Im considering the purchase of a property thats still under development. What do I stand to lose if the developer ceases trading before the sale has been completed?

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Im considering the purchase of a property thats still under development. What do I stand to lose if the developer ceases trading before the sale has been completed?

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The Local authorities have introduced new legislation to protect you. Property developers are required by law to take out bank guarantees or insurance policies that provide for the repayment of any monies that you have already paid, plus interest, in the event of bankruptcy prior to completion. You may not be able to buy the property in question but at least you wont have lost your money.

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