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New Build. Contracts exchange 01/2021, but term commencement set to 01/2019
RBUK
Posts: 6 Forumite
We're due to exchange contracts any day, but were just made aware by the solicitor that the term commencement date is set to 1 January 2019, even though it's a new build, due to be completed around 08 January 2021. Our solicitor tried to amend the term commencement date, but the developer’s
solicitor advised that amendments to the Lease will not be permitted as the Seller
intends to keep all the flats’ leases in the same format. This includes the
contractual start date of the Lease.
This cuts the lease from 125 years we were promised to 123 years. Did anyone have a similar experience? Is this worth kicking up a fuss over?
This cuts the lease from 125 years we were promised to 123 years. Did anyone have a similar experience? Is this worth kicking up a fuss over?
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Comments
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Up, up, up.
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It's a commonplace approach to take. While in theory it can only reduce the value, I'm not sure whether it's significant enough to renegotiate the price.0
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