Frustrated! New build purchase

[MrsM787]

Hi folks

Wanted some advice from you lovely people.

I am buying form sellers who are buying a new build. All parties are ready to exchange however the developers from the sellers onward purchase have said 'completion on notice'. But generally they have said 12/13 weeks following exchange which takes us to the end of July - perfect for us. However as this date is not set in stone it makes things difficult for us as our mortgage offer for the purchase ends on the second week of august.

Now my hubby has an issue with that! He is not willing to submit for a new application if we go beyond this date (and our lender will not extend current offer). It's just too stressful and we don't know what rates will be like in a few months time etc.

Wonder what you guys would do in this situation? The property we are living at will be rented and I have some people interested as it's close in town centre and to the hospital etc. I cannot even advise of a date my house will be up for rental as I don't know myself when I will be moving out.

Any advise would be great fully received!

We were in the middle of a similar situation. We were buying from someone who was moving into a new build and the people buying ours were on a tight timeline with their mortgage.

We basically worked as a little 3 together and got on to our solicitors to keep pushing. The people who we were buying from got their developer to agree that if there were any delays, then the developer would cover their costs. It never ran over and it all worked really well!

Just because your sellers are committing to completion on notice doesn’t mean you have to. You can exchange and agree a fixed completion date with them. If their onward purchase runs over, that’s their problem to sort not yours, as your contract with them is totally separate to their contract with the developer. Speak to your solicitor as they should be advising you on this.

I agree with your hubby. I would suggest that the PPs above are correct.

You tell the vendor that you need to complete by X date. If they don't have a place to move into by then, then they move out and rent somewhere.