Completion delay

loulou_lemon

I was hoping to move into a renovated property in July this year (2016) but this was deferred until September 2016 as the builders encountered an unexpected problem.

An update today has pushed completion further back to possibly October 2016.

As I am in rented accommodation each monthly delay sees me further out of pocket. Is this normal and something I should have anticipated or are there anything I can do to stop this carrying on ad infinitum?

dc197

Are you going to buy this property? Have you exchanged contracts for the purchase yet? If not then "completion date" is probably just s guideline, it is not set in stone until it's written into a contract.
What paperwork do you have so far?

There is probably not a huge amount you can do if there is no official completion date. Perhaps threaten to pull out if you do not exchange by x date?

silvercar

Every month that you are paying rent you are not paying a mortgage, insurance etc So you may not be as out of pocket as you think.

loulou_lemon

Thank you both for the replies.

Yes, I'm buying this property and have exchanged contracts.

It is a cash sale but yes, you're right about probably not being so out of pocket.

I just needed a bit of a vent as I can see this going on for months.

Thanks again.

davidmcn

loulou_lemon wrote: »

Thank you both for the replies.

Yes, I'm buying this property and have exchanged contracts.

It is a cash sale but yes, you're right about probably not being so out of pocket.

I just needed a bit of a vent as I can see this going on for months.

Unfortunately the time to think about "what happens if this drags on" was when you were negotiating the contract. I take it you don't have a longstop date?

loulou_lemon

I will check to see if there's a longstop date.

Thanks.

martindow

loulou_lemon wrote: »

Yes, I'm buying this property and have exchanged contracts..

Are you sure you have exchanged contracts?

Solicitors will ask you to sign the contract so they can hold it ready to exchange at which stage the completion date is fixed. Signing does not equal exchanging.

If you have exchanged and the seller is not able to complete on the specified day your solicitor should be advising you.

davidmcn

martindow wrote: »

Solicitors will ask you to sign the contract so they can hold it ready to exchange at which stage the completion date is fixed.

It's not fixed if the property is still being built. It will be determined by reference to the date on which construction is completed.