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New Build completion
tekie
Posts: 151 Forumite
My Mortgage offer for new build house is expiring on the 19th November which is Saturday and the Home builder has set the completion date as 18th November which is Friday.
Both the builder and my Solicitor is saying it shouldn't be a problem. But I'm worried as hell due to the fact that my current mortgage offer was secured 6 months ago with a interest rate of 2.8 which is too good to miss. I tried my best to force the date to couple of days prior to the completion date, but the house builder is saying with NHBC inspection etc the current completion date is the best they can offer.
What the are potential issues which could delay the completion, being a new build I think its the NHBC completion certificate is the most important bit, I'm chain free, Could anyone give a bit more details about potential issues that can arise in this situation, looking forward to your comments and suggestions.
Both the builder and my Solicitor is saying it shouldn't be a problem. But I'm worried as hell due to the fact that my current mortgage offer was secured 6 months ago with a interest rate of 2.8 which is too good to miss. I tried my best to force the date to couple of days prior to the completion date, but the house builder is saying with NHBC inspection etc the current completion date is the best they can offer.
What the are potential issues which could delay the completion, being a new build I think its the NHBC completion certificate is the most important bit, I'm chain free, Could anyone give a bit more details about potential issues that can arise in this situation, looking forward to your comments and suggestions.
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Comments
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I guess (given you also refer to inspection as if it's still to take place) by "set the completion date" you just mean that's the builder's most recent estimate, rather than anything contractual having been triggered?
The most obvious complication would be that the construction isn't complete in some way and it isn't passed for inspection on the date estimated. Does your contract have a longstop date allowing you to pull out if completion doesn't happen by the 19th?0 -
Have you discussed the possibility of an extension to your mortgage offer with your mortgage broker or lender?
It might be best to know if that's an option and, if it is, get that sorted now - rather than a last minute panic. (One or two posters here have said their mortgage lenders agreed to be flexible, if completion is only a few days late - but you would need that confirmed.)
As above, if completion is delayed beyond the 19th, your mortgage offer can't be extended and you don't have a longstop date in the contract - you could potentially be in fairly big trouble. You might need to think about applying for another mortgage offer pretty soon - just in case.
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