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New Build at top of chain HELP!
CorrieLDN
Posts: 1 Newbie
We are third in a chain we thought we were only 3 but found out today that our Vendor is actually buying from someone who is buying a new build!
We got a letter from our solicitors saying that they want to exchange on the 29th Nov but completion will be on notice.
NOw I know that on notice means now until the end of time. I would not mind waiting but we need to get our children into the schools. Our eldest has been offered a place but they will only hold the place for 4 weeks. We are all ready to go its just the people at the top.
We have no idea of their circumstances ie if they are a family etc. I know our vendors are downsizing. We were told by the estate agent that they were going into rented now today we find out that they are actually buying.
I know New builds never finish on time and as its in the winter months you know the builders will blame the weather for dragging their heels.
Our buyers are cool as they are first time buyers and in no major rush, Our vendors are an older couple.
We have said we will not exchange until we have a completion date.
What else can we do to break the chain? The uncertainty of how long we will have to wait and we at the mercy of builders is scaring me to death. Our mortgage runs out beginning of April and ive seen horror stories of new builds being delayed for 9-10 months.
We got a letter from our solicitors saying that they want to exchange on the 29th Nov but completion will be on notice.
NOw I know that on notice means now until the end of time. I would not mind waiting but we need to get our children into the schools. Our eldest has been offered a place but they will only hold the place for 4 weeks. We are all ready to go its just the people at the top.
We have no idea of their circumstances ie if they are a family etc. I know our vendors are downsizing. We were told by the estate agent that they were going into rented now today we find out that they are actually buying.
I know New builds never finish on time and as its in the winter months you know the builders will blame the weather for dragging their heels.
Our buyers are cool as they are first time buyers and in no major rush, Our vendors are an older couple.
We have said we will not exchange until we have a completion date.
What else can we do to break the chain? The uncertainty of how long we will have to wait and we at the mercy of builders is scaring me to death. Our mortgage runs out beginning of April and ive seen horror stories of new builds being delayed for 9-10 months.
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Comments
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You can ask whether the people buying the new-build are prepared to break the chain and rent. Or the people you're buying from could do that. If you want to put your foot down say you'll pull out unless you exchange with a completion date of XXX. See what they say.
Alternatively, a contract with completion on notice can be written with a long-stop date - that's a specified date after which you're free to get out of the contract if completion hasn't happened.0 -
No, there'll be a long-stop date, after which they will be able to pull out.We got a letter from our solicitors saying that they want to exchange on the 29th Nov but completion will be on notice.
NOw I know that on notice means now until the end of time.
Because they simply don't have a house ready to move into...We are all ready to go its just the people at the top.
None of which matters.We have no idea of their circumstances ie if they are a family etc. I know our vendors are downsizing. We were told by the estate agent that they were going into rented now today we find out that they are actually buying.
You need to find out what stage the build is at. If they're ready to exchange, then the chances are that it's externally complete and weathertight, and so it's just internal work - which is less weather-dependent. They must have an estimated completion date. Find that out.I know New builds never finish on time and as its in the winter months you know the builders will blame the weather for dragging their heels.
Right now, you're just panicking needlessly without any of the relevant information.
Good.Our buyers are cool as they are first time buyers and in no major rush,
And...?Our vendors are an older couple.
OK... Such is your prerogative, of course.We have said we will not exchange until we have a completion date.
You can move to rented.What else can we do to break the chain?
Your vendor can move to rented.
Their vendor can move to rented.
Find out what stage it's at... THEN you can make an informed decision.The uncertainty of how long we will have to wait and we at the mercy of builders is scaring me to death. Our mortgage runs out beginning of April and ive seen horror stories of new builds being delayed for 9-10 months.0 -
I would not mind waiting but we need to get our children into the schools. Our eldest has been offered a place but they will only hold the place for 4 weeks.
If you are applying for schools, they will accept a letter from a solicitor that you have exchanged contracts. Have you spoken to the School or the admissions team?0 -
Instruct your solicitor that you need a fixed completion date or you cannot exchange contracts.
Find out when the new build is due to achieve their CML certificate - and make the completion date 2 weeks after that.0
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