Cancelling Contract - Cooling Off Period

Hi All,

Could you please advise whether following letter would be okay to cancel the contract within the cooling off period ? I have already spent money on soil testing and other formalities and cannot afford to get a solicitor for exercising cooling off rights.

Thanks a ton

//-------------------------------------------------------------------------------------------------------------------------------
Date


Your Name & address


Name & Address of Timeshare company


Dear _____________


Re: Agreement between____________ and ______________, dated __________________.


I refer to the above contract and hereby exercise my cooling off right and withdraw from my agreement with ________________ for the purchase of _________________ together with any related finance agreement entered for the purchase of such Timeshares.


Accordingly, I request that you immediately return all monies paid by me to date, failing which a complaint will be lodged with the Financial Ombudsman Service or Credit Ombudsman Service.


Your cheque should be made payable to the writer and sent to the address below:


[insert address]


Yours faithfully

cc: [Name & address of finance provider]
//----------------------------------------------------------------------------------------

 

That sounds fine. I'd email + fax + reg post it to ensure they received it.

 

Thanks a lot D.T. Your advise previously allowed me to come to decision. Much grateful.

 

Quick question... Is it a timeshare? If not, alter the letter.

 

Thanks Champ, overlooked it.

 

Which parties are you planning on sending it to?
Vendors?
Vendor's solicitors?
REA?
All of the above?.....more?

 

What if your letter is not in the required form? What is it is in the right form but not delivered to the correct party?

Surely you would have had a solicitor before you signed the contract? I would use them to terminate as there could be issues and then you would be locked into purchasing a property you don't want.

 

Is it in QLD? Who did you use for conveyancing? It shouldn't cost you much if anything to terminate (with me it would have been ~$156, $110 of which would be credited to your next purchase). What if your solicitor can terminate without cooling off and therefore save you the 0.25% fee? Often not getting advice will cost you more.

 

On second thoughts, you can get out of so many of the contracts in QLD. If it is in QLD I will terminate it for you, and if I can't terminate without you having to pay the 0.25% termination policy I will do it for free.

 

By way of update. Contract terminated under a different condition, no termination penalty payable.