Just about to complete on a new build...

Da_Crojanz

Due to move in on April 9th in Scotland. Have reserved with a 2k deposit and pay the rest of the full 17.4k deposit on the completion date. Mortgage all approved, signed etc.
The house has received a CML and habitation certificate. It needs to pass an inspection on the 26th and that's it. Then all the paperwork needs signed.
Is there any hope of this happening? One delay I fear is if nobody can witness signing the deeds due to social distancing.

SharkMoney

Tell the builder you can’t risk with covid 19 etc 

start negotiating on a heavy discount. 

graphs

Do this now ^

davidmcn

What paperwork still needs signed, if you've signed your mortgage deed? You don't have to get very close to witness somebody signing a deed anyway!

davidmcn

SharkMoney said:

Tell the builder you can’t risk with covid 19 etc 
start negotiating on a heavy discount. 

There is (I presume) already a contract, so the time for the parties to negotiate has passed.

Da_Crojanz

Mortgage is already through and approved at the agreed price so think pushing for a discount is long gone.
The actual deeds at completion still need signed. I think that's it?

davidmcn

Da_Crojanz said:

Mortgage is already through and approved at the agreed price so think pushing for a discount is long gone.
The actual deeds at completion still need signed. I think that's it?

The builder signs the Disposition which transfers title to you. How they organise that is up to them, they may well already have signed it. Doesn't necessarily even need two people to sign at the same time. I don't see anything to worry about other than some mild disruption if e.g. the solicitors are working from home.

Da_Crojanz

Hi again
So the housebuilders supposedly stopped work today. Our sales office is not open Tue / Wed so no word from them.

We were due to complete on the new build April 9th. Missives (Scottish word for the contract) were signed weeks ago, the mortgage offer from Barclays was signed and confirmed back in early February, valid until July 25th.
I've just read on this forum that Barclays now require a 40% deposit for all new applicants. Will they rescind our mortgage offer and demand the 40% deposit? What happens if this crisis drags on past 25th July? Our mortgage adviser said that as it's a new build and extenuating circumstances they will likely extend the offer until we can complete, but these are changed times.

Our initial deposit was 10% and our loan-to-income ration was less than 2 (combined salary of £90k, loan of £155k). We've already paid money towards upgrading the interior and £2k of the deposit to the housebuilder.