FTB, New Build Purchase - One thing after another

ZappyBoy

My partner and I found a lovely new build 3 bed house, part of a plot of 6. We put an offer in end of July which was accepted. We applied for a mortgage in Aug (85% LTV) which was approved and the offer came in the second week of September. Our solicitor has done all searches and there are probably about 3 or so enquiries outstanding. The biggest issue we have had is the ever changing story which has held up any major progress since our mortgage offer came through in September. 

Our solicitor noted that the property was bought from the developer and sold to a property management company (current sellers). We could not proceed until the current sellers registered the property with Land Registry (LR) to show proof of ownership. The current sellers told us their application with LR was in progress and they had asked for it to be expedited and were given and ETA of 14 days. These 14 days came and went and we were still no further along. 
The story then changed in that apparently the first registration by the developers hadn't been done with LR, so more waiting for this to happen (this has now since been done).
Then the story went back to the current sellers were still waiting on LR to process their application. 
The story changed again, in that the current sellers application with LR won't be proceeding, because there is an issue with one of the other houses on the plot. LR won't proceed with the registration of the property we want to buy, until the first registration of the other house is complete.
We did some more digging and spoke to the occupant of the house in question, and apparently LR have said there is an issue with the colouring of the boundaries on the plans not being consistent with the description in the deeds. The original developers and solicitor for the current owner of the house which has this issue, are supposedly working to resolve this, but at this point we don't know how long this will take.
Our concerns are two-fold. Our mortgage offer expires in March 2021 and the stamp duty holiday expires as well.
We are in two minds to wait and see if there is any progress by Jan 2021 and then decide whether to carry on waiting or simply cut our losses and look for another property and take the stamp duty hit and change of property on our mortgage offer.
We like the house, it's just frustrating that this has been going on since September, we have no control and we are trying to remain positive but suspect this could go on for months?
If you were in the above position would you wait or would you look elsewhere come January?

Thanks

pinkteapot

You don't have to pull out to start looking at new properties. Keep an eye on what comes on the market and IF something you like as much comes along then take a view at that point on whether progress is being made with the issues.

Just remember that issues can arise with any house during the conveyancing process. And unless you're looking exclusively at new-builds you're likely to be entering a chain which brings its own delays. 

ZappyBoy

pinkteapot said:

You don't have to pull out to start looking at new properties. Keep an eye on what comes on the market and IF something you like as much comes along then take a view at that point on whether progress is being made with the issues.

Just remember that issues can arise with any house during the conveyancing process. And unless you're looking exclusively at new-builds you're likely to be entering a chain which brings its own delays. 

Thanks good advice, we'll start looking at alternative properties. We thought being FTB's, with no chain, it would be quicker (pandemic allowing) but it's been a learning lesson.