Sticky Situation Contract issue

I signed an off the plan contract 3 days ago and my work situation has changed today.
I signed it 3 days ago and the apartment developer signed it today.
I am in the cooling of period and the contract is subject to finance.
Also paid a 1k initial deposit for expression of interest.

What can I do basically to avoid paying the 0.25% contract cancellation fee and also get my 1k back.
Thing is I already have a pre-approval from the bank for the loan amount.I have not notified the developer yet.
Can I just say at the anytime in my 14 day finance clause period that I was not able to obtain finance (which I did) and get back all my money?

Contract states 'Buyer must take reasonable steps to obtain approval'
Do i have to provide proof of my finance rejection?(which I dont have)

Really appreciate your response.

 

Pre approval is only an approval in principal and not an unconditional approval.

If your job situation has changed and you cannot obtain finance, speak to your solicitor asap so you can pull out of the deal and minimise any loss.

 

Thanks for your reply.
I do know that I can pull out with little loss but wanted to know if I can pull out with no loss...
What proof do I have to show to the seller that I have tried to obtain finance?

 

.25% is a very small price to pay to get out of a contract as significant as a property purchase.

Walk a moment in the developer's shoes. They think they have a contract signed so they can show their lender, and you now want to inconvenience that part of the equation for $0 outlay?

What does the contract say about the deposit? Is it non-refundable?

Do you expect to pay/not pay your solicitor for the work they have already done/going to have to do to get you out of the contract?

You have 2 options: get a new job in the next week, same field, same or better remuneration then proceed to get finance. Or pay the .25% 'inconvenience fee'.

There are far worse consequences if you delay getting this sorted asap.

pinkboy

 

You will have to provide evidence that you have been refused finance.
With no job, or reduced income, that won’t be hard to get.
But this will be on your credit record, and may be far more expensive in the long run than the cooling off fee.
If you have just changed your mind, pay the small fee and move on.
Marg

 

I have already paid the conveyancer in full
I didn't know that would affect my credit rating So I guess . 25% payment is better than getting my credit down.

 

If it was a promotion I wouldn't have posted this.
Thanks all for the advice

 

You may well have only put money in trust for the conveyancer, not paid them. That could be a refund. Have they told you what they think? Reasonable steps to obtain finance is not that strong. If you have lost a job and went to a broker, broker rights a letter and says no chance, I would consider reasonable.

 

If your employment has changed your preapproval will be voided and you’d need to be reappeoced with your new situation. Speak to your bank and they’ll likely issue you with a decline.

 

Would that go on your credit record?
Marg

 

It shouldn’t - it would be a reassessment rather than a new application.