New build timescale

Blade71984

Hi, looking for a bit of advice, we have reserved a new build, with a completion date of Nov - Feb. After speaking to our Mortgage advisor, he has correctly mentioned with the offer only being 6 months long, we will have to through the same process again in 6 months. We have asked the builder to extend the exchange date for this reason, as anybody been in this position before?, thanks 

K_S

@blade71984 You can ask to delay exchange, but if the development is in sufficient demand, the builder usually refuses these requests.

Blade71984

K_S said:

@blade71984 You can ask to delay exchange, but if the development is in sufficient demand, the builder usually refuses these requests.

That’s what I’m afraid of unfortunately, thanks for your reply 

mrseff_2

Hi - I reserved a new build in November when it was just a muddy field (i'd seen the show home on another development). At that point they were saying the houses would be ready in the spring. They put a provisional exchange date in for 31st January - subject to build... I have only just received my mortgage offer today, they've only just sent the pack through to my solicitors so clearly 31 January is now long gone! The developer has said as long as they're kept in the loop they're OK - I think as said above it's about demand - if mine were the last house on the development and they had folk queing up I doubt they would be so patient but there are still 10 houses of my type to be sold so all good so far...

Thrugelmir

Blade71984 said:

 We have asked the builder to extend the exchange date for this reason, as anybody been in this position before?, 

Many people over the years. Risk is yours to take if there's a particular plot that you after. Something you need to weigh up on a personal level. For most people shouldn't be an issue though. 

Blade71984

Thrugelmir said:

Blade71984 said:

 We have asked the builder to extend the exchange date for this reason, as anybody been in this position before?, 

Many people over the years. Risk is yours to take if there's a particular plot that you after. Something you need to weigh up on a personal level. For most people shouldn't be an issue though. 

We have reserved the property and paid the relevant fees, I’m just hopeful they can see it from our point of view, I’m a first time buyer so new to all this, it’s just seems like a waste of time when we will have to go through the same process again in 6 months, fingers crossed they will be lenient with us 

stevenbecca

you can often have your offer extended with basic checks 

Thrugelmir

Blade71984 said:

Thrugelmir said:

Blade71984 said:

 We have asked the builder to extend the exchange date for this reason, as anybody been in this position before?, 

Many people over the years. Risk is yours to take if there's a particular plot that you after. Something you need to weigh up on a personal level. For most people shouldn't be an issue though. 

We have reserved the property and paid the relevant fees, I’m just hopeful they can see it from our point of view, I’m a first time buyer so new to all this, it’s just seems like a waste of time when we will have to go through the same process again in 6 months, fingers crossed they will be lenient with us 

Developers want confirmed sales hence the 28 day exchange requirement. The reservation fee terms are normally very explicit. 

katkatmachine

Don’t trust the developer when they say that they’re going to finish on this period. I tell you it’s loads of B! We are in a new build, the completion was supposed to be July last year but we completed almost end of November! That’s four months delay!!! Yeah it was due to pandemic but it was super annoying because they kept giving us an estimated completion but when it’s near they just moved it again and again. We had to request for an extension twice! Luckily, Halifax approved but it was so stressful. So many sleepless nights worrying about the mortgage offer. 

Also, our soon to be neighbour here (they haven’t completed yet), they said back in January the developer told them that estimated completion was in 4 weeks, it’s already March but I still don’t see them yet as their house is still fenced! Lol. But I do hope they complete soon. Their house looks almost done, I think the builders are just doing the roadwork around their area. 

If I were you, I would try to delay the exchange, or maybe delay the offer if that’s possible just to make sure it wont run out before your house is done. 

Nonetheless, after all my complaints here about the delay I still love my new build house. Hehehe. Good luck.

Blade71984

katkatmachine said:

Don’t trust the developer when they say that they’re going to finish on this period. I tell you it’s loads of B! We are in a new build, the completion was supposed to be July last year but we completed almost end of November! That’s four months delay!!! Yeah it was due to pandemic but it was super annoying because they kept giving us an estimated completion but when it’s near they just moved it again and again. We had to request for an extension twice! Luckily, Halifax approved but it was so stressful. So many sleepless nights worrying about the mortgage offer. 

Also, our soon to be neighbour here (they haven’t completed yet), they said back in January the developer told them that estimated completion was in 4 weeks, it’s already March but I still don’t see them yet as their house is still fenced! Lol. But I do hope they complete soon. Their house looks almost done, I think the builders are just doing the roadwork around their area. 

If I were you, I would try to delay the exchange, or maybe delay the offer if that’s possible just to make sure it wont run out before your house is done. 

Nonetheless, after all my complaints here about the delay I still love my new build house. Hehehe. Good luck.

Thank you very much, we’re 100% committed to the property, and will do what we need to make sure everything runs smoothly, it’s just unfortunate we could be 9-12 month away from the build being complete

lonibra

Builders want commitment, the earlier they get it the better for them.