Developer deadline for exchange, waiting for mortgage offer

richy4

I am buying a new build off plan with one of the big developers, and my solicitor today said they have offered to extend the deadline for exchange by a week as I am still waiting for my mortgage offer.

My solicitor has completed all searches and I have proven the funds exist and are ready for transfer for exchange, but after I get my mortgage offer.

At the moment it seems I could well miss the imposed deadline, and the extension. If this happens and I am still waiting, how reasonable/sympathetic are the big developers? Obviously this is now totally out of my hands, so I am unable to do anything apart from worry really.

Is it common for developers to pull out if they have to wait too long to exchange? I'm sure they wouldn't bother to scrap my purchase if they are so close to getting a deposit!?

Glw28

Do you know what the hold up is with your mortgage?

swishy87

They are generally understanding. We went over by a week but they weren't concerned. It's only to make you move quickly. If they can see you're progressing it isn't an issue.

I doubt head office would be bothered though as its common to have a 28-day exchange deadline.

andyf1980

Agree. We were beyond the 28 days by a couple of weeks. They weren't bothered so long as things were moving.

richy4

Thank you for the replies. Much appreciated. I guess these things take as long as they take, so the developer just has to sit it out! It is in the south east and yes I don't think the flats have been selling particularly fast.

On a separate note, my solicitor says she has completed all the searches, however can I request copies of these? These are critical documents and she hasn't offered me to even see evidence they've even been done. Sorry if I sound a bit paranoid.

tim9966

I'm now 10 days over my deadline, and no one has said anything yet. The developer last spoke to me last Thursday and didn't seem concerned, but they did delay my what extra I want fitting meeting by 2 weeks.


I do still have about 4 months to wait until the house is ready, so that may be why they are not hurrying.


I have my mortgage offer, so I'm not sure what we are waiting for. They have even sold my current house as they took it in part exchange and re-sold it quickly.