Not answering your question specifically but we were 5 months over the initial completion date when we purchased a new build ~5 years ago. We expected a month or 2 but 5 was a stretch.Since i'd imagine developers need more leeway with these things than something already completed
As above really. Are the vendors aware of your need to sell? Given the demand for property now, they may decide to sell to someone else who is ready to close if you are not in a position to close at a time of their choosing.So my question is, ideally how should I set it up closing date for my own to release the sale equity to complete the sale on the new one, and at the same time not be homeless in case of any delays on the new build?
I've never known of a new development to be completed on time.due for completion in the summer
Technically we don't need to sell to complete, and can bridge the gap in-between with temporary alternative funding if needs be, but it's messy - not least if the market takes a dive! Renting in between sale and completion would be v tricky given schools, pets and work (chickens too!).As above really. Are the vendors aware of your need to sell? Given the demand for property now, they may decide to sell to someone else who is ready to close if you are not in a position to close at a time of their choosing.
Remember, 'sale agreed' is not binding, either party can walk away at any time.
OK, so when I'm more certain of the new-build completion date (is that typically included and binding in the sale contract?) then I should look to set closing date on my own sale for a little after completing on the new one to be safe?I've never known of a new development to be completed on time.
In your shoes I would have everything ready with the estate agent (ad text written, asking price agreed on, photos taken, etc) so you can put it on the market at a day's notice when you're actually confident that you'll be able to move in to the new build.
That certainly makes things easier if you're not dependent on a mortgage where approval was based on the assumption of selling the existing property. As you say though, can be messy and will add to your costs.Technically we don't need to sell to complete, and can bridge the gap in-between with temporary alternative funding if needs be
All depends on the builder and how flexible they are. From their perspective, once something is ready to go they usually want it sold ASAP, the longer they wait, the less the more financing costs eat into their margin.I'd thought a new-build might be less complicated, but I'm not sure how to align both sides of the process, if it seems delays are a given.
That certainly makes things easier if you're not dependent on a mortgage where approval was based on the assumption of selling the existing property. As you say though, can be messy and will add to your costs.
I've never bought a new house so have no idea! I presume your contract has some clause where costs escalate if you don't pay up when the house is ready. But this might be cheaper than living in a hotel for a few weeks.OK, so when I'm more certain of the new-build completion date (is that typically included and binding in the sale contract?)
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