Trying to reserve new build property

g5und

I'm in the process of trying to reserve a new build property with Taylor Wimpey which was previously sold and had fallen through. I've received an offer on my property and the agent is just in the process of verifying the chain.

Taylor Wimpey told me I couldn't reserve the property until I've exchanged on my property... This can't be right, can it? I would have thought I should be able to reserve a plot once I've accepted the offer on my place and the sale is progressing towards exchange.

If anyone can offer some advice it would be greatly appreciated

sirmosh

They can make that demand but it's a bit ridiculous really. You want to exchange on both properties at the same time otherwise you could end up being pushed out of your old home with no where to go.

Once you reserve it's going to be a while before you can exchange to get all the legals sorted too. So really you would probably expect at least a few weeks between reserving the property and exchanging on both properties.

g5und

Thanks for the response. Taylor Wimpey state they want to exchange contracts (and take the 10% deposit) within 28 days of reservation. This could be very tight and it's assuming everything goes smoothly with my sale. I just hope it all comes together

newbian

Didn't buy from TW but recently purchased new build. They told us that we had to exchange within 28 days of reserving, but that if we were making best efforts towards it then they'd be flexible. Sure enough our lender wanted to do an audit on our application that held things up for 2 weeks, so we exchanged outside of that window. The seller would call to ask what was going on every now and again, but we didn't lose the house.