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Buying new flat, developer only give 10 days notice before completion?

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  • Buying new flat, developer only give 10 days notice before completion?

    Hi there,

    I'm buying my second property and I'll move there once finish and rent out my current flat. The property is still being built so the developer solicitor's is giving 10 days notice on the contract to move in which I think is an absurd considering any short tenancy agreement has for example 30 days notice these days.

    I've been trying to get more days like 15-20 but the solicitor is not moving an inch. Before I gave the first deposit to secure the property nothing like this was mentioned, just now after I got all money sorted and are nearly exchanging contracts that they let me know about this.

    I'm planning to go to citizens advice bureau as I'm feeling bullied with this.

    What do you suggest me to do in this case? I'm researching online but I can't really find similar cases to this. Could anyone assist me with some thoughts and sharing experiences?

    Thanks!

  • #2
    Re: Buying new flat, developer only give 10 days notice before completion?

    Firstly what date have they given as when they give the 10 days notice normally you would have your mortgage in place months before and your valuation already done assuming you are not paying cash.

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

    Comment


    • #3
      Re: Buying new flat, developer only give 10 days notice before completion?

      Originally posted by Premier Expat Mortgages View Post
      Firstly what date have they given as when they give the 10 days notice normally you would have your mortgage in place months before and your valuation already done assuming you are not paying cash.

      Ged
      My mortgage is already sorted, the building is supposed the be ready late June so 10 days before the completion they will give me notice, but this can happen early june, late june, or july, or god knows when. I don't want to me at their mercy of these 10 days. Valuation and mortgage all sorted, my bank will only release the money once I move in.

      The problem is, I need to pay the developer solicitors 10% deposit to exchange contracts, it is the stage I'm now.

      10 days notice for me is not practical

      Comment


      • #4
        Re: Buying new flat, developer only give 10 days notice before completion?

        Normally when a developer builds a property they have what you call a long stop date and a short stop date. Check your contract as it should say in there that your developer will inform your lawyers who should then inform you and your lender of when both stop dates have been passed this will then trigger the 10 day notice period for the lender to release the monies and completion to take place.

        Ged
        http://www.premierexpatmortgages.com
        [email protected]

        Comment


        • #5
          Re: Buying new flat, developer only give 10 days notice before completion?

          Originally posted by Premier Expat Mortgages View Post
          Normally when a developer builds a property they have what you call a long stop date and a short stop date. Check your contract as it should say in there that your developer will inform your lawyers who should then inform you and your lender of when both stop dates have been passed this will then trigger the 10 day notice period for the lender to release the monies and completion to take place.

          Ged
          I've called them, so they said they have an expected competition date and will allow me to visit the building site every know and then to check the progress, they are aiming to keep the promise of the day they should finish it and 10 days before they will give the notice it will be finished.

          Does this sound right for you?

          Comment


          • #6
            Re: Buying new flat, developer only give 10 days notice before completion?

            Sounds a bit weird them letting you visit the site as they usually only allow valuers to survey the site due to health and safety issues.

            I would worry as your valuer and solicitors will make sure the timing is right as thats what you are paying them for.

            Ged
            http://www.premierexpatmortgages.com
            [email protected]

            Comment


            • #7
              Re: Buying new flat, developer only give 10 days notice before completion?

              Originally posted by Premier Expat Mortgages View Post
              Sounds a bit weird them letting you visit the site as they usually only allow valuers to survey the site due to health and safety issues.

              I would worry as your valuer and solicitors will make sure the timing is right as thats what you are paying them for.

              Ged

              Hmm, I'll check that with them
              thanks!

              Comment


              • #8
                Re: Buying new flat, developer only give 10 days notice before completion?

                No worries. Let me know what they come back to you with

                Ged
                http://www.premierexpatmortgages.com
                [email protected]

                Comment

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