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Exchanging Contracts On Notice.....without firm completion date......HELP!

helga42 · 2020-08-16 13:10:56

Hello We are fortunate enough to be cash buyers and have made an offer on a property that was advertised as “ No Forward Chain”. Fabulous property and it ticks all the boxes but on our first viewing we were told by the seller that he is waiting for a new property that is currently being built on a development and the…

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greatcrested Posts: 5,925 Forumite

16 August 2020 at 8:03PM

Offer to Exchange with a Completion date in December (and seller moves into rented/relatives if new build not ready) or you withdraw.
Though risk is seller says "OK", you plough ahead spending money on legals, searches etc and at last minute seller says sorry - can't agree Dec Completion date.
I believe there's a way to put a long-stop date in a contract ie you Exchange with an open Completion date, but if Completion does not happen by the long-stop date (eg 1st Feb?) then there are sever penalties and the contract is void.

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Exchanging Contracts On Notice.....without firm completion date......HELP!

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