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Offer accepted on a part ex house from builder, contract says 28 day exchange??
lilsweetie
Posts: 100 Forumite
Hi all
Had an offer accepted today on a property that has been part exchanged with persimmon, the sellers are currently still living in the house, they have been told their new build will be ready on 20th December. We were under the impression that it would go like a normal sale and that exchange and complete would be within a few weeks of each other etc. We made the offer, had it accepted, paid a holding fee to have it taken off the market then received the email of confirmation, on the email it states that exchange is to take place within 28 days and completion on notice. We were not told any of this prior to agreeing the sale.
I rang the estate agents working for persimmon and asked why this had only being mentioned now, as I have decided against new builds in the past due to uncertain completion dates. The estate agent very much down played it saying the builders ask for this to be added in, and in reality it doesn’t really happen, to not panic and it’s just stated there to stop solicitors being ‘lazy’ I made it clear I wouldn’t be exchanging until we know for sure that their new build will not be delayed beyond December, she seemed fine with it.
I sent the details to my solicitor and reiterated to them that I am not going to rush a 28 day exchange deadline, I’m not buying a new build so why am I expected to adhere to their deadlines?
They have had a buyer for the property for the last 6 months who pulled out last week, hence it’s been put up for sale at a great price to find a buyer.
Does any of this effect the actual buyers of the newbuild or if I was to pull out is it persimmons problem? The contract states our vendor is persimmon so I assume the sale is between us and persimmon and doesn’t affect the sellers as they will still move in to their new build when it is ready?
Sorry FTB and new to all this.
Had an offer accepted today on a property that has been part exchanged with persimmon, the sellers are currently still living in the house, they have been told their new build will be ready on 20th December. We were under the impression that it would go like a normal sale and that exchange and complete would be within a few weeks of each other etc. We made the offer, had it accepted, paid a holding fee to have it taken off the market then received the email of confirmation, on the email it states that exchange is to take place within 28 days and completion on notice. We were not told any of this prior to agreeing the sale.
I rang the estate agents working for persimmon and asked why this had only being mentioned now, as I have decided against new builds in the past due to uncertain completion dates. The estate agent very much down played it saying the builders ask for this to be added in, and in reality it doesn’t really happen, to not panic and it’s just stated there to stop solicitors being ‘lazy’ I made it clear I wouldn’t be exchanging until we know for sure that their new build will not be delayed beyond December, she seemed fine with it.
I sent the details to my solicitor and reiterated to them that I am not going to rush a 28 day exchange deadline, I’m not buying a new build so why am I expected to adhere to their deadlines?
They have had a buyer for the property for the last 6 months who pulled out last week, hence it’s been put up for sale at a great price to find a buyer.
Does any of this effect the actual buyers of the newbuild or if I was to pull out is it persimmons problem? The contract states our vendor is persimmon so I assume the sale is between us and persimmon and doesn’t affect the sellers as they will still move in to their new build when it is ready?
Sorry FTB and new to all this.
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Comments
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You're buying a place that's currently occupied by somebody who's buying an off-plan newbuild.
What did you think would happen with timing? Of course they can't move out until the newbuild is built...0 -
Yes I fully understand that bit...... but what’s with the 28 day exchange????0
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I think the problem is being pushed into exchanging by the developers at the top of the chain but with a indeterminate completion date.0
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Yes flugelhorn thank you that’s exactly what I mean. I don’t mind waiting at all, I only need to give 4 weeks notice on my rented property so am flexible with moving in dates. What I’m not understanding is why I have to rush exchange through on a non new build, the people have part ex’d it, they aren’t exactly relying on me to exchange so they can exchange. They already have exchanged contracts on their new build.0
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So you are buying it off the developers then? Sounds like they want to be guaranteed their money quickly0
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It's standard for any chain with a new build in it. You are now all at the the mercy of the developer and when they decide to build/release the property.
If you exchange now and then the property isn't finished for a couple of years you are still contracted to purchase it even if your mortgage offer is long since expired - unless you get your solicitors to put a 'long-stop' date in the contract.0 -
I won’t be at the mercy of a new build developer, if I wanted that I would buy a new build myself and take that risk. I would rather pull out than be pushed through exchange and then wait months,
They had a buyer for 6 months who didn’t exchange contracts and freely pulled out last week, so I don’t understand why I have to.
If a new build usually gives 10 days notice to complete that should be around 10th December, 3 days before we are due to exchange. Wondering if it’s worth carrying on and hoping we have some news by then or if I’m gonna be wasting time and money.0 -
I am potentially in the same boat - vendor is buying a new build, hoping that we don't get into the "complete under notice" situation - if so I think I'll pull out and start looking again.0
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How far are you into the process flugelhorn?0
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offer accepted and waiting for paperwork to arrive so not very far down the line - discovered issues to do with "complete on notice" on this forum but nothng actually said yet about it .. we shall see0
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