Completion statement deduction

xzeeex

Hi All

Looking for some clarification about my completion statement.

Long story short, the new build i'm purchasing has been delayed by several months and the builders have agreed to pay me compensation. They will not issue a cheque to me, but instead have advised they will deduct the amount from my completion statement.
This may be a stupid question, but this is my first time buying a home - does this mean the amount is deducted off the price of my new build? Or in effect, does it mean I will be left with a 'positive' balance once all solictors bills etc are paid, and the positive balance is then paid back to me after completion?

Thanks in advance!

Thrugelmir

xzeeex wrote: »

Or in effect, does it mean I will be left with a 'positive' balance once all solictors bills etc are paid, and the positive balance is then paid back to me after completion?

That's the way I read it. Once paid they'll pay money back to the solicitor.

xzeeex

Thanks for the response Thrugelmir. I have posted in the mortgage section as well to find out if this is something my lender needs to be made aware of.

davidmcn

If they're deducting it on the statement that means your solicitor will be collecting less money from you, so no need for a positive balance to come back to you.

Yes, your solicitor will probably need to run it past your lender.