Exchanging without a Completion Date

kingstreet

james.olliver wrote: »

The vendors have agreed to an exchange with their builders with a completion date yet to be determined which is the root of the uncertainty around the dates. If we could get a date when the builders can agree they'll be done by (wishful thinking probably) then at least we can make a reasoned decision about whether to wait or pull out

Completion on notice is standard for newbuilds.

davidmcn

james.olliver wrote: »

If we could get a date when the builders can agree they'll be done by (wishful thinking probably) .

Not a chance. At most you get a long stop date at which you're entitled to walk away if the construction isn't done.

System

As I found out, nothing is ever certain if there is a chain. We chose a new build property in April with a completion date of today. Our buyer had already got a buyer and all parties were prepared to wait. My wife and I then looked at our options and, as luck would have, we were able to change our plot and go for a similar property with a late July completion date. Happiness all round or so I thought. Wrong.

Our buyer wanted to go on holiday. Could we complete earlier or later? We went for later and our builder was happy? Sorted - wrong again.

Our buyer’s buyer was living with his in-laws and there had allegedly been a big bust up. He wanted to complete 3 weeks earlier than planned. Our buyer gave in and we had to see if we could move out early. In the event, we completed a week early and luckily we found a holiday Cottage for a week.

Whilst this particular move was stressful, my 5 previous purchases and sales went through without any problems even though there was a chain involved. You can never tell.

AnotherJoe

james.olliver wrote: »

Thanks for all the replies everyone!

We had served the notice on our current landlords as all our verbal communications with the vendors up until this point had not pointed to anything on their new build moving past the end of November. Lesson learned there!

The vendors have agreed to an exchange with their builders with a completion date yet to be determined which is the root of the uncertainty around the dates. If we could get a date when the builders can agree they'll be done by (wishful thinking probably) then at least we can make a reasoned decision about whether to wait or pull out.

We've been in contact with our solicitors to put our point across to the vendors and enquire about any timescale they have on a completion period for their new property. Fingers crossed we can find some sort of compromise (from ourselves and the vendor) on the time or we would have to pull out.

Do you mean your vendors haven't exchanged yet? Which seems unlikely if the completion dates been pushed back several times, how would you know?

Or is it the more common situation that they've already exchanged, with an open completion date. Or perhaps they have px'd with the builder?



Depending what the answer to these is makes a big difference as to how strong your position is.

kirtondm

Sounds to me that they have strung you along. Completion was always going to be on notice.
I would not exchange without a fixed completion date as you could not gaurantee that completion would take place before you mortgage offer expires.

In my opinion they should be the ones to move into temporary accomodation as they are the ones who are providing the uncertainty by wanting the new build.

PassingOutInTheParade

Goodness, there are far too many risks involved with this particular transaction.
They shouldn't be yours to take OP; get the seller to compromise and they move into rental. Maybe suggest splitting the costs (not sure if that would be necessary but might help).