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Delayed Completion Problems
Comments
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They wont start paying their mortgage on their new build until they get the keys, will they? So strictly speaking, they should have funds for renting for a month or so if needs be. There's only the three of them (including a grown son, no children) so finding a place wouldn't be too hard.
But, playing devil's advocate, it's a lot less hassle for you to just stay in your existing rented place than for them to find one for themselves, and incur two sets of removal costs. Might be the way they see it.0 -
pinkteapot wrote: »May is only three months. Chains can easily take this long anyway, so you might end up waiting as long with another house that you find, even if the seller isn't going into a new-build.
Our poor buyers offered in August. We accepted their offer in October, when we found something to buy. Our chain is completing in Feb as the person at the top couldn't complete until then. So it can be worse!
The completion date is not fixed until you exchange contracts (the date of completion goes on the contract). You can ask the sellers to exchange and fix a completion date before they know if their new house will be ready or not. As others have said, seller would then have to rent or move in with friends/family if completion comes and their new-build isn't ready.
Your seller will either say yes or no - no harm in asking.
If they say no, it's entirely up to you whether you pull out and look for something else, or wait. Depends on how much you want the house. But, as the weeks pass, the odds of a different house completing sooner get less (assuming the new-build is actually ready in May).
If I was your seller, I would have told you when you viewed that I was going into a new-build, ready in May. I wouldn't want someone offering then pulling out later when they discovered this.
For next time you view a house - ask the vendor what their position is, and what they're doing. It's very different if they've found something and are keen to get moving than if they aren't even going to view things until they've sold. Has a big effect on the timescale.
We spoke to the vendors when we first viewed the property, and they told us then it was a new-build and they were hoping to move really soon; the agents said they thought they'd be in a position to move within 8 weeks once things were moving, and this is when their solicitors come in and said May
I don't mind the wait, in the grand scheme of things, I always figured it would take a while. I think we'll have to push for a firm date in the contract, as we really don't want to still be renting into June. I guess I'm more annoyed that they're being super pushy and then throwing spanners in the works like this.0 -
pinkteapot wrote: »But, playing devil's advocate, it's a lot less hassle for you to just stay in your existing rented place than for them to find one for themselves, and incur two sets of removal costs. Might be the way they see it.
That's true. I feel bad for messing the sellers about, they are genuinely lovely people who desperately want to move to be closer to work; she commutes two hours there and back at the minute!
Having things in writing somewhere along the line is going to make me feel more comfortable.0 -
At exchange of contracts you can breathe easy (pretty much). Everyone is legally bound to go through with it.
I can understand your frustration. When we bought our current house we viewed and offered in March and the sellers wanted a quick sale. They then delayed things and said they couldn't move until August, so we had a five month wait in total. The minute we got the keys though, it was all forgotten.
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Not on a newbuild.pinkteapot wrote: »At exchange of contracts you can breathe easy (pretty much). Everyone is legally bound to go through with it, and the date is set.
Completion is usually "on notice" and the same goes for anyone else in a chain with a newbuild in it.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 -
How long is the offer period?I'm more worried that the mortgage offer is going to run out in that timeI 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 -
kingstreet wrote: »Not on a newbuild.
Completion is usually "on notice" and the same goes for anyone else in a chain with a newbuild in it.
Oops, sorry - I'll edit my post.0 -
kingstreet wrote: »How long is the offer period?
We were told most likely 3 months from application, which was yesterday I believe, which would take us up to April 27th. We're waiting for a call back from the mortgage manager we've been allocated to confirm this for sure.0 -
I'm surprised the mortgage offer is only 3 months. I thought they were generally for 6 months and usually valid from the approval date not the application date.Starting Mortgage Balance: £264,800 (8th Aug 2014)
Current Mortgage Balance: £269,750 (18th April 2016)0 -
I'm surprised the mortgage offer is only 3 months. I thought they were generally for 6 months and usually valid from the approval date not the application date.
If it's 6 months then I'd feel a lot more comfortable. Not sure whether it's something to do with it being a Help to Buy mortgage?
Hopefully the rep from NatWest will give us a call tonight and we can confirm this for definite.0
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