Should I proceed to exchange? (COVID-19 related but other factors apply)

lodsofemone

I am 32 and currently still live with my parents. I regret leaving it this long now as over the past few years the desire to live independently has increased massively. Let's just say there is a lot more stress at home within the past few years.

I am a FTB waiting to exchange on a new build leasehold flat which is due to be completed next month. I have been trying to do so since November last year and my solicitor is still waiting for the developer's solicitor to satisfy about 20 different queries. My Help to Buy ATP has expired though I am told my solicitor is handling an extension free of charge. I do however have a mortgage offer which doesn't expire til September and I have signed the mortgage deed - I have not yet exchanged contracts.

I have had a few doubts about the property but after considering things I decided to press on anyway. On their own I did not consider them a reason to pull out. However combined with the coronavirus stuff, I still doubt the whole thing...

Pros & Cons of THIS SPECIFIC PROPERTY
================================
Pros:
New & modern = no redecorating

Parking space

Very close to work and town centre, good transport links into London
Good amount of natural light
A little cheaper than similar properties in this area (but not exactly "cheap")

Cons:
Adjacent land may be contaminated as it used to have a gasometer on it - may affect resale (and possibly health but I couldn't really find a good reason online or talking to others why this would be a problem)
"High" flood risk from surface water and apparent underground river (according to the search) may affect resale
I have heard the adjacent land may be a builder's yard in future - increased noise & may affect resale
Quite small - has a long, narrow living room is a bit awkward to furnish
The fact that my solicitor is still waiting for answers of questions going back to November is worrying (could this indicate issues with construction?)

Pros & Cons of BUYING NOW
=========================
Pros:

Escape from mounting stress at home

Cons:
May lose deposit if lender withdraws due to COVID-19 (though I don't think my job is at risk of redundancy)
Value may fall due to COVID-19 (this could be nothing, or if I wait and try and buy when properties are cheaper, find someone gets it before me)

I'm having a difficult time weighing up the pros and cons and would appreciate any feedback, both about the specific property, and the current situation.

Thank you.

Thrugelmir

"Adjacent land may be contaminated as it used to have a gasometer on it - may affect resale (and possibly health but I couldn't really find a good reason online or talking to others why this would be a problem)"

No health issues for you in the ground being contaminated. This will be addressed in due course. 

lodsofemone

Thrugelmir said:

"Adjacent land may be contaminated as it used to have a gasometer on it - may affect resale (and possibly health but I couldn't really find a good reason online or talking to others why this would be a problem)"

No health issues for you in the ground being contaminated. This will be addressed in due course. 

Yes it's not like I'm going to be growing anything on it but I wonder if when I come to sell it, it might put other people off.

gettingtheresometime

If the situation is as bad as you say wouldn't a houseshare be better until you find that property you're completely happy with?