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Once I'm committed to a completion date...

5 replies

MortaIWombat · 12/12/2009 09:53

... must I complete on that day, or what happens if I don't?

I'm due to get the papers from our solicitor to sign next week for exchange, and I've agreed with our very grudging buyer than we'll exchange at the start of January (he had expected that, having finally had his survey done a week ago, I'd move my dc (2 and 5) into our new place on about the 20th ). I expect this might be easy for more organised people, though.

The thing is, the place we're moving into has damp, windows that need replacing and, most crucially, has just been found by the decorators to have massive dry rot in the wall plate timbers in my dd's bedroom-to-be. This is now needing repair at a price beyond what I'd budgeted for, so we're having to put off some of the decorating work (e.g. any carpet) and try to get this done, as it's been declared unsafe by three different people (and it really is crumbling... sob )

So, my worry is now that, despite having got my buyer to agree to the 8th, the builder may still not have finished it by then, and I have no more money to try to speed things along. If we get to the 8th and the house is still not fit to move into internally, what happens? Can I be forced out of our current house/made to pay a huge fine? I don't want to lose my buyer, but equally I don't want my dc to be living in a house with mouldy walls and an unsafe bedroom floor.

Please help, someone!
[plaintive]

OP posts:
LIZS · 12/12/2009 10:04

Once you have exchanged you are legally committed to vacating the porperty by the agreed completion date on the contract. If you don't your buyers can force you to move out and seek compensation for their costs. The risk of your next property not being ready is yours not your buyer's. Can you get the builders to at least sort out a few key rooms so you can move in ? Otherwise I'd suggest you look into storage and maybe a holiday let you could use short term if you could n't stay with family or friends.

However until the contract is actually exchanged there is no commitment on either side so you could ask your solicitor to hold fire until your property is nearer ready , if your buyers will cooperate.

noddyholder · 12/12/2009 10:15

You agree a completion date 'in stone' as it were at exchange.It must be your dream house to take on that sort of work!Good luck it is worth it eventually

MortaIWombat · 12/12/2009 10:17

Really? Oh crap oh crap oh crap.

It was difficult enough to get our buyer to agree not to make us leave just before Christmas...

...the 6th January is very precarious, and I have no money to rent/pay for storage. So I should just turn around and say actually we can't exchange yet? Oh god, I just know the silly bugger is going to decide to pull out. Which is stupid, because I'm selling the cheapest and (according to the agents who've valued it) nicest 3 bed Victorian terrace around here. And he's renting anyway.

Oh well, I guess at least if he pulls out I can put it back on the market at the agents' valuations rather than mine (felt a bit greedy asking for even the middle valuation of the ones we got, so marketed a bit lower. ).

And a very merry Christmas to me too. pffft.

Oh, thanks for the clear and quick advice, by the way. Sorry for shooting the messenger.

OP posts:
MortaIWombat · 12/12/2009 14:36

Well, the head decorator sounds bullish about getting at least 2 bedrooms, bathroom and front room done by the 8th, so there is still hope.

OP posts:
Rebeccaj · 12/12/2009 23:32

You could always exchange - so everyone has some certainty - then put a much later completion date in? We've done on the property we complete on on friday - we exchanged in August, with Dec 18 as the latest date for completion...

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