Vendor buying new build help

londongirl

Hi all,

Partner and I have had offer accepted on a house where the vendor is buying a new build.

We lost a house on day of exchange a few weeks ago after a month of stress and me nearly ending up in hospital as it was so pressured (only for the vendors to pull out and put the house back on the market for £35k more - luckily we at least got insurance to cover our legal fees and got most of the money back that we spent but not the time or stress).

We then had an offer accepted 4 or 5 weeks ago on another house which after 3 weeks the vendor then decided that they couldn't find anywhere to move to and they were staying where they are and took the house off the market.

So this is our 3rd offer that has been accepted and we are naturally very cautious and cynical - we've asked as many questions as we can about this ladies new build she is buying after having the offer accepted last week and she went to see the developer this weekend. Estate agent has told us today that she has put £1,000 deposit down and there is no 28 day deadline to exchange.

Whilst it is good we aren't pressured by a 28 deadline (again, after the repossession fiasco), literally everyone else we have spoken to is surprised this is the case.

I know nothing of new builds but i've spoken to people at work who bought one, our mortgage broker who is in the process of buying 3 (one for him and 2 for his sons) and another estate agent - all who said that a 28 day deadline to exchange is usual.

So am i right to worry that something isn't quite right?

The build she is buying is due to be completed at the end of September.

I sold and exchanged on my flat in June to a cash buyer who has given as a long stop date for completion of 1st December - and we can give 2 weeks notice for a date prior to that. It seems a long way off but if this falls through we will have wasted another few months, more money, house prices are going up (live on outskirts of nw london) and............i'm just over 5 weeks pregnant.

So while i'm happy to sit back and let things progress and maybe not move til October - if its 100% going to go through that's fine - but if there is something that doesn't sound right at this stage i'd rather know.

So has anyone had an experience of reserving a new build but not being asked for an exchange deadline? Especially when the house isn't 2 years away from being built its 3 months away from completion.

I've asked my solicitor to also confirm her position with her solicitor but i'm trying not to make her feel pressured or upset her at this early stage.


Any info on new builds and how they work when you haven't sold your own house yet gratefully received.

Another offer we put in on a differnet house the family were told they should sell, go into rented, and then reserve their house and the builder wouldn't accept an offer from them until they had exchanged on their own house.

Thanks