New build insist on completion date

TheJP

Phoenix1451 said:

user1977 said:

If you refuse to exchange on terms they accept then yes, eventually one of you will get fed up and walk away.

Thanks user 1977 I thinks it's really unfair there isn't more to protect the buyer - everything is in favour of the developer
Although I guess I should have done more research before getting involved with a new build. It's a great property, great area, great price 
I just can't do it without some sort of protection for my deposit

No different to any sale, if you cant agree terms then you don't exchange contracts of sale. If the developer states September as the proposed completion but then give a long stop your 'deposit' is protected. FYI its hardly anyone loses their deposit in this circumstance even if you don't complete.

andyf1980

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

Phoenix1451

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That is a long time from the TheJP said:

Phoenix1451 said:

user1977 said:

If you refuse to exchange on terms they accept then yes, eventually one of you will get fed up and walk away.

Thanks user 1977 I thinks it's really unfair there isn't more to protect the buyer - everything is in favour of the developer
Although I guess I should have done more research before getting involved with a new build. It's a great property, great area, great price 
I just can't do it without some sort of protection for my deposit

No different to any sale, if you cant agree terms then you don't exchange contracts of sale. If the developer states September as the proposed completion but then give a long stop your 'deposit' is protected. FYI its hardly anyone loses their deposit in this circumstance even if you don't complete.

Thanks TheJP that kind of puts in perspective for me, it is just like any other sale. I think I was making such a bit thing out of it all and if it does fall through, it wasn't meant to be. I'm stubborn when I need to be so I hope they do give me a proper date of not. I can move on.it may cost me a couple of grand to pay the conveyor but it will be a lesson learnt 

Phoenix1451

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

TheJP

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

Phoenix1451

TheJP said:

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

To be honest if this does fall though either now or after the longstop date I won't be buying off plan I would go for a pre build house either new or old.
All this really has taken the excitement and enjoyment out if buying. Also my fault I should have looked into what was involved in buying a new build. But I really think it is terrible that everything seems in the seller/developers favour not the purchaser 

user1977

Phoenix1451 said:

TheJP said:

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

But I really think it is terrible that everything seems in the seller/developers favour not the purchaser 

It is to some extent, but bear in mind that if you're buying something off-plan, no matter how good a negotiation position you have, nobody will be able to promise when it will actually be built. If you want certainty about whether the house will even exist on a particular date, you need to buy something which is already there!

Phoenix1451

user1977 said:

Phoenix1451 said:

TheJP said:

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

But I really think it is terrible that everything seems in the seller/developers favour not the purchaser 

It is to some extent, but bear in mind that if you're buying something off-plan, no matter how good a negotiation position you have, nobody will be able to promise when it will actually be built. If you want certainty about whether the house will even exist on a particular date, you need to buy something which is already there!

Very true!
It's a bungalow and it hasn't got its roof on so isn't weathertight yet and although the sales manager has said September her word isn't legally binding so I won't take that as gospel. I really did go in with my eyes closed.

My solicitor mentioned a longstopdate of September for example but then a termination period of 6 months could take it to march. What is a termination period?

user1977

Phoenix1451 said:

user1977 said:

Phoenix1451 said:

TheJP said:

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

But I really think it is terrible that everything seems in the seller/developers favour not the purchaser 

It is to some extent, but bear in mind that if you're buying something off-plan, no matter how good a negotiation position you have, nobody will be able to promise when it will actually be built. If you want certainty about whether the house will even exist on a particular date, you need to buy something which is already there!

My solicitor mentioned a longstopdate of September for example but then a termination period of 6 months could take it to march. What is a termination period?

You'll need to ask your solicitor what they mean by that.

In general, if you didn't understand something your solicitor said, ask them to explain. Not much use asking strangers on a web forum to guess!

TheJP

Phoenix1451 said:

TheJP said:

Phoenix1451 said:

andyf1980 said:

This is similar to what happened to us. 

Exchanged in September and house was supposed to be ready in March. It was eventually ready at the end of September. 

We were able to extend our mortgage offer once but then it expired. We then had to apply for a mortgage from scratch. We also had to reapply for HTB. 

It was stressful because we had exchanged and were worried that we might not be approved for the mortgage. 

Ultimately we did complete on the purchase and have been happy here for the last few years. 

That's what scares me, March to September is a long time. With HTB being withdrawn in March too. That's why I feel I really need a longstop date that doesn't go beyond March and with everything going on financially in the world at the moment. I'm worried if I need to reapply for my mortgage that I'm going to get a worse deal.

They weren't wrong when they said one of the most stressful things is buying a home 🙂

The thing is even if there is a long stop before March it wont protect you using the scheme, it just means that if the developer doesn't complete by the long stop then you can cancel the contract with no penalties. You then could find yourself with no house and no HTB. You maybe need to think if a new build with your timeframe is viable.

To be honest if this does fall though either now or after the longstop date I won't be buying off plan I would go for a pre build house either new or old.
All this really has taken the excitement and enjoyment out if buying. Also my fault I should have looked into what was involved in buying a new build. But I really think it is terrible that everything seems in the seller/developers favour not the purchaser 

Its not always in favour of the seller/developer, someone selling a house can be held hostage at the last minute and often at the mercy of the buyer. Especially if an onward move is at risk. A developer can only build a house as fast as it can taking into consideration labour and materials etc. Id rather the house was built well than rushed. Then again i would never buy a new build.