Buying a new build in Scotland...advice required!

*Kat*

Our flat is now under offer, date of entry - June 26th

New build house isn't ready until September, but the developers said we need to conclude missives 2 weeks after we put down the reservation fee.

What does 'conclude missives' actually mean?!

We can't pay the deposit until we get the funds from the sale of our flat.

Can I conclude missives when they want us to and pay the deposit when we move in, how does it work?

Thank you

sheramber

Once missives are signed you are legally bound to buy with the terms stated in the missives.

With a new build you normally pay a reservation fee to the builder to reserve the plot.

You pay your deposit and commence with your mortgage when the house is ready for occupation.

Your solicitor should be guiding you through this.

amnblog

These questions should be directed at your solicitor, but missives are similar to exchanging contracts in England.

Pixie5740

When I bought a new build in Scotland I paid a reservation fee of £1k. Then a few weeks later I paid a deposit of 2.5% of the total purchase price (the size of the deposit varies from builder to builder) when I signed the missives. Then I waited almost a year for the house to be built before paying the rest of the purchase price with my savings a mortgage and completing the sales.

Once you've signed the missives there's no going back. Well there is but it will end up being very expensive for you.