New Build Purchase

MrLiamScott

I know its a very strange time and things are changing on a day to day basis but wondering if anybody knows where I stand...

I reserved a Barratt Homes new build on the 4TH March which means I will need to exchange contracts on the 1ST April (One week today) if there are delays which I am sure there will be I believe I can have a 14 day extension. My HTB application should be approved in the next day or so (Checked with them) and my NatWest mortgage application went through over a week ago and I believe is at the valuation stage which I understand could be heavily delayed due to the surveyors (Legal & General) struggling at this tricky time to instruct/complete valuations. Hoping I receive an offer subject to valuation soon if all goes well...

My main question is would Barratt Homes extend things further if the valuation does not go ahead as scheduled? Surely at a time like this thousands of people will be in the same position as me and they wouldn't let all of the reservations/sales just fall through? The property isn't due to be completed until September so finding somewhere to live is not an issue as I am still at home with parents.

Hoping someone can help me, I am a first time buyer and completely new to all of this, COVID-19 is not helping things!

[Deleted User]

MrLiamScott said:

I know its a very strange time and things are changing on a day to day basis but wondering if anybody knows where I stand...

I reserved a Barratt Homes new build on the 4TH March which means I will need to exchange contracts on the 1ST April (One week today) if there are delays which I am sure there will be I believe I can have a 14 day extension. My HTB application should be approved in the next day or so (Checked with them) and my NatWest mortgage application went through over a week ago and I believe is at the valuation stage which I understand could be heavily delayed due to the surveyors (Legal & General) struggling at this tricky time to instruct/complete valuations. Hoping I receive an offer subject to valuation soon if all goes well...

My main question is would Barratt Homes extend things further if the valuation does not go ahead as scheduled? Surely at a time like this thousands of people will be in the same position as me and they wouldn't let all of the reservations/sales just fall through? The property isn't due to be completed until September so finding somewhere to live is not an issue as I am still at home with parents.

Hoping someone can help me, I am a first time buyer and completely new to all of this, COVID-19 is not helping things!

I would imagine that if you can't get a valuation done then no one else can either due to the current situation.  What is your solicitor advising?

Mickygg

 Call Barratt homes would be your best bet. They will be working behind the scenes on next steps. You are right thousands will be in same position as you and they won’t want to lose all sales. I suspect an indefinite hold will be placed for now like many things across the hold country but that’s a guess.

There are so many unknowns in terms of surveyor, mortgage release, removal firms etc I would be wondering whether I would want to proceed in this climate. 

GixerKate

Have a chat with Battatt Homes and see what they say.  Would also be worth checking when the 28 days started as I was told it was when the HTB was approved not when the reservation was put in place.

milke44

As previously mentioned, just talk to the builder, it's highly unlikely that they would want to re-market the property in the current climate. I've bought new properties in the past and neither exchanged in the 28-day timeframe despite the contractual stipulations...

hazyjo

Heard Barratt, Bellway, Galliard Homes, McCarthy & Stone, and Persimmon have shut sites.

Not sure to what extent... looks like those close to completion may still go ahead. Best try and chat with a manager.

MrLiamScott

Emailed Barratt Homes and my solicitor today about it all and just waiting to hear. Hopefully as these are difficult times and out of a lot of peoples control they will be very flexible with cut off dates/dates to exchange as like many have said they will not want to lose even more business and many will be in a similar position.

Thrugelmir

As construction has ceased. Reasonable that exchange is likewise deferred. Business is entering a period of hibernation. Normal rules will no longer apply. 

bucksbloke

You'll be fine. They won't want to annoy you at the present time. 
I've bought a couple of new builds and none has exchanged within 28 days. Builder just wants a get out clause in case you do nothing to move your sale forward.