Purchasing A House Part-Exchanged To Taylor Wimpey

Cloupe

Quick update, we've spoken to the solicitor, and have asked her to put it to Taylor Wimpey to agree to compensate us for every month after feb that the house isn't completed. I agree tho with Lydia J, if they are confident they will complete then, then this should not be a problem, if they wont then it just sends out more worrying signals to us!!! I can't see how they hope to exchange contracts with anybody before Xmas if this is how they're going to go about it!!

If they refuse then we'll do as Milliewilly said and pull out, its not worth being held to ransom by a big building company without protecting ourselves.

I know with the builder we are buying from we asked for several clauses to be added to the contract e.g specific completion date, guarantee that they would complete before x date to protect our mortgage, removing penalties this end if we couldn't complete when they wanted us too etc but they refused all of these on the basis that they are confident everything will go smoothly - not very encouraging for us the buyer but we are going ahead because we believe the outcome is worth the gamble. Something horrific might go wrong and we end up tied to an uncompleted house, our deposit with our solicitor and no house to live in but unable to buy anything else because we have agreed to buy this house..... a risk for sure!!

I agree with LydiaJ again here i think if they had no problems agreeing to add these clauses to a contract then they would be confident of a completion date. This just sound like bad negotiation if u have clauses in YOUR contract if you don't complete in time, where the fairness in that!!! You could argue that you are confident that you can complete in time and want your penalties removed....I bet they would love that idea:rolleyes:

shays_mum

My sis is buying thru Taylor Wimpey this is the 4th delay for when they can move in, they were meant to be in Dec09, now its been moved to June 2010, is this normal?, what's the best way forward??!!
Thanks in advance?

terrierlady

many people exchange with developers on notice, each property will have a cml date once thats happened then notice to complete is issued re buying a part exchange house from either taylor wimpey or any developer i imagine you got a good deal and most mortgage offers are valued for at least 6 months,dont worry its normal pratice.

GDB2222

dont worry its normal pratice.

I agree that it's normal practice, but do worry! There's so much that can go wrong between now and June, expecially as it can then be delayed still further. For example, your mortgage offer expires if you lose your job, etc. There have been many, many horror stories on this forum.

Have you exchanged yet? Did your solicitor warn you of what you were letting yourself in for?

DVardysShadow

terrierlady wrote: »

many people exchange with developers on notice, each property will have a cml date once thats happened then notice to complete is issued re buying a part exchange house from either taylor wimpey or any developer i imagine you got a good deal and most mortgage offers are valued for at least 6 months,dont worry its normal pratice.

Normal practice? Yes, loads of people are ending up in deep doodoo because of this normal practice.

Any contract on this basis should have an out based on the mortgage expiring at very least.