Can it really be sorted in 28 days?

roje

At the top of my chain is someone buying a new build from Redrow, the plot has been released early for sale providing the chain completes in 28 days.

My sale will complete within that time as we are about to exchange. My purchase was held up for a month as the deeds went missing, so my solicitor only received the contract today and is now starting the searches. My mortgage offer is also still in progress as I was awaiting info from HMRC, broker expects approval by the end of the week and a search to be instructed.

What is likely to happen if it isn't possible to turn it all around in 28 days? It doesn't sound very long. Will Redrow extend the completion frame?

eddddy

Are you confusing 'completing a chain' with 'completing a sale'?

If a plot has just been released, the house won't be ready to move into in 28 days. I suspect it will be many months.

If your solicitor is just starting searches, and you haven't got your mortgage offer yet, you're probably quite a long way off exchanging.

As the person at the top of the chain is moving into a new build, they are likely to have a very long period between exchange and completion - and they probably won't have a fixed completion date (probably a 'long stop' date instead).

So you may have some interesting decisions and negotiations ahead.

charlamine

It typically is 28 days to exchange. We are buying a new build and were told we had to exchange in 28 days but we are currently coming up to 2 months eek! But so far the developer seems fairly relaxed, then solicitor has only just provided all the info to my solicitor and they only actually took reservation fee 2 weeks ago, as they waited for all the H2B approvals first. I understand that as long as your showing commitment that they are generally patient, we have so far spent over £1000 on fees so I think they know we are serious

But like the poster above says, it will only be 28 days to exchange not completion, when we exchange we still have to wait until December to complete. We didn't want this to affect our buyers so we are moving into temporary accommodation in between

TBeckett100

if the deadline is 28 days to exchange, it is usually a clause added (so I am told by my sales lady) that gives them leverage to chase and put pressure. They will know if you are making good progress that it will take longer to find a new buyer than it will to finish up what you are doing.

roje

Yes, sorry, what I mean is that the sale of the new build must exchange within 28 days so they need the rest of the chain below to complete within that time frame in order for their equity to be released. They're not moving in to the house until March (at best estimate) but Redrow have allowed them to buy it now (the property they are selling to release the equity is currently empty as they live elsewhere).