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

hazyjo

If the developer (and vendors) would be happy remarketing and finding another buyer, why won't they let you exchange nearer the completion date?

(Answer: because the developer will tell them where to go and remarket until they find a buyer and get near exchange - which could of course take at least 3 months, so who knows how close that will be to their deadline.)

In the words of Zammo - Just Say No! You are putting yourself in a very vulnerable position by exchanging now. Just say your solicitor/lender won't allow it. End of. Do it nearer and hang on, or they can remarket. There will be other houses.

What if they reduce what they'll lend you? What if prices decrease? What if the developers stop building? What if you keel over with all the stress? What if you face redundancy? Nah, not worth the risk.

As above, you don't need to pull out, but FGS don't exchange.

Jx

pinkteapot

Willow101 wrote: »

Definitely anxious about having a long period between exchange and completion and will try to close that to nearer two months but EA has already suggested they won't go for that.

Of course the EA said that. They work for the seller.

What is the seller going to do if you refuse to exchange yet? Their only alternative is to remarket the property and start again with someone else. What exactly does that gain them?

That new buyer will take a couple of months to be ready to exchange themselves, and then they still need *that* buyer to agree to a 3-4 month gap, which they may refuse to do.

AnotherJoe

tlc678910 wrote: »

Similarly to the poster above I am thinking what on earth is in it for you?

If house prices fall after you have exchanged you are committed to buy the house. If the bank pulls your mortgage as the house is worth less you will be liable for the deposit and unable to buy (? - depending on your deposit and loan to value.

If property prices fall now after Brexit you may see houses that you could not have previously afforded that you could afford if you were not committed.

This is of no benefit to you - tell them they either exchange /complete normally (go into rented) or you will exchange/complete normally in the future when they are ready (if you don't find something else and pull out).

Any money you will lose on mortgage fees, surveys is small change compared to the risks involved imho.

Tlc

Tlc has summed up the many and various reasons why you'd be barking mad to go ahead.