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Exchange to completion 6 months....
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The buyer should insure the property from exchange of contracts. Can he get insurance for the six months. Normal insurance is for an owner occupier or for short periods where the property is not occupied by the buyer or their family. Can he get insurance that covers the vendor living there for that long?
Also is the vendor willing to exchange with a fixed completion date or are they expecting it to be on notice from the builder to tally with their new build? If so the date could slip beyond the six months.
As for how the deposit is held he needs to ask his solicitor. It may be the builder wants the cash soon as to put towards the build the deposit being passed up the chain. Or it may be the deposit is held by the solicitors so cannot be used - depends on the contract terms.0
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