Exchanging when buying a new build

Cupcake85

I'm buying a new build house, estimated time for it to be built is July, the builders asked we exchange contracts after 6/8 weeks.... I also have a house to sell and my buyers don't have a chain so I guess they will also exchange and then we will have a completion date for end of July and if it can be brought forward it will, if all parties in agreement.

My estate agent said you only exchange if you have a FIXED date but when buying a new build they can't guarantee it can they?

Has anyone exchanged on a new build but also been selling at the same time? My buyers new I was buying new and completion time was June/July

Thanks all

visidigi

WE have just sold ours and are in the process of buying anew build.

We sold ours quicker than expected and wanted to wait for a particular plot. On that basis we have had to break chain to agree and complete the sale and buy.

When we bought the new build we were told we had to exchange in 28 days, in reality its comes down to the solicitors doing their job and as long as it keeps moving then the 28 days is taken with a pinch of salt.

We exchanged today, 12 weeks after the original deposit day.

We sold ours within 11 days of listing, we exchanged on that two weeks ago. If we could have pushed the chain to wait for the date we wanted but we decided to break chain as family could put us up for a while and our chain was unsteady.

Cupcake85

Thanks for your reply.

We don't have the option of breaking the chain due to restrictions with our mortgage and having somewhere to stay.

I will speak to my solicitor, it would be perfect if we can exchange soon then have completion when the house is ready it will make me feel more comfortable knowing my buyers and new house are secure

gregsayer

i sold my house to a ftb in december, i had a fixed "week commencing", rather then a day, which in the end was friday the 11th, and ended up exchanging both sale and purchase contracts one week before (dec 4th) completion.


i dont think your mortgage company will allow completion, if the house isnt finished? or at least past its NHBC inspection


dont be to worried about deadlines with a new build company, as long as the everything is going through, they arent going to throw the whole purchase out of the window and start again.

kingstreet

You usually exchange contracts on a newbuild with completion on two weeks notice.

Notice usually being triggered by the issue of the NHBC covernote.

hazyjo

Cupcake85 wrote: »

Thanks for your reply.

We don't have the option of breaking the chain due to restrictions with our mortgage and having somewhere to stay.

I will speak to my solicitor, it would be perfect if we can exchange soon then have completion when the house is ready it will make me feel more comfortable knowing my buyers and new house are secure

Granted it wouldn't be ideal, but a lot of mortgage companies do allow a grace period - check with yours how long it is, even if you are porting your current mortgage. If it's a new mortgage which is due to expire, they also often extend these with enough notice.


There are short term let options - yes, a nightmare, but something to dine out on for years, and with the right mindset, an 'adventure'. Pack suitcases with essentials and pay for storage for the rest - removal companies can often store inbetween packing it up and moving to your new place.


Jx