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Main site > Forums > Essential Money > House Buying, Renting & Selling > Completion delay - new build
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      Scott1231990
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    • Scott1231990
    • By Scott1231990 7th Dec 17, 11:36 AM
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      What's this?

    Scott1231990
    Completion delay - new build
    • #1
    • 7th Dec 17, 11:36 AM
    Completion delay - new build 7th Dec 17 at 11:36 AM
    Hi There,

    Just looking for some advice regarding a shambles of a scenario which I'm starting to lose my patience with.

    Context - My partner and I viewed a show room for a development in southwest London which was part of the share to buy scheme. Being average FTB's in London (Daft, I know!) we decided to move forwards with one of the flats.

    We were rushed through the whole conveyancing process to the point breaking and threats from the developers saying that we would love our place if we didn't exchange within 30 days. Being naive FTB's we complied, bent over backwards to get everything across the line in August to ensure we could complete on 31st October.

    This is where the fun and games start...

    As soon as we exchange (literally two hours after advising of exchange) the developers push out the estimated completion date to the specific date of 'end of November'. Fairly peeved but understanding that issues happen we took this on the chin and waited for more info from the developers.

    A month passes with nothing but marketing spam from the developers so I then follow up again. to be told that the hope of completion is December but could likely push into January.

    I'm now fuming... The whole scenario feels like extortion, my partner and I are stuck in a fortunate scenario but its taking the biscuit now and we just don't want anything to do with the developers as they have been nothing but a constant source of disappointment.

    Do we have any grounds for compensation or even to withdraw from the transaction as the delays have been caused through poor project managers (admitted through email by the developer).

    Looking for any advice! Thanks

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      aneary
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    • By aneary 7th Dec 17, 11:44 AM
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      What's this?

    aneary
    • #2
    • 7th Dec 17, 11:44 AM
    • #2
    • 7th Dec 17, 11:44 AM
    Is there a long stop date in the contract?

    Sorry!

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      hazyjo
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    • By hazyjo 7th Dec 17, 11:48 AM
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      What's this?

    hazyjo
    • #3
    • 7th Dec 17, 11:48 AM
    • #3
    • 7th Dec 17, 11:48 AM
    It's very common (almost expected) for the completion date to change.


    As above - you need to know about the long stop date.


    If you do continue to buy, if you have a mortgage, check the expiry date of the offer.


    Are you using your own independent solicitor, or the developers?
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes

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      AdrianC
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    • By AdrianC 7th Dec 17, 1:11 PM
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      What's this?

    AdrianC
    • #4
    • 7th Dec 17, 1:11 PM
    • #4
    • 7th Dec 17, 1:11 PM
    How far along was work on the development when you signed on the line? Work falls behind schedule. You can't complete and move in until the work has been completed and signed off. Perhaps it was due to project management issues, perhaps it wasn't. Doesn't make much real difference. What does the contract say about completion dates?

    You seem to think you were unfairly pressured to sign, but did the developer have a line of other people behind you waiting to sign if you didn't?

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      Cakeguts
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    • By Cakeguts 7th Dec 17, 1:39 PM
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      What's this?

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    • #5
    • 7th Dec 17, 1:39 PM
    • #5
    • 7th Dec 17, 1:39 PM
    Buying a property is not like buying a tin of beans from the local supermarket. Build progress can be affected by the weather as well as poor project managers.

    I expect you researched that particular developer and the process of buying a new home before you signed up for it just as you would research if you were buying a new car?

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      Doozergirl
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    • By Doozergirl 7th Dec 17, 2:13 PM
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      What's this?

    Doozergirl
    • #6
    • 7th Dec 17, 2:13 PM
    • #6
    • 7th Dec 17, 2:13 PM
    It sounds like a perfectly typical new build purchase scenario.

    The developer holds all of the cards.

    If you have a longstop date in the contract then you can walk away if they breach it, but there will be no compensation. Developers purposely put in ridiculously distant long stop dates if they put them in. It covers them for almost all eventualities.
    Everything that is supposed to be in heaven is already here on earth.

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      mjs0510
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    • By mjs0510 7th Dec 17, 2:20 PM
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    mjs0510
    • #7
    • 7th Dec 17, 2:20 PM
    • #7
    • 7th Dec 17, 2:20 PM
    4 - 6 weeks is the usual exchange time for a new build regardless of completion dates.

    We are just about to exchange on our new build with completion sometime next May / June. I wouldn't expect them to give me a better idea until nearer the time.

    It would be unusual for a developer not to want to get the sale into this year if they were able to

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