Estimated Completion date, Mortgage expired and HTB scheme finishing soon

Gohunting

Hello Guys,

Hope all is well.
Im in a bit of a of decision making and would like some help from you lovely people please. 
Basically we reserved a New build in March 2020 and mortgage has been approved. New build supposed to be ready in July but was told by the developer due to Covid its been delayed till November. Everything is ready to exchange but my problem is I have been told by my solicitor that she has been told by the developer solicitor the estimated date is Dec but now my other problem is that I have booked a holiday well before lockdown to go for nearly 5 weeks in the middle of Dec 2020 and paid for and at the same time HTB suppose to be finished at the end of this year and when you get the authorisation for HTB you get 6 months to complete on the house.
Mortgage expires in Oct but can be renewed for 3 months and hopefully I will be able too. The house we really want it and its the perfect one for us.

So what would you guys do in my situation please can you give me some help.

Thanks

Debtfreestudentnurse

I don’t think the HTB ends until March 2020 x

Debtfreestudentnurse

2021 even! 

davidmcn

What's the relevance of the holiday? You don't need to be physically present to complete a purchase.

Gohunting

Hi guys, Sorry been really busy with work and stress with everything thats going on. So right Development asking me to Exchange otherwise they are going to put the house back up for sale. My Solicitor is reluctant to Exchange because I wont have a mortgage offer when the house will be ready which is Dec 2020 hopefully. My mortgage offer expires in Oct but will only be able to get it renewed for 3 months after that which will take us to Jan. Long stop date would be 6 months after Dec but they are will to reduce it to 3 month so that it can go according to HTB. Im asking my solicitor to Exchange but she is saying if we do Exchange then Im on my own if the house to get built on time due to her going against it basically.

Help please.

davidmcn

What help do you want? As your solicitor says, you'd be taking the risk of not being able to come up with the money on the completion date. Some people would take that risk, some wouldn't. If nothing disastrous happens to your income or the housing or mortgage market, chances are you'll be able to get another mortgage offer. But you might not.

These are uncertain times and many people aren't exchanging contracts in advance of the completion date at all, never mind potentially up to a year in advance of completion.

csgohan4

your choice to take the risk, solicitors job is to provide you with advice. Do you want to risk it given the current climate? is your job at risk or in the future??? 

Gohunting

Thanks guy and my job isnt at risk because I work for NHS and the its a very hard decision to make because I dont want to lose the house as well as I dont want to lose my deposit lol but will think about it and see.

Thanks a lot for all your help really appreciate it.

Vestraun

Listen to your solicitor, that’s why you pay them! 

kingstreet

Apply for a new mortgage.

jamielutz1987

What Kingstreet said. Plenty of mainstream lenders giving out offers with 6-9 months validity at present, that'll take you past the new year.

But what happens if completion gets delayed being the end of HTB?