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
Timescales on a new build - exchange of contracts
spicybananas
Posts: 4 Newbie
Hi all, just looking for a little bit of guidance around some timescales on moving into a new build currently as I understand there's some delays and not sure exactly what's required from us and when.
We have so far reserved our plot, engaged with our solicitors and we should be getting our mortgage offer this week (confirmed by our mortgage broker that our offer is on it's way after a successful valuation)
What I'm not entirely sure about now is the timescale as to when we will need to pay our deposit? I understand it's on exchange but not sure when that will be. We're doing help to buy and I understand there is a delay their end at the moment so does that mean we won't need to pay our deposit until help to buy confirm that their end is sorted? My understanding is that the H2B loan is technically part of the deposit in a way so will we need to pay our bit at the same time so it's all paid together?
And then after exchange of contracts, I'm guessing completion is the day that we get the keys and that will be when the mortgage company then do their bit?
Sorry if this seems like a lot of questions just want to 100% sure I understand everything.
We have so far reserved our plot, engaged with our solicitors and we should be getting our mortgage offer this week (confirmed by our mortgage broker that our offer is on it's way after a successful valuation)
What I'm not entirely sure about now is the timescale as to when we will need to pay our deposit? I understand it's on exchange but not sure when that will be. We're doing help to buy and I understand there is a delay their end at the moment so does that mean we won't need to pay our deposit until help to buy confirm that their end is sorted? My understanding is that the H2B loan is technically part of the deposit in a way so will we need to pay our bit at the same time so it's all paid together?
And then after exchange of contracts, I'm guessing completion is the day that we get the keys and that will be when the mortgage company then do their bit?
Sorry if this seems like a lot of questions just want to 100% sure I understand everything.
0
Comments
-
-
Thank you pinkteapot that's helpful. Still not sure about the H2B part though - I'm wondering if the delays with H2B impact us and we'd have to pay our deposit when they are done with their side of it.pinkteapot said:Read step 5.0 -
Help to Buy will mean your solicitor needs to have more things in place before they can exchange contracts, so could delay it. Your solicitor should be able to tell you how long other Help to Buy purchases are currently taking to exchange, and whether there are particular delays.
Most builders will say they want you to exchange within 28 days but in reality that deadline is often missed. So long as they're seeing good progress in the process they won't re-market the house.0 -
Your solicitor will first need an Authority To Proceed from the HTB Agent then when all is being prepared for exchange of contracts, an Authority To Exchange is requested, again from the HTB Agent. The solicitor will need a formal mortgage offer, copy of the valuation report and your deposit in hand to exchange contracts. Completion will take place following notice from the developer's solicitor that the property is ready and has been signed-off by the warranty provider, such as NHBC. At that point, your solicitor submits the forms to have the HTB Agent authorise completion and provide the funds as does the mortgage lender on receipt of the certificate of title from your solicitor.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
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards