Reserved a new build plot

Lu_Lu

We have reserved a new build plot on a development today and will be using right to buy. We've sold to first time buyers, have solicitors and things moving along but the whole exchange in 28 days thing is a bit of a worry and I am already scared we will lose this house if it delays.

My question is really any tips to see this through as smoothly as possible? Also, does anyone have anywhere experience of dealing with Redrow and how flexible they are if for any reason the 28 days turns into 30, for example?

I am guessing that we are in the hands of solicitors and our buyers survey being done quickly and I will be on the phone to the estate agents and solicitors first thing in the morning to update them on the situation but I've not done this before so it's a bit nerve wracking.

The good things for us is that once we exchange we will be able to complete quite quickly as the house is already practically built and we've got loads of extras for free.

jaxkesa

Do you not mean Help to Buy or is it your council house you are buying?

The 28 day exchange date is usually very flexible. Don't forget your 'free' extras are not free, they merely justify the overinflated price Redrow probably charged you for the house.

Lu_Lu

so sorry yes I do mean help to buy whoops!

We have got lots of free extras as the plot has been previously reserved with all these things being paid for by previous people and then they backed out but the extras have already been built in so we're getting them for 'free'.

Flexibility in the 28 days will be good just in case. The sales guy didn't flinch at any of the information we gave regarding our buyers and the stage we are currently at but I guess he is a sales guy and these things don't matter to him!

TBeckett100

Our sales lady told us that the 28 day rule was just a clause they can use to whip the solicitors with. I think we ran 4 weeks past that date in the same chain as you, but never once did she chase me. I just sent her regular email updates so she was always in the picture and when I asked her about the 28 day limit she said don't worry, as long as they can see progress is being made and it's all moving along, they aren't fussed.

We were very lucky with our developer. I made a mental snag list the other week, sent an email with the salient points and found over the weekend that they had been busy dealing with it and other things I noticed but forgot to mention.

libf

I reserved in May, so my 28 days was 'up' in June. However, as the house won't be built until December at the earliest my mortgage application only went in last week. Also still waiting for my buyer to get the mortgage offer, so hopefully will do that exchange shortly and then the exchange on the purchase when the builder's solicitors pull their finger out and reply to my solicitors inquiries and get the correct transfer documents to them...

I'm sure there's slightly more emphasis on speed where the property is already built though.

Lu_Lu

I am so glad you've experienced some flexibility and really hope that, as long as they can see our commitment, we will be OK going past by a couple of days.

Spanner in the works already is that our solicitor dealing with our sale may not be able to act for us in purchasing a help to buy so need to find some else quick!

Lu_Lu

I've been told by our new solicitor that the 28 days starts from when they receive the contract from the builder and that won't be at least until early next week now so I feel a bit better and that we've got some breathing space, phew!

ethank

I think it took us 70 days to exchange. Don't panic. They'll just want to see everything moving forward.

You will get the odd phone call pushing you to push everyone........

Lu_Lu

ethank wrote: »

I think it took us 70 days to exchange. Don't panic. They'll just want to see everything moving forward.

You will get the odd phone call pushing you to push everyone........

Thanks. My solicitor was quite reassuring yesterday although she did say they will put extra pressure on as the house is already nearly complete. I just can't see them wanting to start again with a new set of buyers when we will be very close and will have shown commitment through spending lots of money until that point!