Exchange of contracts advise.

Simba-ali34

Hello.

So my deadline for exchange of contracts is tomorrow, it's probably not going to happen as my solicitor is waiting on a reply about a possible drain on the property which the housing associations solitor hasn't replied to yet.i have fulfilled my end in terms of signing contract, paying deposit etc ready to go. I know it's impossible to say really but do you think I Have got a argument for extending? Anyone have any experience dealing with housing associations on shared ownership? It's a new build not yet finshed. Also can it affect my mortgage offer?

Regards

AnotherJoe

What do you mean by "deadline"? Do you mean you lose out on the new build if you dont exchange? Even if that's the case, the builder will need to sell to someone else, most likely with a mortgage, who will face the same issues so you should still be ahead of anyone else starting to purchase.

It might affect your mortgage offer if you are approaching a deadline of how long its valid for.

Simba-ali34

Sorry, what I meant was that we were allocated this new build shared ownership property and was given a deadline of the 4th to exchange contracts with the housing association. But due to a problem with something to do with a drain my solicitor can't clarify where or what this is until they get a response from the solicitors of the housing association.

Also the mortgage deadline is months away butis it likely the lender would withdraw or alter a deal if the house was built on a drain etc.

Mathias123

We are in the process of buying a new build and were supposed to exchange on the 17th March. As long as there is reason for a delay to exchanging then it shouldn't be a problem to extend the deadline.

Simba-ali34

Thank you, that's a little relief!