Completion on notice

ztan

Hi all

I posted earlier this week explaining my OH and I had handed over our contracts and deposit to our solicitors, so are now waiting for the developers solicitor to get their act into gear.

I've received an email from my solicitor this afternoon explaining they're still awaiting confirmation that the developers solicitor is "ready to exchange contracts"

The developer has been pushing us to exchange AS SOON AS POSSIBLE for about the last 4 weeks, so why are they now dawdling?! We handed over our stuff on Friday last week after constant nagging from them, now they don't know if they're ready to exchange!? I'm confused!

My solicitor also said that he is waiting for them to "clarify whether completion will be for a fixed date or on notice"

As it's a new build, it isn't finished yet- although the original build completion date was Monday 9th August- so we still don't have a new indication of when it will be finished, and they don't even know if they can give us a fixed date for completion.

I'm curious as to what "completion on notice" actually means for us- the buyers however. We're currently renting and don't want to be paying a whole month's rent for next month, ro be told 3 days in that they're ready to complete now and we can have the keys and move in. We can't afford to cough up a month's rent AND THEN start paying the mortgage (and by my calcuations the first months mortgage payment's going to bleed us dry anyway)

Sorry this is such a long rant- I'm just confused. Can anyone offer some advice on why this is now dragging and why the developer is being so unhelpful???

:mad:

F_T_Buyer

Completion on notice is any date in the future - i.e. when they give you notice (usually with 14days before).

What you MUST make sure is that you have a back stop date!!! This is where competition must be before this date. If you're having a mortgage, the offer will expire at some point (usually 6months from applying) so you want the back stop date to be before this.

You do not want to get into a position where you have exchanged to buy a house, but you no longer can get a mortgage to purchase it!

F_T_Buyer

Just to add, many people did this by buying off plan flats. When the recession happened, the flats were delayed for years, now they are almost built they find they can't get a mortgage because the value they agreed to buy it at is nothing like what it's now worth.

Bananamana

F_T_Buyer wrote: »

Completion on notice is any date in the future - i.e. when they give you notice (usually with 14days before).

What you MUST make sure is that you have a back stop date!!! This is where competition must be before this date. If you're having a mortgage, the offer will expire at some point (usually 6months from applying) so you want the back stop date to be before this.

You do not want to get into a position where you have exchanged to buy a house, but you no longer can get a mortgage to purchase it!

most developers wont give you this. what you need to ensure is you regularly contact the sales office to get updates. If it looks like your offer will expire seek an early extension.

Richard_Webster

Quote:
Originally Posted by F_T_Buyer
Completion on notice is any date in the future - i.e. when they give you notice (usually with 14days before).

What you MUST make sure is that you have a back stop date!!! This is where competition must be before this date. If you're having a mortgage, the offer will expire at some point (usually 6months from applying) so you want the back stop date to be before this.

You do not want to get into a position where you have exchanged to buy a house, but you no longer can get a mortgage to purchase it!
most developers wont give you this. what you need to ensure is you regularly contact the sales office to get updates. If it looks like your offer will expire seek an early extension.

One of the many issues with buying a new property I am afraid. 14 days is the usual notice.

Be thankful you have nothing to sell. Then you would have a buyer going ballistic at the thought of not having a definite date.

I always tell people buying new houses and selling an existing property that if the new house isn't ready they need to be prepared to move out. If they can't do this and the house obviously won't be ready, their buyers are unlikely to wait around so I would like to suggest they walk away and tell the builder where to stick his overpriced new house. (They don't usually do this, but find some poor relative that will let them sleep on his floor for a few weeks after they have reluctantly completed their related sale.)

ztan

Well apparently our developers now think the BUILD COMPLETION will be 10th September. Quite a jump from 9th August don't you think?

I understand this happens, it's a new build... but all of a sudden everything is slowing down.

Still nothing back from the solicitors either.

The one glimmering ray was the developers said they've started redoing the render on the rear of the property. We visit the house, just externally, about 3 times a week- keeping a very close eye on things naturally. However I think this may be bull, so we're going to check on that this evening, and if they haven't- we'll be back in their office tomorrow afternoon demanding to know exactly WHY it's now taking forever to get everything done.

I hate being a FTB under 25- they think they can walk all over you.



Luckily we're not bound to leave our rental by a certain date- so it's just a case of living in a half packed house for a month or so now. :rotfl:Eager to leave.... much?!

Bananamana

Just make sure you keep an eye on it as the build progressess. When you do get served notice have arrange to view the property to check your happy to proceed (albeit you can't delay completion for anything classed as snagging)