Exchanging on a new build house

AnotherJoe

I wouldnt worry about what you've spent currently,  odds are new build prices will fall so they have more to lose than you if you pull out and you can probably buy similar cheaper in 6 months including that.

Re your Q's about signing, I dont see how you can press for a firm completion date, thats variable enough normally let alone currently,  but you sure as heck must insist on a long stop date and if you want that can be your completion date. 

davidmcn

Nuggy96 said:

Mickey666 said:

Don't exchange contracts without having a completion date.  Simple. 

If the seller/developer says they can't give a completion date because of this, that or the other, just say 'fair enough, we understand, just let us know when you can'.

Ok, so just speak to my solicitors to tell the developers solicitors that we won’t exchange until we get a finalised completion date and a long stop date?

You don't get a "finalised completion date" until they've completed building it - and in any event if you've got a definite completion date you don't also need a longstop date.

Nuggy96

davidmcn said:

Nuggy96 said:

Mickey666 said:

Don't exchange contracts without having a completion date.  Simple. 

If the seller/developer says they can't give a completion date because of this, that or the other, just say 'fair enough, we understand, just let us know when you can'.

Ok, so just speak to my solicitors to tell the developers solicitors that we won’t exchange until we get a finalised completion date and a long stop date?

You don't get a "finalised completion date" until they've completed building it - and in any event if you've got a definite completion date you don't also need a longstop date.

Ok, great, thanks for your advice people , starting to relieve some unneeded stress, but still gotta get my solicitor to actually do it.

would you recommend a long stop date of 3 or 6 months? Given its 90 day plus 90 day for LISA deadline and my mortgage offer is 13th July plus potential 3 month extension?

Nickfazz

Sorry to jump in on this.. but, we finally now do have a completion date, 29th of may.. can someone confirm what happens on completion day and when we get the keys? also, i'm assuming halifax will potentially be doing some checks to see we can still afford, will they do these soon, or wait until completion day? 

AnotherJoe

Nickfazz said:

Sorry to jump in on this.. but, we finally now do have a completion date,

And so you should be because it's not difficult to start a new thread and your question really has nothing to do with the OPs.

OldMusicGuy

Answering the OP's question, a lot depends on the current status of the house. We made an offer on a new build on March 12th. The house was built but the roof slates weren't on and the interior hadn't been done. We were told completion of build was due by June 30th. I've had the contract of sale through and it states completion date of June 30th with a long stop date of September 30th. The solicitor checked this with them and they are prepared to exchange with those dates in place.

The developer told me that they are "trickle feeding" construction staff back on site from May 11th and that they will change the construction sequence so that they complete the houses they have exchanged on as a priority. I suspect they will slip by a month from the June 30th date but they seem confident they can complete by the long stop date.

I would talk directly to the developers. They will be keen to get you exchanged.