28 days to exchange

Mrs_Holland

Hi, my husband and I are buying a new build from Taylor Wimpey. We are selling our current property (shared ownership) to a friend. Anyway, to reserve the property we wanted we needed to pay £500 and agree to exchange in 28 days. We left it as long as possible before putting a reserve on so my friend can get her bit sorted (shared ownerships are notoriously longwinded when buying or selling). Any how, her end looked good and she was approved by the housing association for ours, had a mortgage in principle and was staring her valuation / searches. So we reserved. Are end so far seems to be going great too. But now my friend who has based her mortgage on a pay increase starting from this month has been told now by lender that they will need to see pay slip (won't be able to get next one for 2 weeks taking it over 28 days) . Which puts us at standstill too. There is also a chance they may make her wait another 4 weeks on top of that as her pay slip will only show 3 weeks with new pay increase and not the amount the lenders need. So what I want to ask is how much are housing builders prepared to flex when it comes to the 28 day exchange? We have choose all our options. Are end is nearly there. Its just a case of waiting for her now to be approved for mortgage as most of our deposit is tied into property... Which is kinda out of hands. So stressed we gonna lose the place. :eek:

RelievedSheff

Don't panic. So long as Taylor Wimpey can see that your sale is making progress they will extend the 28 days.

ethank

I've just bought my second house from Taylor Wimpey. First one took 8 weeks to exchange and second one took 7 weeks to exchange.

I think the only way you can exchange in 28 days is if you are an FTB.

TW will be fine as long as they see you are doing everything you can.

You should ask your friend to ask if a financial reference from their employer will be acceptable.

Thanks

Ethan

sal_III

Relax, the 28 days thing is wishful thinking on part of the developers and mainly a tool to apply pressure to tardy buyers.

As long as you can demonstrate progress with your sale/application etc. they will be happy to extend it. You can call/e-mail them and ask them for "formal" extension for peace of mind.

Mine took 2+ months from reservation to exchange, they didn't even bat an eye.

St_95

I wouldnt worry. We reserved with Persimmon very early August and we told 28 days. Last week we get a letter saying it had now changed to 29 September for exchange. That was without us asking for an extension.

As others suggest, its wishful thinking and as long as they can see movement they will be okay.

ACG

28 days is more of something to aim for.
Can your friend not get a letter confirming the payrise for the lender? Most lenders will accept that.

Just speak to taylor wimpey and explain that your buyers mortgage offer is going to be a little delayed and you do not want to exchange until you can see your buyer has a mortgage (dont tell them it is a friend).