• Exchange / Completion

Exchange / Completion

Often when purchasing a new property you will find that at the time that you exchange contracts, you will not have a fixed legal completion date. Instead, you will hear the term “on notice” referred to. This means that at the time that you Exchange, the property is not fully built and ready to move into. With builders having to rely on various factors such as supply of materials and weather conditions, no fixed completion date can ever be given.

When the property is structurally complete, and has been signed off by the warranty provider (NHBC or similar), the builder gives written notice to us that it is ready and the completion must take place within the period specified in the contract, that is usually 10 working days. This gives time to be able to organise any final matters such as transferring any remaining funds to us, we can order your mortgage advance from your lender, and if you are using any other funding scheme such as the Government Help to Buy Scheme, we have sufficient time to file their paperwork to notify them of an imminent completion.

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