Completion earlier than expected

saint_david

Hello all Im a 1st time buyer who has bought a small flat off plan and have been given an estimated move in date of november, when the property has finished being built. Its looking more and more likely that the flat will now be completed in september or october, but i would prefer to move in during november as it will enable me to save for a little bit longer (currently at home with parents) before i have to start repaying the mortgage. I was just wondering if its possible to delay completion until november in order to be able to do this, or do i have to complete as soon as the property is built? Hope this makes sense!

Thanks

Dave

WestonDave

With a lot of new builds - houses and flats - buyers exchange with completion on notice. In English (!) that means that when the developer is sure when the property will be finished, he issues a notice requiring completion within a certain time limit. Failure to meet that timescale means the property can be remarketed and you lose your deposit. So you probably can't string it out if that's the deal you are on - check with your solicitor.

lilyann1

We had this when buying our new build 12 years ago.
We put the deposit down and were told that the house would be ready in June.
We then got a phone call at the beginning of April to say they wanted to exchange and then complete before the end of April.We said well we couldn't as we had holidays booked.It was well take or leave it and if we didn't complete they would remarket the property and wouldn't take ours in part exchange ,which is what we were doing.
So in the end we had to complete and give them the money and because we were on holiday,they would allow us to keep all our belongings in our flat,(which they were buying in part exchange)until we got back.
Unfortunately I have heard this happen with many people buying new builds.The builders want their money sooner rather than later!!!!