Advice Needed

JKSnaps

Good evening all,

Just looking for some advice as I am a first time buyer who’s today reserved a new build apartment I hope to buy with the help to buy scheme. My question is:

As the property isn’t likely to be ready until October or November time but they have given me an exchange date of 04/06 which means it’ll be incredibly tight for me to gain the rest of the deposit required. Is the amount I pay at exchange negotiable as I will have the 5% deposit I need by July/August and personally think it’s quite urgent of them to wish to exchange on that date given the property has still not even got a single brick in place.

Any advice is appreciated

Thank you

GoingOn30

If you've paid a reservation fee and they've accepted it I see no reason why you should exchange so soon. If there are any delays with the build your mortgage offer could even expire in the time between exchange and completion. I would be telling them you don't be ready to exchange until july/August.

crystalpinks

You need to exchange as close as possible to when they say. They are likely to remarked the property and sell to someone else if you don!!!8217;t. This nearly happened to us when our solicitor held things up- they basically said if you don!!!8217;t exchange by X date (7 days later) your house will be remarketed the following day! We had letters from head office confirming this so was very stressful time (particularly when the beast from the east hit and solicitor was struggling to get to the office!)