Conveyancing delays - might lose my property

[AmandaM]

I need help because I am not a solicitor and I don't understand what my solicitor is talking about. I am buying a new build using Help to Buy (HTB). Due for completion at end of Dec. Yesterday I get call saying the block has been delayed due to supply issues. However due to HTB ending, I have to complete before end of December to be eligible. If we don't complete in December, I lose HTB. The developer's solicitors are proposing we complete in December to ensure HTB eligibility but I get delayed key access so I would get the keys in January. So 1 month delay. Which is actually fine by me because they are also compensating me for the delay. They are also saying it will be a reduced notice to complete of 4-5 days instead of the usual 10 days between exchange and completion. Also fine by me because it does not affect me.

The developer's solicitors are saying:
* a certificate of title can be prepared and submitted by my solicitor at the 10 day notice mark (but without the notice to complete)
* the HTB can be completed and submitted also without the notice to complete (ie start HTB completion bit earlier)
* the solicitor is being lazy and does not want to do her job and it is absolutely possible.

My solicitor is saying:
* They will not accept the reduce notice period as 'both lenders require 10 days’ notice to ensure that they have time to release the mortgage advance. If we do not give sufficient time and mortgage funds are not released in time, then you may fall into breach of contract.'
* We are unable to submit the certificate of title to your lender and HTB until such time that Persimmon have issued the building control sign off certificate to evidence that the property is build complete. This is a Lender requirement also. You will be in breach of your mortgage conditions and we will also be in breach of our undertakings to your Lender if we proceeded to do so without satisfactory evidence.
* 'We are not permitted to agree completion with delayed key access. Your Lender specifically states that vacant possession is given at the date their charge is secured against the Property and so we cannot agree to the suggestions put forward by the sales team. I have spoken with the solicitors acting for the developer and this is not something they are proposing.'

I have not studied law and this makes no sense to me. They sound like children blaming each other.

I must complete by 22 December. The solicitor's close for the holidays after this. To complete on this date and adhere to 10 days notice, I have to exchange by 12 December. 3 working days away. The developer have said impossible and will never happen. 'There is no way we can provide 10 days notice'.

Bear in mind this is a flat in a whole block. The whole block is delayed. They have preferred solicitors who I did not use. I don't imagine they would propose a reduced notice if they thought their preferred solicitors would not accept because all buyers for the block will lose the HTB which cannot happen. So are their preferred solicitor's accepting/doing something they should not? Are my solicitors correct or being difficult?

So my question is
1. Who is at fault here? Because someone is lying but I cannot tell who.
2. What can I say to either party to get progress within 48 hours?
3. I would think lenders have similar/standard contracts. If it is in my contract, it is must be in the contracts for the other buyers of the block. How are they progressing with a reduced notice to complete if their lender requires 10 days?

If I don't exchange on 12 December and my solicitor refuses to accept 10 days notice, I lose the flat. I am distraught. Can anyone help please?

[R0b]

Not sure it is a case of who is lying, but the solicitors you have used will also be instructed by the mortgage company and if the mortgage co. says they won't accept the conditions proposed by the developer then I'm afraid not much you can do other than asking the solicitor to contact the mortgage co. for an urgent view and see if they would be willing to agree given the situation.

You could try and contact the mortgage co. and speak to them directly, might not amount to much but worth trying. Every lender is different, some take a more relaxed view when there are problems/delays but others take a hard line.

Trying to get this deal done within the next couple of days sounds like it is becoming impossible as the hold up is probably to do with your mortgage co. You need to get them on board with agreeing these terms proposed by the developer otherwise the deal will fall through.

It's disheartening but also not uncommon when it comes to new builds and delays - don't think I can add much other than what I've suggested above but your best chance would probably be to try and contact the mortgage co. direct and see what they have to say.

[dslippy]

The solicitors are trying to get it done properly. Just haw that can be done will depend on the circumstances. It may be that you have indeed hit the rails.

[atticus]

If you can complete without the mortgage loans, then you can take the risk, if that is your decision.

But I assume that you cannot. There appear to be two mortgage lenders. They want to protect their security, and therefore give strict instructions to solicitors. That is what is happening: if the building is not ready then the lenders will not permit completion.

What your solicitor is saying makes sense. The delay is not with the conveyancers but the builders.

[AmandaM]

Thank you for the all the comments. The solicitors have finally agreed on terms. My solicitor got everything she wanted - the full 10 days. I have exchanged today. I can breathe and I will sleep tonight. It seems like the developer's solicitors backed down. Thank you to all.