Developer Pressuring to Exchange

[Deleted User]

Hi all,

We're just under 3 months into buying a new build property, having reserved at the end of July.

Last week, we suddenly got told from our developer that unless we exchange before the end of next week (giving us 7 working days notice) they would be looking to remarket the property. This was a massive shock to us - we've kept the developers up to date throughout the process, but they don't think we have, or to a level that's sufficient to them.

I'm completing a transfer of equity on my existing property, and have my new mortgage ready to go. The transfer of equity has taken a little longer than we thought due to it being a leasehold, but we think we're almost there. We're currently waiting on documents from our freeholder, which I'm chasing through.

My question is - is it usual for a developer to suddenly put on pressure like this with little notice, and should I be worried that they would actually remarket the property, given how close we are to exchange?

Thanks!

MovingForwards

Usually it's 28 days from reservation to exchange of contracts, on the face of it they have already been quite relaxed hence why they are now pushing you.

onyx911

Yes to be honest it’s very usual and I am surprised they haven’t done it sooner. Try not to panic but do keep trying to move things as quick as you can. Even if they do remarket, they may not sell it straight away and probably won’t withdraw contracts from you. Get your solicitor to write to them and tell them you are close to exchange. 

Thrugelmir

Ideally this week you need to establish some indication of time frame from the freeholder. Otherwise the matter will simply remain up in the air,