Builder and Exchange Deadline (New Build)

alice_kate_2

Hi all,

Hoping for some reassurance (or not!).

We reserved a plot and our exchange deadline was 4th May.

We are using HTB and are selling our property so were told not to worry about deadline as they know this situation can take a little longer.

We've paid for extras as told again not to worry they won't pull the plot from us as long as it is all ticking along nicely.

Today had an email saying that if we don't exchange by Friday they are going to remarket the house.

We're ready to exchange but our buyer solicitors are really slow so they aren't ready and are taking their time. The stage we're at with that is just responded to enquiries.

I've rang the builder and they said that they will chase the solicitors again but I don't know what to do. Been told it could be a scare tactic as it would cost them more time and money to remarket with a new buyer.

Has anyone ever had their plot pulled? Seems so unreasonable we're only 5 weeks in and selling and they're saying that already even though we have been told numerous times that it'll be fine and they won't pull the plot?

TrickyTree83

Had a threat like this made to us last week.

They were unhappy with the time it took to process the mortgage application and suggested going with another lender would be quicker. I argued the point but couldn't get them to acknowledge this. The following day the mortgage offer was made and the valuation booked in for the following morning at which point they conceded that I was indeed correct to stick with the original lender. Our developers year end is June I think, so they would want to get it all done before then for their sales targets.

Regarding the reservation period it does appear that all the power is held by the developer and you can end up losing a lot of money if they pull the plug. In our case it would have been approaching £5k. Would prefer that there was more protection for the buyer if you're parting with money for upgrades because of the stage the house is at. You're then stuck in a catch 22, either end up with the house without the upgrades you want (no risk to additional funds bar reservation & conveyances) or once the house reaches the stage you need to pay, do so and hope your deal doesn't get pulled (we chose the latter).

SmlSave

I would say that the developers threaten all the time (my favourite is when they threaten to remarket due to the deadline, when they only provided the contract pack the week before !)

Haven't heard of one actually going through with it within the last 5 years #touch wood#