DO I DELAY? New Build Purchase - Exchange next week 27th March 2020

Dreamingandimpatient

Is any one in a similar position? We are first time buyers are are set to exchange next week after reserving back in October 2019.  House is due to complete September 2020. Haven't been able to exchange until now due to the time restraints when using help to buy.  I have since reached out to my solicitor voicing my concerns over exchanging.
Chances are builds can be delayed due to the pandemic which is happening now. Thus resulting in us having to obtain a new mortgage.  We have just done this ready for exchange and expires end of September.  My main concern is if a recession happens and lenders tighten their belts, there is a risk that we can't obtain a new mortgage offer, if this happens (and beyond our control) and we need to pull out, we will lose our deposit.  
I have asked our solicitors to reach out to TW to ask if a) delay exchange for 3 months and review then or b) add a clause into the contract to say if the sale falls through due to any issues which may arise from the unfolding situation then we can cancel and get a full refund of deposit. 

Any advice welcome/suggestions/or comfort if you are in a similar situation.

NB:My solicitor is yet to reply but her first reply to my original concern was her advice is exchange and complete on the same day - which isn't possible for new builds.
We are in a position to move and have called the development to see if they have any similar properties available to move straight into and they don't.

panik27

Speak with a potential delay in exchange - I've just withdrawn an offer on a new build and the developer was quick to offer an extension but that wasn't the only reason for why I withdrew my offer

If your worried about delays - ask your solicitor to put a long-stop clause in and explain what that means specifically for you

Hope it all goes well

davidmcn

Dreamingandimpatient said:

if the sale falls through due to any issues which may arise from the unfolding situation 

That's far too woolly to go in a contract - what's the "situation" or an "issue", exactly?

Better just to delay - it's not as if they're likely to have a queue of other potential buyers waiting to take your place.

Dreamingandimpatient

davidmcn said:

Dreamingandimpatient said:

if the sale falls through due to any issues which may arise from the unfolding situation 

That's far too woolly to go in a contract - what's the "situation" or an "issue", exactly?

Better just to delay - it's not as if they're likely to have a queue of other potential buyers waiting to take your place.

Thanks davidmcn - they were just my words used, I'm sure the solicitor would ensure it was more water tight.  Delay exchange is favorable indeed.  Will wait and see !

AdrianC

It's now March. What stage is the build currently at?
If you do exchange now, what's the long-stop?

Dreamingandimpatient

AdrianC said:

It's now March. What stage is the build currently at?
If you do exchange now, what's the long-stop?

The build is yet to start, it is at foundations.  Always knew this. Build works start in April if building doesnt stop and they can still get the materials throughout each build stage.

jimmyjammy001

We are pritty Much guaranteed a recession in the next few months and unemployment will be very high, all which will have a huge effect on the housing market imo. I would definitely be holding off, just take a look at the stock market at the moment, record all time drops, billions being pumped in, emergency interest rate cuts and its still plummeting, worse is yet to come, sorry to sound doom and gloom

societys_child

"I have since reached out to my solicitor"

Lol . . . Do you mean you spoke to him?

Dreamingandimpatient

societys_child said:

"I have since reached out to my solicitor"

Lol . . . Do you mean you spoke to him?

Who said its a him?

graphs

Stopped reading at 'reached out'

Dreamingandimpatient

graphs said:

Stopped reading at 'reached out'

Cute that you still commented Thank you !