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New Build flat, Completion date no keys

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Comments

  • propertyrental
    propertyrental Posts: 3,391 Forumite
    1,000 Posts First Anniversary Name Dropper
    For Completion to take place two things must happen.
    1) the agreed money must be handed over, and
    2) the agreed property must be handed over
    If one or other does not happen, Completion does not take place.


  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    I don't understand how the developer can say they'd charge you 'late payment' fees for a flat that isn't ready for you to move into! Very surprised your solicitor allowed this to happen also (and the mortgage co!).

    OTOH you are liable once you become the owner so if you really did complete before the flat was finished being built, then you are due to pay those fees.
  • ian1246
    ian1246 Posts: 417 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    Did you by any chance use the solicitor recommended by the developer? This seems very odd.
  • MissG80
    MissG80 Posts: 126 Forumite
    Eighth Anniversary 10 Posts
    That's wierd. I bought a new build and it was down to the wire. As in all of our mortgages were about to expire and the CEO of the Council had to phone the Head of the developers and say that these flats were getting signed off.  I got the keys on the day my mortgage expired. Does the developer have financial issues?
    As of Oct 28th 2024:

    Barclay credit card £4,000
    Lloyds credit card £637
    Emergency Fund £1,000
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