Completion date on new development house

Tax_Slave

First a bit of background ;
- We managed to market and sell our current property in 4 days.
Area we live in has a waitin list for property of our type. Thought that was EA bulls**t , but it seems they were not far from truth.
- We got asking price on basis we would follow schedule for completion dates that buyer wants. They are desperate to get into house and keep their buyer.
- We have seen a new build property and were told that it would be completed approx middle of March for a handover.
- I called developer again Monday and they said would be ready for handing over keys middle of March.

So we have now agreed a completion date of 24th March with our buyers and exchanged contracts on our sale.
We plan to exchange contracts on our new build purchase next week.
All the boxes are now ticked.
Now on calling developer 4 days after they told us property would be finished middle of March, they are now saying middle of April !
I asked what needs to me finished in property and they said this week they are painting interior , then have outside work to do such as landscaping garden and tarmac double drive.
I'm now annoyed they have moved this date.

So my question is ;
If we are exchanging contract next week, I will now insist that completion date in end of March and force them to bring in completion date by two weeks. If they refuse I will threaten to walk away from deal.
In your opinion are they likely to say bye bye then or compromise and bring in date as we will be in position to exchange contracts in the next couple of days ?
I did say we are happy for the external garden work to be done post completion , but they refused.

kingstreet

If they can't get the NHBC cover note by your preferred date, completion isn't possible.

alex_163163

As Kingstreet has said, it depends on when they get the final sign off from NHBC. I believe the developer can't legally complete on the sale if that is outstanding? So your timescales will go out the window unfortunately.
It's the risk you take when buying a new build I guess. You, and any chain below, has to run to their timescale in reality, unless you are willing to complete on your sale and rent/ live with parents, friends, hotel, wherever for a few weeks which I understand is probably impractical.
I was until recently also in the process of buying a new build and I made it very clear to any potential buyers of my current flat that they had to work to our timescale of dates for the very reason that new builds very often overrun. Luckily I was able to find a buyer who was happy to agree to this.

Tax_Slave

Surely a NHBC inspection would not take longer than a day to perform ?
I'm sure if I put pressure on them they will get the NHBC survey , report or whatever it's called done more promptly ?

The ball will be in their court .....speed up the process or I will potentially walk away from deal. As I said we are ready to exchange next week , so they obviously must know the completion date , becuase it is needed to exchange contracts. Well that's what our solicitor told us when we exchanged on house we are selling last Friday.

gettingtheresometime

If there's a waiting list for your type of house, then why is the buyer dictating timescales & price

Tax_Slave

gettingtheresometime wrote: »

If there's a waiting list for your type of house, then why is the buyer dictating timescales & price

If there is a waiting list , then that's ok with me. We will move on and let them start whole sales process again.
We will be a cash buyer if we do walk away and find another development with a signed off property ready for occupation.
However I doubt if there is a waiting list , they have several of our property type currently advertised. However these are for completion in August ish. I have seen one plot reappear for sale 3 times as people reserve and then pull out or their chain collapses.
We will see next week.
Personally I think we are in a strong position.
Bring in dates by two weeks and we exchange next day , don't and we walk .

eddddy

Will your contract specify a precise completion date?

Some new build contracts specify "completion on notice" with a long stop date. (i.e. The builder will let you complete as soon as the property is ready.)

In any case, the builder will want the property sold and your cash in their bank account asap. If they've pushed back the completion date, it's probably because they see no prospect of finishing the property any sooner.

emmatthews

If you are willing to walk away then I presume you have somewhere that you can stay temporarily whilst you find another house?

If this is the case then is it really a huge deal to wait an extra few weeks for your house to be ready? I would rather be patient than have a developer do a rush job to get it finished. You won't buy and complete on a different house before this one is ready, so why not wait?

Tax_Slave

eddddy wrote: »

Will your contract specify a precise completion date?

Some new build contracts specify "completion on notice" with a long stop date. (i.e. The builder will let you complete as soon as the property is ready.)

In any case, the builder will want the property sold and your cash in their bank account asap. If they've pushed back the completion date, it's probably because they see no prospect of finishing the property any sooner.

I think we have been spun bullsh*t by the developer and they can finish the property if they prioritise with extra resources. But hey what's the rush ....just let the buyer play to our rules and schedule.
Like all things apply a bit of pressure and suddenly resources to finish project will appear from woodwork.
No different from when I was managing IT projects

Tax_Slave

emmatthews wrote: »

If you are willing to walk away then I presume you have somewhere that you can stay temporarily whilst you find another house?

If this is the case then is it really a huge deal to wait an extra few weeks for your house to be ready? I would rather be patient than have a developer do a rush job to get it finished. You won't buy and complete on a different house before this one is ready, so why not wait?

Yes we can stay somewhere at a cost and put our furniture in storage at a cost. But why ? When I feel pushing them will bring in completion date by two weeks. They either want our money and will chuck extra resources to finish two weeks early or they aren't that bothered , in which case bye bye and I will take my half a million elsewhere.

Tax_Slave

eddddy wrote: »

Will your contract specify a precise completion date?

Some new build contracts specify "completion on notice" with a long stop date. (i.e. The builder will let you complete as soon as the property is ready.)

In any case, the builder will want the property sold and your cash in their bank account asap. If they've pushed back the completion date, it's probably because they see no prospect of finishing the property any sooner.

I think if we apply pressure , they will suddenly chuck some extra resources at the build and find a way of completing in our time frame.
The inside must be finished if they are painting this week.
if we don't they will quiet happily probably just have one man on the job in no rush.
Like all projects , you have to apply pressure at times.