Exchanging without completion date

LigerMule

LigerMule said:

Not been inside the property for around three weeks, but things looked promising at that point. The kitchen was starting to be installed and the bathrooms fitted. My husband drove on site today and from the outside just appears to be the fencing, garage door and driveway. 

The builders keep promising us we will be moving on this date, we have booked a home demo for two days prior. We will be on the phone on Monday chasing, and it is quite possible that we could ask to go inside also to check on progress.

Actually that was around 4 weeks ago now, thinking about it,

Mickey666

eddddy said:

Mickey666 said:

Is it even possible to exchange contracts without a date?  

Yep - it's very usual with new builds.

Interesting.  I'll add that to my list of reasons to never buy a new build.

Thrugelmir

LigerMule said:

The builders keep promising us we will be moving on this date, 

Of course they'll have a target date. They want the property finished and sold. However with the majority of trades subcontracted these days. Construction doesn't run to a fixed timetable. There'll have little control over daily events. Then there's Covid to be considered and safe working practices in terms of who can be in the property at the same time working. 

iwb100

Right so if you are reasonably confident that you will have your new house ready on proposed completion date or soon after then your options are clearly to speak to your solicitor and inform them of the situation then decide whether you are prepared to move out before your house is ready. Or if you won’t take that risk your buyer will just have to wait. And exchange and complete on the same day is now the norm anyway. We were told there was no other option available to us right up the chain. That might be best way to do this but your solicitor can advise.

Scotbot

Mickey666 said:

Is it even possible to exchange contracts without a date?  That would mean the contract might never be fulfilled . . . a funny sort of contract.

It also means you could lose your deposit. The norm is to have a long stop date, a date in the future by which the builder has to have completed everything or else the buyer can cancel and gets the deposit back.  This date could be a year or more in the future

Scotbot

Personally I would not risk the sale for what could be a week or so staying with family or friends, Exchange by the end of the week, move yor stuff out and store it until you can move in to your new home. Yes that will cost more but if you exchange and complete on the same day you will need to book removals ahead of time and run the risk it doesn't happen and you still have to pay. As a buyer I would refuse to do this, the risk of complications is no greater with a couple of days between.