Dear Homes England,
A new development, Sutton Point, in Sutton, London was being built over the course of 2018. My wife and I were in the process of purchasing an apartment in that development. In Sept 2018, we had paid the reservation fees, solicitor fees, and mortgage broker fees, and were awaiting exchange of contracts. We were abruptly informed by our agents in November 2018 that the sale will no longer proceed as the developer (CNM Estates) had sold the development to another company. As buyers in midst of the purchase process, we were left in distress with no options offered as what we can do from that point onward. My questions:
1. Is it legal and ethical for developers to cancel sales at such point in the process (we had invested significant money, time, and efforts in the process)?
2. Are developers not responsible for communicating clearly with the buyers about what our rights as buyers are in this scenario?
3. What measures and controls does Homes England have in place to minimise adverse impact on buyers in such scenarios?
4. Are there any penalties imposed on developers who break their promises to the buyers as in this scenario?
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