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Delayed exchange and completion
Mathias123
Posts: 43 Forumite
Hi,
We are now in our 4th week after we were supposed to exchange contracts for the new build we are purchasing - originally exchange date was the 17th March. In the original contract we signed there was a long stop date of the 31st March.
We had been pushing our solicitor to exchange as the house has been completed for some time. However today we heard that the property won't complete until May. It's an end terrace and the road adjacent to it, leading to our garage, is not finished. The properties to the other side of ours have their roofs on and we are trying to confirm that this is the cause of the delay.
Our concern is that we don't have want to exchange without a completion date due to the risks involved but we are already late on exchange. To make matters worse we are supposed to be out of our rented accommodation by the end of the month but the landlord might let us stay for a few days longer.
Should we wait until we have a completion date before exchanging? Or should we go with exchanging and completion on 10 days notice?
We are now in our 4th week after we were supposed to exchange contracts for the new build we are purchasing - originally exchange date was the 17th March. In the original contract we signed there was a long stop date of the 31st March.
We had been pushing our solicitor to exchange as the house has been completed for some time. However today we heard that the property won't complete until May. It's an end terrace and the road adjacent to it, leading to our garage, is not finished. The properties to the other side of ours have their roofs on and we are trying to confirm that this is the cause of the delay.
Our concern is that we don't have want to exchange without a completion date due to the risks involved but we are already late on exchange. To make matters worse we are supposed to be out of our rented accommodation by the end of the month but the landlord might let us stay for a few days longer.
Should we wait until we have a completion date before exchanging? Or should we go with exchanging and completion on 10 days notice?
0
Comments
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If I were you, I would not accept the completion date on notice. I saw plenty of threads people complaining about the delay in new build. I would insist on one exact date. (It can be long between exchange and completion-at least you can have the exact date to wait)0
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