Solicitor won't exchange&complete, so Builder has withdrawn the contract

SimpleStu · 6th July 2010, 00:03

Help,
Anybody in this situation- I'm in a desperate state about my new build home sale seemingly falling through hours before exchange and week before completion.
I saw an off plan property for a large development in Jan. and have watched it being built during phase 2 out of 3.
originally builders wanted a 5 week exchange- not possible because no brick laid until March.
Start of June I went for the final inspection, letter saying exchange 25th, complete 30th June.
25th June- solicitor said no, there are conditions which have not been discharged.
Builders have now withdrawn contract, but other people have moved into neighbouring properties.
I had mortgage, nothing to sell, and was waiting for the house to be built.
I don't understand if others can move in, my solicitor says no, builder has put my house back on market (although it has all my specified optional extras)
Any ideas what are these non-discharged conditions, that could be so serious I can't proceed?
Any advice to get this back on track will be gratefully received, but I'm fearing I've lost this house.
Good luck with your own situation- I'm discovering it's so bleeding difficult.
ps. the house is quality finish and build quality so no issues there, I want the house.

willyj · 9th July 2010, 07:07

I am guessing, but it sounds as if your mortgage provider will not release funds. If this is the case it will be because the warranty provider has not yet produced a "cover note" to confirm that the property meets their standards.
As you bought off plan in January the value of the property could have risen enough to make it worthwhile for the builder to put it back on the market.
Is your solicitor not a bit more forthcoming with information? There could be other reasons.
If my guess is correct then your neighbours would have moved in as a) they don't have a mortgage, b) their mortgage provider/solicitor has ignored the fact their is no cover note, or c) a cover note was produced.

SimpleStu · 10th July 2010, 23:15

Hi WillyJ,
Thanks for these suggestions- definitely food for thought. Awaiting next status update in next days.

joe90 · 17th July 2010, 19:33

I think you were lucky Stu. These things only happen for a reason. I am at the "opposite end".

My property was due to exchange as a cash buy. 4 months later Mxxxxr property still had not exchanged.
I have waited and waited, they didn't refund solicitor costs (the moral thing to do). I count myself lucky, if I had exchanged I would have been committed.
You all and Mxxxxr are warned.

I will tell you if there is a change of heart

SimpleStu · 20th July 2010, 12:13

Hi Joe,
Thanks for the mail, your situation again seems to defy a logic- why wouldn't the builder sort it out given you are there with money in hand? Same for me but with the solicitor adamant and me stuck in the middle.
Peeved off now- all the other properties are now occupied (approx 50!) and mortgage lender confirmed they have no notes on file saying there is any issues for them.
good luck sorting yourself out.