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So angry right now regarding exchange
Evangelion
Posts: 44 Forumite
I am currently in process of buying a new build house. I'm a first time buyer and obviously the whole process has been new to me.
I have secured a mortgage, reserved the property and am going through the motions with the solicitor. I have been keeping the sales agent at the development update at all stages.
When I signed the reservation form originally, there was a target date given for exchange, but I was told that this was just that, a target and it wouldn't be any issue if it took longer. The original reservation form also included their recommended solicitors details, which I was also informed I was not obliged to use.
I then instructed my own solicitor and required a new reservation form be completed to allow the process to begin, and as such signed an updated form on 2nd April this year, the target exchange date was written as 17th April, and I was informed this was not concrete.
After signing the new form, my solicitor awaited the contract pack and memorandum of sale from the developers solicitor, which took a while to come through, eventually arriving either Friday 10th or Monday 13th. Searches were instructed on Wednesday 15th.
The developer contacted me today for an update, which I provided, advising the stage we were up to. Then at 16:56 I received an email from them stating that 'head office' are pushing for any 'overdue' and 'lapsed' exchange dates to exchange as soon as possible and that their solicitors have been informed that the cut off date is to be 30th April and that my solicitors have been sent an email stating as such today.
I am so angry about this as it reads as an implied threat that should we not be able to exchange in the 4 working days that we have been given, the whole sale will fall through, and everyones time and my money will have been wasted.
Where do I stand with this? Is it even reasonable to expect searches and contracts and exchange to take place between 2nd April and 17th April? Is the fact that their solicitor dragged their feet with the contract pack not something they take into account?
Am I basically going to lose the house (which isn't even built yet, currently due for habitation from 26th June)...
I also find it totally inappropriate to send this email at 16:56 on a Friday so I now get to worry about it all weekend with no way of looking into it or speaking to anyone about it.
Any advice appreciated.
I have secured a mortgage, reserved the property and am going through the motions with the solicitor. I have been keeping the sales agent at the development update at all stages.
When I signed the reservation form originally, there was a target date given for exchange, but I was told that this was just that, a target and it wouldn't be any issue if it took longer. The original reservation form also included their recommended solicitors details, which I was also informed I was not obliged to use.
I then instructed my own solicitor and required a new reservation form be completed to allow the process to begin, and as such signed an updated form on 2nd April this year, the target exchange date was written as 17th April, and I was informed this was not concrete.
After signing the new form, my solicitor awaited the contract pack and memorandum of sale from the developers solicitor, which took a while to come through, eventually arriving either Friday 10th or Monday 13th. Searches were instructed on Wednesday 15th.
The developer contacted me today for an update, which I provided, advising the stage we were up to. Then at 16:56 I received an email from them stating that 'head office' are pushing for any 'overdue' and 'lapsed' exchange dates to exchange as soon as possible and that their solicitors have been informed that the cut off date is to be 30th April and that my solicitors have been sent an email stating as such today.
I am so angry about this as it reads as an implied threat that should we not be able to exchange in the 4 working days that we have been given, the whole sale will fall through, and everyones time and my money will have been wasted.
Where do I stand with this? Is it even reasonable to expect searches and contracts and exchange to take place between 2nd April and 17th April? Is the fact that their solicitor dragged their feet with the contract pack not something they take into account?
Am I basically going to lose the house (which isn't even built yet, currently due for habitation from 26th June)...
I also find it totally inappropriate to send this email at 16:56 on a Friday so I now get to worry about it all weekend with no way of looking into it or speaking to anyone about it.
Any advice appreciated.
0
Comments
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Developer wants to exchange so they can recognise the revenue in April.
It's an empty threat - if you don't exchange, they won't with anybody else either for 'your' property. Ignore it.0 -
According to your dates, you have had at least 10 working days to get searches etc. done, not four, although admittedly that is a bit of a rush. I have no knowledge of new builds but I'm pretty sure that I have read a few times on here that exchange is often within 28 days from offer for a new build.Father Ted: Now concentrate this time, Dougal. These
(he points to some plastic cows on the table) are very small; those (pointing at some cows out of the window) are far away...
:D:D0 -
When did you reserve the plot?0
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Sorry for any confusion, but I meant 4 working days from the email recieve yesterday to the 30th April, to complete.
The plot had been reserved quite a while before that as we had been pressured into reserving it even though we had not yet secured out mortgage - we were told the plot would go to someone else if we didn't. We used the broker that the developer recommended so we have been open and honest with them from the start and kept them updated at every stage which is why this sudden threat has bothered me so much.
I want to exchange asap but considering we only recieved the contract pack from the developers solicitor on 10th at the earliest, we've not had much time.0 -
You haven't been pressured into reserving the plot. You have your own mind and free will to do as you please.
It is critically important that you lay down when you reserved your plot and then what date you instructed your solicitors?
Loads of people manage to exchange easily within the 28 day deadline, so I am not sure we are in receipt of all the facts.
Who is the developer?0 -
Evangelion wrote: »I want to exchange asap but considering we only recieved the contract pack from the developers solicitor on 10th at the earliest, we've not had much time.
Why did it take you so long to instruct searches? What searches are you still waiting for? Is there anything else preventing you from signing contracts?0 -
Evangelion wrote: »The plot had been reserved quite a while before that as we had been pressured into reserving it even though we had not yet secured out mortgage - we were told the plot would go to someone else if we didn't. We used the broker that the developer recommended so we have been open and honest with them from the start and kept them updated at every stage which is why this sudden threat has bothered me so much.
How long ago?0
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