Advice re a new build property

My daughter is buying a new build house with help to buy mortgage i have gifted her the 10% deposit for the house This deposit was paid about 6 weeks ago on exchange of contracts but we still do not have a firm completion date. I was under the impression that when you exchange completion takes place soon after but we have not even got a date yet. The money I gave could be earning me a little interest but instead is in someone elses bank account can some one tell me if this is the usual procedure I have no experience of buying new build Thank you

Who has got your money estate agent

I take it your daughter has a solicitor? New build are completely different when it comes to completion dates. The developer will not commit themselves to a completion date for fear of being sued if the house isn't ready on said date. You usually get about two weeks notice of when the completion date will be. Have they not at least given you some sort of indication of what month it will be finished?

Estate agent never takes the money, it goes to your solicitor, then the vendors solicitor then the vendor.

I take it your daughter has a solicitor? New build are completely different when it comes to completion dates. The developer will not commit themselves to a completion date for fear of being sued if the house isn't ready on said date. You usually get about two weeks notice of when the completion date will be. Have they not at least given you some sort of indication of what month it will be finished?

Hi Yes well they are called Licensed Conveyances not exactly solicitors and yes they have the deposit We were given a date when we reserved the plot but now the developer are saying it wont be that date but wont commit to another date I am just concerned where the money is at the moment and the conveyancers are no help

Who has got your money estate agent

Why would you transfer the money for the sale to the estate agent??

My daughter is buying a new build house with help to buy mortgage i have gifted her the 10% deposit for the house This deposit was paid about 6 weeks ago on exchange of contracts but we still do not have a firm completion date. I was under the impression that when you exchange completion takes place soon after but we have not even got a date yet. The money I gave could be earning me a little interest but instead is in someone elses bank account can some one tell me if this is the usual procedure I have no experience of buying new build Thank you

This is not unusual with new build and builders. Cash changes hand on exchange of contract, but you don't get the keys until completion. With new build the developer often expects a 28 day exchange so they have cash flow, 9 times out of 10 exchange takes place before the house is built so you obviously have to wait until the house is finalised before completion. They should be giving you a completion date pretty soon after exchange though as they should know when the house will be completed.

It may seem unfair but I can at least tell you that this is completely normal with new build.

What does the contract say?

That is where your answer is, there is no use asking here. Either the contract covers the completion date or it does not. If it does not, then I suggest you go and froth at your solicitor for not pointing that out.

What does the contract say?

That is where your answer is, there is no use asking here. Either the contract covers the completion date or it does not. If it does not, then I suggest you go and froth at your solicitor for not pointing that out.

Yep no completion date no money / Some houses at Harthill had roofs on and been stood for 20 years . i have known builders put customers put up in a hotel because the house was not completed on time

This is not unusual with new build and builders. Cash changes hand on exchange of contract, but you don't get the keys until completion. With new build the developer often expects a 28 day exchange so they have cash flow, 9 times out of 10 exchange takes place before the house is built so you obviously have to wait until the house is finalised before completion. They should be giving you a completion date pretty soon after exchange though as they should know when the house will be completed.

 

It may seem unfair but I can at least tell you that this is completely normal with new build.

Yes. The contract will most often define a 'Date of Practical Completion' (DoPC) and allow the vendor to serve a DoPC notice on the purchaser stating a date- perhaps ten working days thereafter- which becomes the contractual completion date.

Yes. The contract will most often define a 'Date of Practical Completion' (DoPC) and allow the vendor to serve a DoPC notice on the purchaser stating a date- perhaps ten working days thereafter- which becomes the contractual completion date.

Thank you for that I will get on to them tomorrow I am a bit concerned that she was pursuaded to go with the developers panel of "solicitors" instead of going with solicitors I have used in the past for conveyancing (irwin mitchell} and find out they are "licensed conveyancers" so i dont know if there may be a difference but she was told that there are always problems if you dont use those who are used to help to buy and new bulid ! probably a load of bull no doubt

---------- Post added 21-05-2017 at 22:32 ----------

This is not unusual with new build and builders. Cash changes hand on exchange of contract, but you don't get the keys until completion. With new build the developer often expects a 28 day exchange so they have cash flow, 9 times out of 10 exchange takes place before the house is built so you obviously have to wait until the house is finalised before completion. They should be giving you a completion date pretty soon after exchange though as they should know when the house will be completed.

 

It may seem unfair but I can at least tell you that this is completely normal with new build.

thank you for your advice Dannyboy puts my mind at ease a little !!

Thank you for that I will get on to them tomorrow I am a bit concerned that she was pursuaded to go with the developers panel of "solicitors" instead of going with solicitors I have used in the past for conveyancing (irwin mitchell} and find out they are "licensed conveyancers" so i dont know if there may be a difference but she was told that there are always problems if you dont use those who are used to help to buy and new bulid ! probably a load of bull no doubt

 

---------- Post added 21-05-2017 at 22:32 ----------

 

thank you for your advice Dannyboy puts my mind at ease a little !!

This article explains more about licenced conveyancers= https://www.reallymoving.com/conveyancing/guides/difference-between-licensed-conveyancers-and-conve

Nothing to worry about in regards to licenced conveyancers but going with the developers panel of conveyancers means they may be more biased towards the developers.

Hopefully things should progress for your daughter soon.