completion 'on notice'

white_noise

We are buying a house from someone going into a new build, we are about to exchange.
the developer wants to complete 'on notice', and it is not something i want to leave open ended.
in advance of this we have agreed with our buyer a completion date of 01/07/15, and my proposal is completion on the house we are buying is between 01/07/15 - 31/08/15, so limit the total time we would have to stay with family (no house) to max 2 months (we have two young kids).
the latest estimated date the new build house will be ready is early/mid June, with completion sometime afterwards.
Has anyone got any views on this from experience if the two month window would be accepted by the developers/vendor.
WN

When_the_going_gets_tough

I would have thought that the person going into the new build would be the one to mange without a property if necessary, not yourselves further down the chain - unless I have misunderstood your post. I would insist on a fixed completion date and leave how they manage up to them.

kingstreet

A builder will not accept a fixed completion date.

If your vendor chooses to accept completion on notice on their purchase and a fixed completion date on the sale is up to them.

They would have to be prepared to complete on the sale and find alternative accommodation if the purchase isn't ready by the date of the sale completion.

Chances of them agreeing? Who knows...?

Annie1960

I've just been in a chain with a new-build at the top. The date when the property would be built kept getting put back, so don't rely on any information you are given about this - it is just an estimate.

As others have said above, it is for the person buying the new-build to go into rented accommodation. You should agree a completion date in the normal way.

franklee

It's common to put a long stop date in but typically the date is quite a long way off. That said surely it depends on the detailed circumstance of the particular build. I'd suggest you get your vendor/vendor's solicitor to ask the builder what he will commit to and take it from there. If you are getting a good deal and can be the one homeless then why not - so long as your vendor shows suitable appreciation.