Venders want to move completion date after exchange

helpful07

Evening all,

I had a phone call from the estate agents today saying the property company who are building the house the venders are moving into want to change the completion date.

We have exchanged contracts for 7th August completion. They now want a 30th August completion. Has anyone been in a situation like this before and if so, what sort of compensation, if any, would be expected? I'm currently living at home with the parents and a few extra weeks wouldn't make the world of difference but I am keen to move in and get things sorted.

Running_Horse

Three years from now, will you care about a three week delay?

While you could cause problems, it's really no skin off your nose. There are far bigger problems and expenses that could have cropped up, and often do in the property market.

Play the game and be a decent human being.

bitsandpieces

If you want to know what you'd potentially be entitled to, you're best to speak to your solicitor. Depending on the contract - some (as your vendor is finding with their purchase...) give some flexibility about completion date, but generally they don't. If your vendor was tied in to the completion date and you incurred e.g. extra accommodation expenses, you could look at claiming those, but if you're living with family anyway...

It may depend to an extent on how much you want to push for (and how tight finances are). If you're in a position to follow Running Horse's advice, perhaps you could ask for a donation to a charity of your choice in exchange for you not pursuing this issue?

DRP

is it costing you anything?


ie. days booked off work, cancelling the removal van etc?



If you want to negotiate compensation you first have to have something to be recompensed for...

WestonDave

It wouldn't be unreasonable for your solicitor to charge an additional sum in relation to effectively cancelling the first contract and exchanging on a new one with the revised date - that being the case you'd want the vendor at least to cover that cost as there is no reason for you to be out of pocket.

If you refuse to move dates then the vendors would end up presumably having to move into short term accommodation and pay for storage so their costs if you don't co-operate could be fairly significant. If the developer doesn't have flexibility (i.e. complete on notice etc) then they could be party to covering some of the costs as if they fail to complete on time there would be interest implications.

Without wishing to screw anyone over, its not unreasonable to suggest that the rest of the chain (i.e. the vendor and developer) put their heads together and make you an offer in addition to the legal costs. If they offer £100 it helps and is still better for them than you digging in and insisting on the original date.

ognum

I think the biggest problem could be with your mortgage, you need to check that it's release date can be delayed!