What is the date when completion is supposed to take place and when is completion going to be?
What is the provision in the contract with regard to completion and notice to complete served by you?
Has your solicitor served notice to complete?
If we could have background detail, it would assist.
The problem is that this is a new build property and this will invariably be covered in the terms of the contract absolving the developer of any liability for late completion.
What usually happens is that completion is triggered with a valid NHBC or similar certificate and the seller giving notice to the buyer formally.
Unlike a normal residential purchase, where at exchange, completion date is agreed in most cases, for a new build, it’s common to exchange often on a greenfield with completion at some indefinite period in the future. Usually, in the contract, there will be a long stop date to allow a get out if the matter is going on for years..
It is the seller that drives the completion date but it has to be formal notice, not just an estimate.
So to answer your question completely, it would be necessary to see the terms of the contract.
It is highly likely that you would have no right to compensation. Depending on the terms of the contract, you may be able to withdraw but it is unlikely.
I’m sorry, I wish I could give you better use but it’s one of the problems with newbuild delays. It is quite common.
Incidentally, if you have been trying to get hold of your solicitor today, Friday is never a good day because the majority of completions take place on Friday so that people can move over the weekend.
Can I clarify anything for you?
If this is a fixed completion date then you are entitled to compensation/damages.
That would be whatever costs you incur over and above your normal mortgage living costs for the period of the delay. If the developer will not pay up, you are faced with taking the developer to court.
The time to do that is after you move into the property, not before.
I would be surprised if there is not a long stop provision absolving the developer of any liability in circumstances like this but it is essential look at this with the contract in front of you.
Usually, if you don’t go ahead, you would be liable for 10% of the deposit which you would lose. Once again, it depends on what is in the contract.
Can I clarify anything else for you?
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