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New build home deposit
danny_stoneman95
Posts: 2 Newbie
We are buying a new build home using the help to buy scheme. We reserved a house which will not be ready until August. The builder (Persimmon) wants us to exchange contracts in 28 days. We have looked online and some places are saying we need to pay our 5% deposit at exchange of contract. However people who have been through this process have said that they paid it closer to the house completion not at the contract exchange. Could anyone shed a bit more light on this?
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Comments
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You will be expected to hand your deposit to your conveyancer ahead of exchange of contracts. If that is in 28 days, its 28 days.
It is normal to exchange contracts quickly and have a long period to completion to get the property built to your spec. No builder will do that without your commitment by exchanging contracts.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 -
That we can understand, however if we get our mortgage offer and it isn’t ready until September then our mortgage offer will have expired and this is what I am concerned about.kingstreet said:You will be expected to hand your deposit to your conveyancer ahead of exchange of contracts. If that is in 28 days, its 28 days.
It is normal to exchange contracts quickly and have a long period to completion to get the property built to your spec. No builder will do that without your commitment by exchanging contracts.0 -
Check the terms but most lenders will extend.danny_stoneman95 said:
That we can understand, however if we get our mortgage offer and it isn’t ready until September then our mortgage offer will have expired and this is what I am concerned about.kingstreet said:You will be expected to hand your deposit to your conveyancer ahead of exchange of contracts. If that is in 28 days, its 28 days.
It is normal to exchange contracts quickly and have a long period to completion to get the property built to your spec. No builder will do that without your commitment by exchanging contracts.0 -
Same with us. Our new build will not be ready until end of july but our mortgage offer is valid only until end of june. I already asked this in this forum and as per kingstreet we will have to pick a new product and the valuation will be refreshed. I am not sure though if that means they will do a new valuation. Our mortgage is from Halifax. Can you please clarify this kingstreet? Thank you.danny_stoneman95 said:That we can understand, however if we get our mortgage offer and it isn’t ready until September then our mortgage offer will have expired and this is what I am concerned about.0
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