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Due to Exchange but CML DIF issue

So me and other half have reserved a new build house. When we reserved the developer pushed for a completion date in 5 weeks (due 13/12/2019).

All was going well, mortgage offer and H2B swiftly received in good time.

Asked for an update this week as we are due to be exchanging to allow 5 days between exchange and complete as per the developers guidelines (I know some don’t require this but our developer are adamant on this).

Turns out this week that the CML DIF form wasn’t received by the lender despite the solicitor and developer being sure it was previously sent. So this was sent to the lender on Tuesday but they still haven’t reviewed it.

I know it’s no good but I’m stressing out because as far as I am aware they can’t exchange until that is sorted and if we don’t have the 5 working days between exchange and completion and complete on the 13th as previously mentioned... then could we lose our deposit and the house lost!?

I know threads on here have said that much of that is scaremongering and developers are usually flexible but I’m just really worried.

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ec0 wrote: »
    I know threads on here have said that much of that is scaremongering and developers are usually flexible but I’m just really worried.
    Well, why wouldn't they be flexible? There's not much point in them pulling out tomorrow unless they've got somebody else lined up who's going to complete before Christmas. Which they don't.
  • Ec0
    Ec0 Posts: 18 Forumite
    That’s my thoughts too but emails today seem quite adamant.

    I also don’t know how quickly this CML form issue will take to resolve and whether that and exchange can all realistically take place all in one day?
  • ec9wrr
    ec9wrr Posts: 232 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Worst case scenario they’d put house back on market (I don’t think they would thought). If they did try and sell it to someone else, surely you could just offer on it and start the process again!?
  • Ec0
    Ec0 Posts: 18 Forumite
    As it’s a new build, they offered incentives of Stamp Duty so that’s why the CML DIF is needed therefore if goes past the agreed date they could make us pay the tax (which we don’t have the money for hence why we could go for this house earlier than we planned to) or they put it back on market.

    However as said above, I guess it’s unlikely as they would have to start full process again which could take months.. as opposed to a couple more days which is all I think it could be?
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