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Completion date issues
AnnelieseM
Posts: 5 Forumite
Hello!
Just looking for some advice regarding completion dates, to see if anyone has been in a similar situation.
So my partner and I are both first time buyers, we are living at home so there is no chain our end. The sellers are moving into a new build. We have come to the point where we are exchanging contracts and agreeing a completion date. The developers of the new build are pushing the sellers to complete Friday 14th. However, my partner and I ideally can't complete before Friday 28th. The developers are now wondering whether to start looking for new buyers for the house which means the chain will break down and we won't have the house.
We can complete earlier than the 28th if we really HAVE to, but we won't be able to move in until the 28th, therefore we don't want to be bullied into completing earlier than completely necessary. My partner works for a building company so knows that the developers are just trying to push it as quickly as possible. But I know that if we push them too hard the chain may break and we will end up with no house. Has anyone else had this problem before or can anyone shed any light on this for us?
Thank you!
Just looking for some advice regarding completion dates, to see if anyone has been in a similar situation.
So my partner and I are both first time buyers, we are living at home so there is no chain our end. The sellers are moving into a new build. We have come to the point where we are exchanging contracts and agreeing a completion date. The developers of the new build are pushing the sellers to complete Friday 14th. However, my partner and I ideally can't complete before Friday 28th. The developers are now wondering whether to start looking for new buyers for the house which means the chain will break down and we won't have the house.
We can complete earlier than the 28th if we really HAVE to, but we won't be able to move in until the 28th, therefore we don't want to be bullied into completing earlier than completely necessary. My partner works for a building company so knows that the developers are just trying to push it as quickly as possible. But I know that if we push them too hard the chain may break and we will end up with no house. Has anyone else had this problem before or can anyone shed any light on this for us?
Thank you!
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Comments
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The developers are now wondering whether to start looking for new buyers for the house which means the chain will break down and we won't have the house.
Seriously? They think they can find new buyers who can complete all the necessary paperwork, legal work, mortgage offer etc in time to complete in 11 days time? Or are they just trying to pressurise you?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
The developers will clearly take much longer than the extra 2 weeks you are asking for to secure a new buyer and get another chain anywhere near ready so you are in a strong position here.
Could you offer 21st as a compromise?0 -
AnnelieseM wrote: »we won't be able to move in until the 28th, therefore we don't want to be bullied into completing earlier than completely necessary.
Serious question, why not? For the sake of two weeks' worth of council tax and utility bills?
Personally I would just complete on the 14th and consider myself pleased to have a couple of weeks to do a bit of decorating before moving in, but if you really don't want to, your options are to call their bluff and refuse to budge from the 28th, or compromise and aim for the 21st.
Personally I doubt they will pull out, no way are they going to find a new buyer able to complete before the 28th anyway.0 -
Yeah we are pretty sure that they're trying to pressurise us into this because if they let the sellers go then they have to start the process of finding new buyers all over again. It's ridiculous but they just aren't budging and we don't know what to do0
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Also yes I see that we could compromise and go with the 21st or just complete on the 14th but neither me or my partner can get time off work before the 28th. However, that doesn't mean we can't still complete and then pick up the keys and move in on the 28th. I believe my partner would rather us both be there and be able to move in etc as soon as. On the other hand, I am happy to complete on the 14th and just take the couple of weeks if it means we get the house0
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Completing on a Friday isnt ideal - if there are any issues you are left with a whole weekend of agony. If you have the chance, at least change this to the Thursday.0
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If you're FTBs, why do you need time off work? Is there a lot to do to the property before you can move in? Can you free up evenings and weekends to do it?2024 wins: *must start comping again!*0
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Indeed - but then most completions happen on a Friday, and it's extremely rare to miss a completion deadline after exchanging, so I'd not worry about that at all. Especially as they're FTBs - not like they're going to be homeless with a removal lorry full of stuff, a dog and 3 kids or anything.SmashedAvacado wrote: »Completing on a Friday isnt ideal - if there are any issues you are left with a whole weekend of agony. If you have the chance, at least change this to the Thursday.2024 wins: *must start comping again!*0 -
Do you work weekends? If not why can't you complete on 14th and start moving in on the weekend?0
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SmashedAvacado wrote: »Completing on a Friday isnt ideal - if there are any issues you are left with a whole weekend of agony. If you have the chance, at least change this to the Thursday.
Whilst not unheard off, such issues are incredibly rare.0
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