What recourse do I have if I can't meet a tight deadline to complete on a house purchase?

2018-05-16 17:14:33

I've recently put down a reservation to buy a new-build flat in London, UK. This is one of the last flats available in the block and the builder is in a rush to complete and get the money as soon as possible. They set a deadline to complete the transaction of one month from the time we put down the reservation. This is much sooner than my partner and I would have liked, but we're accomodating their schedule, at a cost to ourselves: for example, my partner has taken time off work in order to attend an inconveniently scheduled appointment with the mortgage broker on a day's notice, and we will have to take a loss on a several weeks' rent as we were not able to find another person to take over our current lease in time.

As the scheduled completion date draws nearer, I'm beginning to worry that any minor setback will push us past the deadline. The dates that have been set by the builder are incredibly tight and don't allow any room for error. For example, the bank requested