How much time do we have?

Our apartment is ready but we were hoping to have sold it before completion.  We  have now gone past the completion date and the builder is charging us interest.  We are still hopeful of a sale, but in the meantime, can anyone tell us how long we might have before the builder will  get fed up with waiting and insist that we complete?  I realise this might be like asking 'how long is a piece of string?´but I just wondered if anyone knows if there is an average time period that builders tend to accept.  Can anyone advise?

Hi Plunket,

I guess that really depends on the builder. After all, he wants his money, doesn't he ? However, he IS getting interest from you so I expect, unless he has another buyer himself, you'll be ok for some time.

Good luck. Buying offplan with a view to sell on before completion is a risky business, as now you are well aware.

Janice

Thank you Janice, for your comments. 

 I just wondered if anyone might be able to give a rough estimate in general terms.

Depends on the developer - I have known developers be patient for 6 months and those who have applied penalties after the 5 week contractual period. He can by rights take the property back into his possession and you sacrifice your deposits as long as he has fulfilled his contract.

Smiley - thank you.  We have put our apartment up for sale with the developers, as well as estate agents, etc. and hopefully, this will stand us in good stead with the builder.  In any case, I hope that we will be notified in advance and be given a deadline for completion.

Plunket,

Smiley ALWAYS comes across doesn't he?!

We are sooooo lucky to have him on this forum.

Rgds,

You´re absolutely right, Fibby.