with the broker, very disappointing as she had her heart set on moving into her new house with her 3 young children.
Answered by Chris The Lawyer in 8 hours 6 months ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer based in Wellington with more than 42 years of experience. I am here to help with your questions.
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Chris The Lawyer, Expert

If any professional is negligent in their work, and the negligence causes losses then you can claim against them.

You do need to be careful about a verbal agreement as contracts for the sale and purchase of land must be in writing and not verbal. You need to ask the building company directly if they will confirm the transfer of the deposit in writing

Customer
hi, they emailed me to say they can transfer the deposit to the other new build once stage 7 had started, the hold up was covid last year however it is now in progress, Paerata Rise, stage 7. The duplex we originally had paid the deposit for was approx $680k, when our broker failed to provide us with a good finance deal from the bank, Navigation could not wait any longer and said they had to cancel our deal with them, however they emailed me to say they will be building more duplexes for stage 7 and we will be first on the list, the deposit will be transferred across to the new build. They did say that the stage 7 build will be slightly higher in cost due to building materials, $700k, which we agreed that would be fine. We are not getting any response from them now and we got a pre-approved loan from our new bank ASB and they are waiting on Navigation for the go ahead. Not sure what to do here as if we wait any longer, we may not get a house with inflation going up, interest rates etc.
Customer
I can't seem to add my mobile number and the chat box is not working for me either. Can you answer my query above?
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Chris The Lawyer, Expert

You need to ask them to confirm the deposit will be carried over, but the email you did receive should be sufficient

Customer
ok thanks, ***** ***** to from here? do I talk to the owner of the company?
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Chris The Lawyer, Expert

or the person who sent the email
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Chris The Lawyer, Expert

I hope this has been useful, and feel free to answer new questions

Customer
sorry the rate is a 4 stars
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