Topic: Completion delay

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This topic contains 4 replies, has 2 voices, and was last updated by  Alex5 2 years, 11 months ago.

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  • #2078

    Alex5
    Participant

    Hi There,

    I exchanged contract for an under construction property about 3months ago. Unfortunately, my solicitor could not convince them to put a date on the exchange contract and they left it as ‘on notice’ but they put a line that says aproximatly 27th June. Now as the date is passed, they said there is a delay and they dont even bother to give a proper reply as if when it is going to be ready, or why there is a delay.
    Is there any thing that I can do? or ask my solicitor to do regarding this matter.

    #2080
    Richard Watters
    Richard Watters
    Moderator

    Unfortunately there is very little you can do. These off plan contracts are skewed very much in the Builder’s favour. There are benefits to buying off plan (e.g. property value may increase before you complete – although the opposite can happen too, time to save deposit, etc) but the Builder will inevitably complete the build at his own pace.

    #2081

    Alex5
    Participant

    Thanks a lot Richard for the reply. My situation has got a degree more comlicated as my mortgage offer deadline would pass soon. My broker told me there is no chance applying for extention on the current offer. And the worry apart from the application fees for a new mortgage is the fact that my credit score has been damaged most probably by the fact that I am living in a BandB. Do you think there is anything else in here that I can do to decrease the loss at least?

    #2082
    Richard Watters
    Richard Watters
    Moderator

    Why does your Broker think you can’t get an extension on the mortgage offer (or at worst apply for a mortgage offer with another Lender)?

    Also you can check your credit score on checkmyfile.com – I’d do this so you know exactly where you stand.

    It really is unfortunate that your Builder has put you in this situation but there are pitfalls to buying off plan which are often not made clear. Are they aware of the situation they’ve put you in? They owe you a favour. If they don’t seem to care, the threat of sending the story to the Press might get a reaction.

    #2084

    Alex5
    Participant

    Hi Richard ,

    Thanks again for helping me in this matter. My broker does not provide me with a reason of why she can not extend the mortgage offer and insisted on the fact that she would not like to comment until the current offer deadline has passed. She also encouraged me to make sure the builders finish before the deadline of the current mortgage.
    My current credit score according to call credit is 4/5. The broker is woried that I would not pass the credit check as soon as she apply as my current address is a B&B.
    The builders solicitors has agreed to pay the mortgage application fee.

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