Exchange now Complete in SIX months - What would you do ?

Thanetia

No way can you agree to this - a lot could happen in that time. Ask if they are willing to rent - their timeline is ideal for a 6 month AST which they can extend when the new build (as others have said) isn't complete.

But equally they might think they can re-market and find another buyer within the timeframe.

Willow101

There's no guarantee that it'd be ready in six months but the solicitor would put a "stop date" in which would say if we haven't competed by date X we get our £50k (!!) deposit back and can back out of the sale.

We haven't done anything yet we're just trying to work out how we feel. Options include saying yes but reducing the price as it carries risk or saying yes if it happens in the original timescales (August) or just pulling out.

There's no other people in chain, we're not in a chain and people we're buying from are buying a new build.

hazyjo

And if prices fall in the meantime (as some are claiming)?


Let them rent. Just sounds like a huge risk of wasting six months to me. If it were four, that's fine. A six month mortgage deal wouldn't be such a risk. tbh, if they lose you, they will prob lose their new build as they'll need to guarantee they're selling in order to get it.


I think you hold more cards than you realise...


Jx

Marvel1

No chance I would exchange, anything could happen to the property and you are liable to complete.

Estate Agent wants you to sign because they don't care about you as they don't work for you, they just want their £.

pimento

Are you happy to insure both houses for six months?

Lozie

As someone who is buying a new build i know that the completion dates are purely speculative and the chances are although they expect their house to be ready in 6 months, it won't be, it's just something else you need to consider when making your decision.

Thrugelmir

Willow101 wrote: »

Yes we're all ready to exchange, estate agent desperate for us just to sign !

Are the EA's relaying a message from the vendors?

brodawel

Definitely a no from me, even a month between exchange and complete would be too long for me. Sounds like they don't want to fork out for rented while awaiting new build.

magicpork

Don't.. the new build my friend was after had an estimated completion date of July and he's just been told by the developer it's now pushed back to September.

6 months is a long long time for property market and even more so given we're leaving the EU (at least a good chance of doing so). The market will be very volatile and you wouldn't want to shoulder all that risk.

ChattyBear

I totally back what everyone else has said when it comes to a new build there is no telling when it will actually be finished. In 6 months so much can change and what if they put the price up and your buyer cannot afford it and pulls out could be very messy.

New houses around here went up by £20,000 in a 6 month period, this happened to a friend of mine but lucky they were able to up their mortgage.