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Final completion question.
Teaandtoast0124
Posts: 150 Forumite
Just a quick question. Is it possible to exchange contracts (final completion) when a new build house is not fully built? Or does it have to be fully built and ready to live in before contracts exchanged?
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You can exchange contracts before it's built. I exchanged a couple of weeks ago for my house that won't be completed until late March. The completion date will come when it's finished and ready to move in.0
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Thats great. Thank you0
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Exchange of contracts is the point you pay your deposit and accept legal obligation to purchase the property.
Completion is when the remainder of the monies and the keys change hands.
In the case of a newbuild, there could be several months between the two, with the builder giving notice two weeks before the build is finalised that completion will be imminent.
This differs from a "normal" purchase, where the completion date is agreed at the time contracts are exchanged.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 -
Makes sense now. So completion is made when the house is ready to live in?0
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Oui. C'est ca.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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Dam! Ive bought a few bits on the credit card for the house (£1000) they will see this balance when they credit check me again before completion. Why is everythin so complicated!0
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It's not complicated.
There's no point in worrying about it now though because what's done is done.0 -
I know this is an exciting time for you, but you really need to think hard about what you are doing at the moment.
You opened/wanted to open a new bank a/c, exceeded your credit limit (though accidental) and your purchasing items for a house you don't have yet - all inside of completion.
I know is all very new, but your valuation isn't done yet is it?
Just a thought - it's easily done.0 -
Will pay the card off in full. And valuation was done today.0
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Great. I said it with good intent.
All the best with it.0
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