Enforcing a Long Stop Date on a New Build

Grouty

Hi,

My wife and I signed missives and paid our deposit on a new build property in Scotland last year - February 2007. We were informed that completion date would be Aug/Sep 2007. We have since received approx 7 new completion dates and the property is still not ready. The latest date we have been given is mid/end Sept 2008 which is doubtful because the house has a roof but no windows and no internals etc.

After speaking with my solicitor last year i was advised to ask for a "Long Stop Date (LSD)" which the developer agreed to of Jun 2008. We have already moved the LSD after agreeing some form of compensation from the developer to the end of August 2008. We have been offered a slight reduction in price if we move the LSD again by 2 months which will take it to the end of Oct 2008.

We have since sold our property and are in rented accommodation. We have since also had our first child who is 6 months old and still sleeping in the same room as us.

We cannot wait any longer for the property to be complete so we want to instruct our solicitors to being cancellation process. What are our chances of getting out of the missives? It is almost 18 months since we signed missives.

m1ntie

Ask your solicitor!

barnaby-bear

Grouty wrote: »

Hi,

My wife and I signed missives and paid our deposit on a new build property in Scotland last year - February 2007. We were informed that completion date would be Aug/Sep 2007. We have since received approx 7 new completion dates and the property is still not ready. The latest date we have been given is mid/end Sept 2008 which is doubtful because the house has a roof but no windows and no internals etc.

After speaking with my solicitor last year i was advised to ask for a "Long Stop Date (LSD)" which the developer agreed to of Jun 2008. We have already moved the LSD after agreeing some form of compensation from the developer to the end of August 2008. We have been offered a slight reduction in price if we move the LSD again by 2 months which will take it to the end of Oct 2008.

We have since sold our property and are in rented accommodation. We have since also had our first child who is 6 months old and still sleeping in the same room as us.

We cannot wait any longer for the property to be complete so we want to instruct our solicitors to being cancellation process. What are our chances of getting out of the missives? It is almost 18 months since we signed missives.

You are not alone:
http://forums.moneysavingexpert.com/showthread.html?t=1022053
http://forums.moneysavingexpert.com/showthread.html?t=1021919
http://forums.moneysavingexpert.com/showthread.html?t=937587

zag2me

What does it say in the contract you signed?

The fact you have a new baby and have sold your house has nothing to do with it really, if the contract said it would be completed by a certain date then you should get some form of compensation.

Grouty

I've read a lot of threads but I haven't seen any regarding Long Stop Dates. My solicitor thinks we should be OK as we have the LSD set - i was just looking for a second opinion before we begin the process.

silvercar

Decide what you want before you speak the the builders:

a) walk away and not buy
b) further delay and further compensation
c) major reduction in price.

Check your mortgage offer, most have expiry dates. If you need to reapply for a mortgage you could find yourself having to pay a larger deposit and/ or a higher interest rate.

Grouty

We want to walk away, we can't wait any longer for the property to be finished. The missives stated a 2 year limit but I have the long stop date in place or is this not worth the paper they wrote it on?

bubblesmoney

since the OP wants to move soon into a new house and the one they signed missives on is nowhere near completion, i guess the best way out will be to seek some form of compnsation and way out of the present house and then buy something that is actually fit to move into soon.

kaysmith87

Grouty wrote: »

Hi,

The latest date we have been given is mid/end Sept 2008 which is doubtful because the house has a roof but no windows and no internals etc.

.

My newbuild went from having no windows or internals around a 6 weeks ago to me moving in just over a week?

DCLP

Grouty wrote: »

Hi,

My wife and I signed missives and paid our deposit on a new build property in Scotland last year - February 2007. We were informed that completion date would be Aug/Sep 2007. We have since received approx 7 new completion dates and the property is still not ready. The latest date we have been given is mid/end Sept 2008 which is doubtful because the house has a roof but no windows and no internals etc.

Sounds like we're in the same boat mate,
My fiance and I signed an agreement on a new build apartment 4 months back with a view of moving in 6 weeks later (This was late September when we signed). We had to move out of the house we were renting and m,oved into a real hole which was supposed to be a temporary home for a few weeks. We are still waiting on the new build and the developer now reckons he won't be ready till March.
The original completion date was estimated to be August 2008 and on the agreement I signed the Longstop date was set at January 31st 2009. Having viewed the property (which is still a building site) today I can't believe that it will be inhabitable come the 31st.
From your experiences what am I entitled to and what do I stand to lose if I exercise my right to recind the agreement after the Longstop date?