New Build Property – What is Completion on Notice ?
What is Completion on Notice ?
You have decided that a new-build house is what you want to buy. You have chosen the plot for your dream home, wandered around the show house taking measurements and are ready to be given a date to move in. This isn’t always a straightforward thing to get!
The developer won’t give you a completion date. This causes anxiety for the buyer as they want to know exactly when they can collect keys and move in. So why can’t the developer give you a completion date when you exchange contracts?
The answer lies due to the uncertainty of building new homes. There are so many issues which can delay the development. It could be the weather, issues with sub contractors or any other range of issues encountered when building property.
The developer often won’t know the exact date the development will be finished. They therefore agree with the buyer that completion will take place on a date to be specified later. The developer will “give notice” and after that date completion will take place. Typically, the notice period is 14 days.
People want certainty
One of the problems caused by completion on notice is that it makes it near impossible to be involved in a chain. If you are selling your property it is highly unlikely that the buyer will agree to move in on a date to be specified. They want certainty.
For that reason, many new house build buyers don’t have a connected sale. At Levins we have years of experience dealing with buying new build property. We can advise you as to the common pitfalls and guide you through the process as smoothly as possible.
How can we help?
Our team all understand the stress involved with any property purchase or sale. We are here to help, we can talk you through the process and we will keep you informed at every stage. There’s nothing worse than not knowing what’s happening! Please give our conveyancing team a call on 0151 480 5777 for a quote or use our conveyancing quote calculator.