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
Chris The Lawyer
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