Crest Nicholson - newbuy

mrogers1984

Hi,

I'm a long time reader and 1st time poster.

After searching the internet for a few hours, i can't find the answer i'm looking for and so i'm posting here to try and find the answer i need.

We're currently purchasing a house through crest nicholson on the newbuy scheme and are due to exchange very shortly. Crest have now informed me that we have to have atleast 14 days between Exchange and completion due to the newbuy scheme?

Our mortgage is through Nationwide and our solicitors are closed this weekend for me to ask the question to. Crest have said this "delay" is due to having to put the insurances in place for their 3.5% however looking at the home builders federation website it states this is due 10 days post completion.

Can anyone shed any light on this?

Thanks in Advance.

Michael

shonzyd

is there a reason you cant wait 14 days?

RenStar

My understanding is that this is not something to do with Newbuy per se but more to do with the process of buying a newbuild. The builder normally gives you 14 days notice of completion, the intention being this allows you sufficient time to clear any outstanding balances like optional extras, other conditions of purchase (for example provision of plans) and of course for your solicitor to request funds from your mortgage provider to pay the developer. I guess with a newbuy, the developer also have to put the indemnity portion into the pot during this period before the mortgage lender releases the funds. Bear in mind that the 14 day notice of completion is the only time that your actual moving date is confirmed so booking things like removals and arranging connections to services, sorting out your affairs in your current home is also meant to take place during this time.

Completing on a newbuild house is slightly more drawn out as they have to do a proper handover, allow you time to inspect and be happy wit the state of the house too. You can choose to delay completion if there is somthing serious wrong that makes the house inhabitable not perhaps because the doors aren't painted on the other side (it happened to us ) and the two weeks window is therefore there to protect you as well as them in a sense. It's nothing to worry about. This is the second time that we're completing on a new build and both times its been 14 days notice. All the best.

mrogers1984

Hi, thanks for the replies.

Waiting for a time isn't a problem and we had previously discussed with the builder a completion date of 28th of this month (Thursday before good Friday) in order that we have a long weekend to get settled in.

Frustrating thing is the property is ready and the "sales advisor" has said due to it being newbuy they have to wait 14 days and so it would be the Tuesday after that long weekend, makes packing up less painful BUT soooo frustrating!

I was intregued to know whether the builder is spinning us a line, i'm intending to go down there this weekend to discuss this face to face.

Ciderarmy1987

mrogers1984 wrote: »

I was intregued to know whether the builder is spinning us a line, i'm intending to go down there this weekend to discuss this face to face.

what possible reason would there be for the builder to "spin you a line?"

It appears that a lot of people instantly assume that everybody is out to get them and nothing you are told can be trusted, whilst it is somethimes the case that you will get lied too; however a lot of the time there are just things that have to be done and these things unfortunately do take time and you just have to be patient.

shonzyd

i agree with a previous poster as its more to do with a newbuild. I have just bought one and it does state that within the documents. incidentally i am exchanging contracts and completing on the same day so makes no odds.

If 14 days is sufficient i don't see why you would even need to raise this with them, unless it was going to cause an issue for you (i.e giving notice)