How long can they keep putting back our new build completion date?

rugbygirl27

AMILLIONDOLLARS wrote: »

Have you checked out your mortgage situation? will your lender still advance you the money on the property to buy at your agreed price? Sounds like there will be an indefinate delay and prices on new builds are falling like a brick, looks like you're stuffed they've got you're money which is earning them a nice bit of interest and they are delaying because they have laid off some of their bricklayers!!! You need a solicitor who is hot on contract law to get you out of this one!!!!!

AMD

Our mortgage advisor called Bellway when our mortgage offer expired as we were worried that the prices have dropped and we wouldn't be able to borrow enough. Bellway assured him that the house style we are buying was still being valued at the rate we had agreed to pay.

I've requested copies of everything we've signed for the purchase from our solicitors today with an eye to passing them to a friend who works for a top London law firm to look at so fingers crossed we can get out of it.

wymondham

rugbygirl27 wrote: »

I suspect it just goes in the pot but thankfully deposits are covered by the NHBC so we would get it back. As I say, may not be the worst thing for us.

I would not rely on NHBC for anything. It's a nice bit of paper to have and developers love to push their product is covered, but when you come to ask for their services you'll realise how worthless it is and how toothless they are....

(said from painful experience with new house many moons ago!)

AMILLIONDOLLARS

It's down to an independent valuer engaged by your Building Society to assess the value, not the developer! I'm a bit puzzled why your mortgage advisor phoned Bellway on this matter he should be contacting the BS.

AMD

rugbygirl27

AMILLIONDOLLARS wrote: »

It's down to an independent valuer engaged by your Building Society to assess the value, not the developer! I'm a bit puzzled why your mortgage advisor phoned Bellway on this matter he should be contacting the BS.

AMD

He called Bellway as the advertised price for our house style had dropped by £20k and we wanted to know why and whether this was affecting the valuations given. Apparently the £20k drop was on the houses without a garage, which ours has and that other people's lenders were still valuing them at the price we signed up for.

However, this was 2 months ago so that may well have changed!!