In need of opinions!

cwoody1

Hi all,

My partner and I have found a fantastic house which we can see ourselves in for a long time!

We have placed an offer and it's all looking very promising.

The complication is that the seller is buying a new build so does not have a fixed date, they do however have a long stop date in August, the estate agent has said this might move forward but I like to look at things from the worst case scenario.

My concern is that if we do exchange contracts say next month and there are any delays with the new build then our mortgage offer may not be valid still, the lender might change there criteria, withdraw etc. it cuts it rather fine if the mortgage offer runs out on say the 16th September.

I suppose what I'm after is some opinions on the situation and advice, should we stress that we want a 'no later than' date of completion? should we force a fixed date?..

Side note: We will be selling to first time buyers with no chain. They don't seem too fussed with completion dates as I believe they are living with there parents still and saving.

Thank you in advance!

marksoton

You negotiate a completion date with your vendor.

If their new place isn't ready come that date it's their problem.

nubbins

I doubt forcing a completion date is going to work.Put yourself in their position, if you were waiting for a house to be built but had no definate dates would you commit to a completion date on yours? In terms of a new build you are right to expect the worst case scenario as they normally run over by weeks if not months (one I bought was expected beginning Sept, we moved in 5th Dec), ignore what the EA says.
My advice is to spend as little money as possible whilst showing some commitment until things become clearer i.e maybe get a solicitor who works on a no completion no fee basis and hold of on the full mortgage application/searches for as long as possible. Make sure the mortgage offer is for 6 months as I believe some are 3.

cwoody1

Thanks for the replies.

Marksoton, thank you for the suggestion, I am speaking to my solicitor later on today so will see what he thinks about that.

Nubbins, I think the same, I don't think they will commit to a date due to there position, however if you don't ask you don't get!

May I ask, with your purchase was there a contractual long stop date of September? or was it a verbal agreement?