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  • 1 Mar 2019

    What does Exchange of Contracts on Notice mean?

    A completion date (moving date) is agreed as part of a contract exchange. However, if you are purchasing a new build property it can be difficult to give a precise completion date, as the weather or shortage of bricks or materials could hold the build up and cause a delay.Therefore, in many new build house purchases completion is on notice. This means that completion will take place on date specified later in the process after the developer has given a number of days advance notice. Once the house is finished, contracts will be exchanged on 10 days’ notice with a termination date.The Termination Date will be 2 months or 6 months depending on whether the roof to the property is in place. Once the property has been signed off with Building Control the developer will give the purchaser 10 days in order to source funds and be ready to move in and complete.For further information please call Simon Pierson at Hegarty Solicitors on 01780 750 954 or email simon.pierson@hegarty.co.uk.

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