New build completion date keeps getting delayed, going to lose my mortgage offer and the buyer

Ellieosborne

I am buying a new home with David Wilson. We were pressured to sell our house quickly on a ‘Move Maker Scheme’.    As a result, we sold our house in June 2022 and were told our new home would be completed by August/beginning of September.   Every month they tell us the move in date has been pushed back.  My mortgage offer runs out on 30th of November 2022 and so does the buyers mortgage offer.    We have now been told the house won’t be ready until the middle of December, but they say ‘we can’t promise anything’.

I don’t know what my rights are or what to do. I am at risk of losing the buyer, and I will have lost my mortgage offer which I had purposefully fixed a 5-year interest rate.   Its going to cost me so much money.  Will I have to move out and rent for a while? 

Does anyone know what my rights are? Or have any advice on what to do?

Please and thank you in advance.

theartfullodger

The salesmen in this industry (which is who you're in contact with) have possibly  been lying: sorry to be blunt but a to be expected risk.

Your rights to a significant degree with depend on your paperwork and agreements with developer (which we can't read).  When reading them, then reading again, what did you conclude please about your rights?  

Good guidance on citizens advice website.

What advice from your solicitors please?  Are they tame solicitors of developer?

penners324

Give the developer an ultimatum, complete by x date or you pull with a full refund of the deposit you paid them

comeandgo

If you can get an extension to your mortgage I would move out to keep the buyers of your house as they could pull out and you would be totally stuck.  Usually, the developers have the conditions in buying a new house so tight in their court if you withdraw you will loose any reservation deposit.  

eddddy

Your options depend on the following:

• Have you exchanged contracts on both the purchase and sale?

• If you have, is there a longstop date in the contracts? 

(But whatever your answers, they'll be no way of 'forcing' them to complete earlier or 'forcing' them to pay you compensation.)

sidneyvic

Probably a blessing not having to buy an overpriced new build in a severely declining market. Pull out and stay put, you'll be able to buy the same new build for significantly less in a few years without so much depreciation in your current property.

SusieT

I assume you have exchanged contracts? If so you will lose a lot of money if you pull out. 
What is the long stop date on the contract? I really hope that you have one, as that will tell you the latest they must complete without you being able to pull out.