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Delays on new builds - how common?
bouicca21
Posts: 6,725 Forumite
Still looking for a house. I've seen a nice one, but the vendors are buying a new build which is scheduled for occupation next spring. I get the impression from posts here that delays are common, so is it likely that next spring will actually turn out to be next summer?
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Dunno what to say, but when we reserved our new build, we were told they were running slightly behind schedule, 2 weeks later they were suddenly 2 week ahead of schedule and a week after that they suddenly were behind schedule again. I guess it's all a guessing game, they did tell us they wouldn't really be able to give anything other that a very rough indication of completion till the roof is on, after that the guesswork becomes significantly less as they are far less dependent on the weather...0
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Just be careful.
A typical mortgage offer only lasts six months and Nationwide, for example, will only allow a single two week extention.
After that, it's a new application, fees etc.
We do a lot of newbuild stuff and we're very careful to only submit an application when the build will be finalised within six months. In addition, the HTB - EL Authority to Proceed only lasts six months from exchange of contracts.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Still looking for a house. I've seen a nice one, but the vendors are buying a new build which is scheduled for occupation next spring. I get the impression from posts here that delays are common, so is it likely that next spring will actually turn out to be next summer?
how common are delays?
well, how common are Tuesdays? new build delays are about 7 times as common... (esp this far out)0 -
Especially as we head into winter, with delays in construction pretty much the norm in bad weather.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks - that's thrown up possible problems about the mortgage that I hadn't even imagined.0
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