Buying a new build flat - reservation deadline

gam3r

Hi

Last week I put down a reservation fee on a Barratt new build flat for £1000. I've got until the 27/2/15 to exchange and this has got me worried.

I'm pushing everything as hard as I can from my perspective. My mortgage broker has applied for the mortgage, I've sent all the documents in as requested and now I'm waiting on them to instruct a valuation which I'm told will be instructed early next week.

I spoke to my solicitor yesterday and he said he's yet to receive paperwork from Barratt. I'm currently trying to get them on the phone to find out what's going on...but my main worry is what happens after the 27th? Are they flexible in terms of an extension?
The mortgage provider is Clydesdale.

My solicitor says it's an extremely tightly timeline however L&C think it is a possibility to get it done by then.

Any thoughts on what I can do? I'm pushing everything to the best of my ability.

gam3r

bump:beer:

kingstreet

If the delay is with the builder's solicitor, there isn't much you can do about it.

Although you have a 28 day target, this is more to concentrate your mind on getting on with it, rather than a make or break date.

Talk to the builder and explain the position if you want reassurance.

ELToro

We bought a new build last year. It took 8 weeks to exchange contracts, 4 is very tough to acheive, especially when dealing with solictors as they have a different method of working. The builders solictor held our exchange up by 3 weeks.

Dont worry as long as you are keeping them up to date with the progress it should be fine

Vampgirl

When we reserved our house they gave us a 28 day deadline to exchange - but when reading the small print it was actually 28 days from the time that their solicitors sent out the documents - it took TW's solicitors 6 weeks to send out our pack! I can understand why you're worrying...we were feeling exactly the same, but it all turned out fine in the end.

I suspect what happens is that head office and the solicitors are working to their own timetable based on the build schedule for the site. Whereas the sales office are just told to sell as quickly as possible.

chanz4

we extended ours as we were going away, barratts didn't care

justcat

We were also given a date of 28 days after the reservation.

However, like Vampgirl, Taylor Wimpey advised that it would actually be 28 days from the time that they sent the contract to our solicitors.
We managed to apply for HTB EL and apply for and receive our mortgage offer before the contract was sent to our solicitors!

Also, they are fully aware that it can sometimes take more than 4 weeks to exchange. Do you have somewhere to sell? If not, your in an even better position.

If you need reassurance, call the sales office you bought through and advise that the contract hasn't been received and that you're worried - you should be fine!