What Happens If I Cant Complete Or Dont Want To Complete My New Build Purchase

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Buying a property off plan can become a stressful and complicated situation if you are unable to complete or you do not want to complete.

Your circumstances may have changed significantly in the two or three years between you agreeing to purchase your off-plan property, and then the scheme being finalised.

However, there are potential financial implications if you do not go ahead with completing on the property as agreed in your purchase contract.

If completion does not go ahead (meaning you do not pay the developer in full) within the notice period, you may be liable for a breach of contract and therefore may have to forfeit any deposit paid so far. The developer could also seek further financial sanctions for non-performance of the contract.

The good news is that when you have agreed to purchase an off-plan property in the UK, you often have, depending on the relevant clause in your contract, the ability to assign the contract to another buyer before completion. This means that if you are unable to get lending for completion, or if the rental yields now being predicted are too low, or you want to avoid associated tax implications like Stamp Duty, you can find a buyer before completion who can assign the benefit of the contract between you and the developer. Once an assignment is successful, the assignee will go on to complete the property purchase with the developer at completion in place of you.

Therefore, the recommended plan of action would be to instruct a property agent that is experienced and successful in selling off plan property with a proven track record of achieving results, quickly.

If you are in this situation where you have an off-plan property that you need to sell, MyLondonHome can help.

  • We are London’s leading assignment sales agent
  • We sold over 200 successful assignments last year
  • We have a knowledgeable off-plan and investments team
  • We have a powerful online presence including extensive Google optimisation and our award-winning website

The longer you have to find an assignment buyer the better, but even if completion is just around the corner, do not despair. Our New Homes team was able to help a client who only had 10 days before they would have lost their substantial deposit – and with our involvement, a new buyer completed in time and disaster was averted.

Contact us today and we will check your paperwork to make sure you can sell the contract, and then provide an up to date market appraisal of your off-plan property and can discuss a strategy to get the best result.

This post was written by:

Steven Herd

Steven's extensive 30 years of estate agency experience in London culminated in launching MyLondonHome, which has enabled him to bring together a hand-picked team to provide the high level of quality advice, market strength and service he is renowned for.

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0 thoughts on “What Happens If I Cant Complete Or Dont Want To Complete My New Build Purchase”

  • Tony Tawakali

    Hi, I have two off plan properties I would like to sell. Many thanks


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