We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buying New Build on Notice
DanCull
Posts: 7 Forumite
I’m after some advice please from anybody who has previously bought a new build property, having sold a previous home.
I recently purchased a new build property as a first time buyer, and when we exchanged contracts it was on the basis of completion being with 10 days notice. So we were obliged to be ready to complete with 10 days notice from the developer, which could have been at anytime. This did not cause an issue for us as we were renting and did not have a property sale to align.
My daughter is looking at buying a new build property but currently owns an existing property. The new build property is effectively off plan so I assume that she will be expected to exchange on a similar basis, where the developer will give a fixed notice period when they are ready to complete. My question is how this normally works when a buyer has to sell an existing property? Will the exchange of contracts for the sale of her exuding property be in a similar basis of an agreed notice period for completion? Or would my daughter be expected to manage thus herself in the hope that it can be aligned, but run the risk of her buyer pulling out if not yet completed, or be homeless for a period if her existing property is sold and the new one is not yet ready.
I recently purchased a new build property as a first time buyer, and when we exchanged contracts it was on the basis of completion being with 10 days notice. So we were obliged to be ready to complete with 10 days notice from the developer, which could have been at anytime. This did not cause an issue for us as we were renting and did not have a property sale to align.
My daughter is looking at buying a new build property but currently owns an existing property. The new build property is effectively off plan so I assume that she will be expected to exchange on a similar basis, where the developer will give a fixed notice period when they are ready to complete. My question is how this normally works when a buyer has to sell an existing property? Will the exchange of contracts for the sale of her exuding property be in a similar basis of an agreed notice period for completion? Or would my daughter be expected to manage thus herself in the hope that it can be aligned, but run the risk of her buyer pulling out if not yet completed, or be homeless for a period if her existing property is sold and the new one is not yet ready.
0
Comments
-
you will find it difficult to get a buyer who will complete on similar terms understandably.
no ball park figure from developer when it will be built?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
It will be easier for her to sell her current house and move into rented on a temporary basis.0
-
Is this not why many people part exhange their homes with the developer?0
-
Agree with the above - very difficult to do. You see threads on here from people buying older houses who have got partway through the purchase process to be told the seller wants to exchange with completion on notice, because they're buying a new build. The buyers in those threads don't want to agree to it.
If she does try to tie up the purchase and sale she should be honest with buyers when they view and tell them what she's planning, to avoid losing a buyer several weeks into the process.0 -
Worth noting - until a sale has been agreed on the existing property, the buyer is not proceedable for a newbuild reservation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards