FAQs (Frequently Asked Questions)
Will I be compensated for the delay?
We are not able to compensate for the delay. Unlike some private developers, as a social housing charity, we do not have a compensation contingency budget. These delays are unforeseen and have additional financial cost to us in order to complete these homes.
Is the occupation date given a guaranteed date for move in?
We cannot guarantee this. We have provided this estimated month based on the additional documents required and based on the time it is taking to acquire these documents for other similar Southern Housing developments which also require registration.
Do I still need to exchange now?
We still expect buyers to exchange on notice as agreed during your reservation. Exchanging on notice is a legal commitment from both seller & buyer.
Can my rent percentage change?
Unless you have exchanged, the rent percentage & agreed asking price are subject to change. You may be aware; your agreed rent percentage is a substantially reduced amount due to Southwark Council S106 restrictions. These restrictions will potentially be lifted soon after we take handover, the rent percentage maybe increased at this point.
My mortgage offer will expire, what should I do?
Please speak to your mortgage advisor.
I’m currently in a rental property and need to notice, when should I hand in my notice?
Please refrain from handing in your notice until we can be confident with a move in date.
When is my next update?
Our next update to you will be when we have taken handover (this is also known as practical completion) from the contractors. We will not be able to provide you with interim updates.
Will Southern Housing cover the stamp duty increase if the project is delayed past April 2025?
The Government has announced that as of April 2025, the stamp duty land tax thresholds will change. The thresholds will vary based on individual circumstances. There will also be differences in the way buyers have elected to pay stamp duty that will determine whether any stamp duty is paid at the point of purchase. We will not cover any increased costs relating to stamp duty for this reason.
We advise you to consult with your solicitor for advice on whether your stamp duty cost will increase if there is a delay into April. The advice will depend on your individual circumstances and on how you have elected to pay.
You are targeting December for handover. Will this be when the one year defect period starts from?
Although the 12-month defect period will begin from when Southern Housing take practical completion of the development, we will be honouring any shortfall, so your defect liability period will start from when we take internal handover, the property is registered for occupation and we are able to issue you with notice to complete. This will be when the property is completely ready for you to move into.
Will it be the case that after waiting for 6 months after the initial targeted move in we are (potentially) finally able to move in in March and then a few weeks later will be hit with a rent increase in April
No, our rent setting policy states that anyone that completes after 30 September will not be subject to a rent increase the following April. So, if you complete in March 2025, then you will not receive a rent increase until April 2026.