Off plan property delay
9:33 PM, 10th June 2015, 11 years ago
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We invested in a new build that was due for completion in Feb this year, after a lot of delays they will be completing in the next 3 weeks. Our current circumstances mean that we will not be able to complete then, we would ideally like to delay this by 4-6 weeks – then it will not be a problem. Given that the developer has delayed us by several months, is there anything we can do to delay it by a month or so from our side? The contract is rock solid for them, not so for us.
Thanks
David
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Living in a Buy to let property - does CGT apply?
Member Since August 2013 - Comments: 179
5:41 PM, 13th June 2015, About 11 years ago
The contract is likely to give the builder the right to give you a date for completion (usually 28 days) and you are legally stuck with it.
You can fail to complete but then interest is payable, usually at a silly percentage above base so you are stuck both ways I’m afraid.