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Can a buyer choose when to complete?
Leo2807
Posts: 3 Newbie
Hi All,
I am a first time buyer! :j
I have bought a new build property which will be ready sooner than we expected. We have exchanged contracts but were hoping to complete in April (this is what we were told). We have been told that the house will now be ready end of February! Two main problems are that we will be on holiday and travelling for business and not financially ready in terms of buying all the furniture and having it delivered on time.
As the buyer can we choose when we want to complete? What rights do we have?
Thanks!
I am a first time buyer! :j
I have bought a new build property which will be ready sooner than we expected. We have exchanged contracts but were hoping to complete in April (this is what we were told). We have been told that the house will now be ready end of February! Two main problems are that we will be on holiday and travelling for business and not financially ready in terms of buying all the furniture and having it delivered on time.
As the buyer can we choose when we want to complete? What rights do we have?
Thanks!
0
Comments
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If you have Exchanged contracts, it will depend entirely on what was agreed in the contract.
Read it?0 -
I chose the day to complete. I did it just before exchange.0
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I also chose the completion date.0
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It's a newbuild, so completion is "on notice."
You need to speak to the builder and explain your situation.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 -
Thank you for the replies. The contract did not specify a completion date but advised that May/June is the latest the property will be ready (this is obviously a precaution to protect themselves). It states that if we don't move in 6 months after this date we are entitled to our money back.
I spoke with my builder yesterday and they didn't want to give us a straight answer and just said when its ready its ready... which is really annoying.
I will be speaking to my solicitor today but was hoping to have some info on my rights to back up my case!
My argument also is that if we were renting or in a chain then the completion would depend on those circumstances. But as they know we are living with parents they seem to be pushing us along to get their money ASAP : (0 -
As I said, completion is "on notice" so if your contract says a week, that's how long you're entitled to. If it says, fourteen days, fourteen days it is.
Yes, the builder will want its money as soon as your home is finished. It then uses some of that money to pay for the materials and labour it needs to build the next house and so on...
If you were in a chain, or had a tenancy, you'd be in exactly the same position. Unfortunately, if you buy a newbuild, this is how it works. Most of the time, build times are put back, rather than brought forward, but you always need to be able to adapt to any changes that occur.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 -
Your completion is on notice. Therefore you have to wait for the notice to be given - you have no say on this or the actual completion dateCurrently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0
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