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Completion date pressure from developers
white_noise
Posts: 116 Forumite
We are the Middle of a chain, we are selling to a ftb, and we are buying from someone that is buying a new build.
There is a 'sales progressor' that is overseeing things on be half of the developer.
We knew there was going to be a delay in the house we are buying being ready with estimates of July/August for completion, knowing this we got our buyer to agree to a 1st July completion, and sucked up the fact that we would have to find alternative accomodation for a while.
The agreed completion date of our sale was explained to the sales progressor at the end of March, and she agreed it could fit well.
The process progressed and we had to delay our earliest completion date for our purchase to the 8th July to allow money transfers.
We exchanged on our sale house with the completion date the 1st July. We then we're going to exchange on our purchase with an earliest completion date of 8th July. At this point we were told that the house developer insists on a completion date by the end of June to fit in with their mid year financial targets.
We can not do this given the agreed exchange date on our sale house and the buyer can't change there dates.
Basically we are in a position that we can't exchange on or purchase but have to be out on 1st July.
The developer won't accept 8th July, and not sure what the next move is?
Stick to our guns with the 8th, get some sort of bridging loan, or try and get the developer to offer financial reimbursement to our purchaser to move their completion date.
Very annoyed that the sales progressor has known about the 1st July date for yonks and we are now in this position
Thoughts?
WN
There is a 'sales progressor' that is overseeing things on be half of the developer.
We knew there was going to be a delay in the house we are buying being ready with estimates of July/August for completion, knowing this we got our buyer to agree to a 1st July completion, and sucked up the fact that we would have to find alternative accomodation for a while.
The agreed completion date of our sale was explained to the sales progressor at the end of March, and she agreed it could fit well.
The process progressed and we had to delay our earliest completion date for our purchase to the 8th July to allow money transfers.
We exchanged on our sale house with the completion date the 1st July. We then we're going to exchange on our purchase with an earliest completion date of 8th July. At this point we were told that the house developer insists on a completion date by the end of June to fit in with their mid year financial targets.
We can not do this given the agreed exchange date on our sale house and the buyer can't change there dates.
Basically we are in a position that we can't exchange on or purchase but have to be out on 1st July.
The developer won't accept 8th July, and not sure what the next move is?
Stick to our guns with the 8th, get some sort of bridging loan, or try and get the developer to offer financial reimbursement to our purchaser to move their completion date.
Very annoyed that the sales progressor has known about the 1st July date for yonks and we are now in this position
Thoughts?
WN
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