First Time Buyer

Martin.Smith.35

Hi,

I've just going through the process of buying my first home. There are few things I want to run past people.

Am in a chain with a developer at the end of it and the deposit is to be held on agent basis. I've been told this is normal practice with developers and for my deposit to be passed up on exchange. I was told not to worry about this as the developer is a large business and part of NHBC.

Originally the rider stated an anticipated completion of Nov/Dec but could take up to June 2017. Apparently, there is a new rider with this change to January 2017.

Do anyone have experience of what these developers are like at meeting these deadlines. They would be in breach of contract if this wasn't meet, but would it be back to myself to chase this and be a hassle as they've got my deposit on agent basis.

Any feedback would be appreciated.

Cheers

Hoploz

Is it you buying the new build or somebody else?

If it isn't you, you can stipulate whatever dates you like prior to exchange of contracts. your completion date will be written in to the contract you are exchanging. The person buying the new build is the one taking the risk with open-ended dates.

Martin.Smith.35

No, it's not myself buying the new build. The new rider apparently will stated the sale will have to take place before the end of January.

I did ask my solicitor if the vendor wanted to do a sale with myself and then do the deal with the house they want with the new build. They reclined. As this would mean they would probably have to move out and rent in the interim. If that makes sense.

I've have asked for an actually completion date, but the developer would not give a an actually date.

Martin.Smith.35

Hence apparently there three people in the chain. Myself, the seller and other seller who wants the new build.

arbrighton

The developer will not be able to tell you an exact date until far closer to the time, especially as we head into winter where weather may delay things.

FYI, I think you meant declined rather than reclined

davidmcn

arbrighton wrote: »

FYI, I think you meant declined rather than reclined

Maybe he's just really laid-back.

G_M

or fell over laughing?

You either accept an flexible date (ensuring the stop-date is within the period of your mortgage offer if applicable) and live with the uncertainty, or

you insist on a firm date (which seller may or may not provide), or

find another property

Martin.Smith.35

Really laid-back.

I do think you've summed up the situation G_M. Which, I don't really know how I feel about the situation yet.