Can Barratt do this?

IHateDida

Snagging won't allow you to delay completion unless there is something seriously wrong - my solicitor told me this today. I told her that I was going to employ a professional snagging company and she agreed that this was a good idea, buy she said that I couldn't wait until the snags had been sorted to complete, unless there was a serious reason as to why the property wasn't habitable.

terrierlady

did they not state a two month date for completion ie aug/sept and explain that dates can come forward as well as fall back due to poor weather?I expect you either exchanged on the £99 reservation fee or the developers 5%?Ask to speak to the area sales manager and explain your position im sure they will listen.

[Deleted User]

They just said October, they didn't expand on that. I exchanged shortly after the £99 down.

The solicitor is on it and I will see what he comes back with. The change has also come about (I think) because one of the apartment blocks has been held up by a month (my friend is still waiting to move in) and Barratt are being over eager to get what money in they can for the end of Q3

CROWN_3

If you have exchanged contracts you will not be able to get out of buying without penalties. However if you are OK to proceed with the purchase but not until October as originally agreed, you should challenge the mortgage adviser on their advice. They have arranged a mortgage for you even though you do not have a deposit.

[Deleted User]

Any idea what the penalties would be?

ZZZZZZ_2

BTW their contract generally allows them to complete even if there are alot of material snagging points

Richard_Webster

Did you tell your solicitor you didn't want to complete until October before you exchanged?

Before you exchanged contracts your solicitor should have told you how the completion date would be finalised. He should have told you that if no FIXED DATE had been agreed, the builders could finish the house anytime they wanted and give you 14 days (or whatever it says in the contract) notice to complete. The next question to your solicitor should have been "It could be before October then?"

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

terrierlady

thats the problem as a first time buyer they dont know what questions to ask or even take in information given sometimes, to be honest its only when things go wrong that they understand when and what they should question, a good solicitor should take extra time with FTByrs think for them and ask the right questions to prompt them, in truth, the FTByrs doesnt know what they dont know!!!! thats one of the reasons developers use a panel of solicitors who do take time .

[Deleted User]

Thanks to all who have taken the time to respond thus far andthanks Terrierlady, that about sums it up to be honest,

"I don't know what I don't know"

I can put the time spent with my solicitor during this purchase at no more than 5 minutes. I went in to exchange contracts and then when I rang the other day asking him to look into this deposit issue.

Since I decided to bite the bullet and buy somewhere there has been an increasing amount of speculation regarding a crash.

Personally, I don't think this will happen as we have seen previously. One thing that hasn't been touched on is that interest rates are now controlled by a different body than when the last crash happened (government used to control them directly). However, the speculation has definitely cast some doubt over this whole thing for me to the point where I'm thinking if I should just take the hit and pay the penalties to save losing a substantial amount against the price of my house? ThenI could just rent somewhere and wait it out to see what happens

I'm not really buying for an investment so I'm not after short term gains, I'm buying as a place to live for my girlfriend and I. I can see us staying there for the forseeable future, we aren't materialistic and don't want a huge house if there's only two of us rattling round (and my dogs :money: ), we want to be able to !!!!!! off on holidays etc rather than trying to pay off a house we don't use. But in the same vein, I don't fancy moving in and then seeing a huge drop in the price of my house.

I know it's as broad as it is long but I'd like to hear what you guys would do in my position (I'm 23)? I do think there will be some kind of drop but I don't believe the 30-40% stories out there.

Thanks again,

Paul.

xycom1

Exactly what you said - I'm 24, completed on our first home a couple of months ago and now moved in. TBH, my house is somewhere to live - the monthly cost is reasonable for the size, it's somewhere I'll be staying for a long time hopefully and so future value isn't something that bothers me. Sure, I'll be !!!!ed off if the prices drop (which I'm sure they will) and I'll be pleased if they increase (although I'll never see the money as I don't intend to sell).

If it's any consolation, the last few weeks up to completion were the most stressful for me too - I almost felt like pulling out. Good luck with it, hope you get sorted the way you want it.