28 day exchange- any experiences?

Debbie1980

eddddy wrote: »

A better question to ask might be: "What will be the long-stop date on the contract?".

After that date, people in the chain (including you) should be able to back out of the contract. So the builder will probably make sure that the house is finished by that date.


(If you ask "what stage is the build is at", you'll probably just get a vague, optimistic answer.)

Thank you, what does long stop date actually mean, I’ve not heard this term before.

moreofthegoodstuff

We have just been through it and managed it within the 28 days.

Things I worried about-
-Mortgage not being offered within that time.
-Not being able to get a valuation booked within that time/same as above really as need it for mortgage.
-Surveys need to be completed, read, potentially argued in that time.
-Solicitors being particular slow on builders side potentially as you have been offered a “we will pay x towards your legal bills if exchanged in 28 days” and all of a sudden you’re at that point and waiting on them.

Lots can go wrong, hopefully all will go right!

fiisch

We reserved on the 11th January on a new build with 28 day deadline. I am hopeful we will exchange contracts next week....

Typically, 28 day exchange is unrealistic if there is a chain - in my experience, provided you keep the builder informed and there is constant progress, they will allow some leeway...

eddddy

Debbie1980 wrote: »

Thank you, what does long stop date actually mean, I’ve not heard this term before.

As an illustrative example, with a newbuild, the following might be the case:

• Exchange of contracts: 1st April

• Expected Completion: Mid June
• With completion on 10 days notice

• Long stop date: 31st August

That means that the builder can give the buyer 10 days notice of completion anytime between 1st April and 21st August (i.e. telling the buyer that they must move house in 10 days time).

But if the house isn't ready by 31st August, the buyer can walk away and get their deposit back.


If those same terms are passed down the chain, you would also get 10 days notice that you must move house, and if the new house isn't ready by 31st August, you might not move at all.