Has anyone negotiated completion date on a new build?

MissusP_2

Successfully negotiated that should say! We exchanged with Barratt homes in July, up until the point of exchange the completion month was given as Sept. As soon as we exchanged they gave us end of October as the date. Fair enough. Trouble is though we had to complete on this mortgage by first week in Nov, or we lose over £3k in fees from porting our mortgage from old house.

So last week...they moved the completion date to 10 days after we need it to be to get the fees refund :mad: the house is almost done and apparently the delay is due to a delayed CML inspection. We've pleaded with them to let us complete by the date we need or we lose the money but as yet no give on their part. I've even said we are happy to complete even if stuff still needs doing and they can do it with free access after this date.

I'm planning to email again later outlining this scenario- but anyone have any tips or advice? Or has been in this situation and managed to negotiate a date? It's such a lot of money to lose

pinkteapot

Are you sure you can't get an extension on the mortgage offer?

MissusP_2

Thanks for the reply- it's not a mortgage offer it's a 4 month deadline for completing on new mortgage( 4 months after we sold old house). The mortgage offer expires in December. After the 4 months we lose the fee already paid.

comeandgo

I don't think you can get a mortgage, I mean the money released, until the CML inspection is done and Relevant certificate issued and it can't be done until property finished so moving into unfinished property won't work. is this your first Barratts house? New properties regularly take longer than the first quoted dates.

ellie27

You have exchanged and agreed end of October? Surely that means it should be by end October and they just need to hurry up?

casper_g

Surely once contracts have been exchanged the sellers are committed to completing on the specified date? And if they fail to do so, they'll be liable for the buyer's costs incurred as a result of this failure - which in this case will apparently include >£3,000 in mortgage fees!

That's how I understood things worked, anyway. Or is it different with new build for some reason?

davidmcn

casper_g wrote: »

Or is it different with new build for some reason?

It is different with new builds, for the rather significant reason (assuming they're still building it) that nobody can be certain when it will be finished. So generally completion is within x days after the builder tells you that it's been signed off as complete.

lee111s

casper_g wrote: »

Surely once contracts have been exchanged the sellers are committed to completing on the specified date? And if they fail to do so, they'll be liable for the buyer's costs incurred as a result of this failure - which in this case will apparently include >£3,000 in mortgage fees!

That's how I understood things worked, anyway. Or is it different with new build for some reason?

With a newbuild you get "completion on notice" where basically once the CML is done they give you usually 2 weeks in which the transaction needs to go through.