Can you ask to delay a new build completion date?

Alarae

Essentially the vendor of the house we are potentially looking to buy is buying a new build, which I believe is due to complete in early April.

Issue we have is that our fixed rate changes on 30 April, so realistically to avoid a 2k ERC we need to complete from the 1st May.

Does anyone know if the vendor can ask the builder for a delayed completion date? I know that they normally issue notices to complete once the build is done, but I didn't know if there was any way to delay this. Most experiences are people having long delays with completion and trying to get it shorter whereas we ideally need it to be pushed back!

G_M

Of couse you can ask.

Whether they'll agree you'll find out after asking......

Supersy

We are in a same pickle, we have sold our house and will complete 1st week in March, our ERC drops from 3 to 1% on the 1st of April but we dont want to put the buyer off by waiting till then so we are going to suck it up.

Alarae

Sorry, really should have phrased the question asking if anyone had any luck doing it! I heard the notice to complete is normally 10 days from issue, which is where we may come unstuck if it will expire in April.

The additional ERC is unplanned and for us would render the house unaffordable unless we scrounge the money from family and pay them back after completion.

Ah well. Just have to wait and see. The vendor may be able to use other funds to buy her onward purchase and not those from the sale, so hopefully she may complete on her purchase first with us to follow in May.

martindow

Although it is proposed to complete is early April, new build dates can be optimistic and often slip especially at this time of year. A bit of bad weather and the problem could be solved.

eddddy

Alarae wrote: »

Ah well. Just have to wait and see. The vendor may be able to use other funds to buy her onward purchase and not those from the sale, so hopefully she may complete on her purchase first with us to follow in May.

I really wouldn't hold out any hope on that - the chances would be pretty much zero.

They will almost certainly have to pay off their current mortgage before they can get the new one, plus they'd need the equity from their current house.

Depending on property prices in your area, that might mean they need to find a few hundred thousand pounds to do what you describe.

Even if they have that kind of money, it won't be sitting in an instant access account.

gingercordial

Penitent wrote: »

How early in April? If it's 1st-5th, they might be more resistant as a delay will push completion into the new tax year, which might screw with their financial forecasts.

Unlikely to be a concern with anything other than the tiniest of one-man developers. Companies set their own accounting year ends and very, very rarely do big companies use the tax year end for this. Most of them use 31 December. Also the "tax year" (such as it is) for companies is not the same as for people, as corporation tax rates and allowances actually change on 31 March/1 April not 5/6 April as for people.

I'd take your point if completion was before 31 March in which case they might want to bolster their Q1 results, but April vs May won't make a difference there.