Bitten off too much? New build

tillypops

A long winded story so I will try and keep it short.

We reserved a new build with expected completion date in 8 weeks time. We negotiated a deal that we would only pay the reservation fee and then nothing else until the sale of our own home is complete.  
Our home report is being done this week and estate agents will be advertising our property by the end of the week.  The area we are in and current market have been booming - quick sales and usually 10k over asking price therefore initially we felt quite confident.

As time is ticking I am beginning to worry that it might take a while to sell, having a domino effect on paperwork being completed for sale/ purchase.

Basically what I would like to know is if anyone has been in a similar situation. Did the house builders allow the entry date to be pushed back? Would we be penalised. I guess they could just pull out of the sale? 

HampshireH

Do you need to sell your house to buy your new one?

8 weeks till completion and not having a buyer I can't see how you can simultaneously sell and buy in that time.

8 weeks in any case is very very fast (we did it but there was no chain and we already lived in the house we bought).

davidmcn

HampshireH said:

Do you need to sell your house to buy your new one?

8 weeks till completion and not having a buyer I can't see how you can simultaneously sell and buy in that time.

Though as the OP is (I presume) in Scotland (given the reference to a Home Report) it's rather more feasible than in England.

OP, I'm guessing you haven't concluded any sort of missives for your purchase? If so then yes, either party can walk away (with the most being lost being your reservation fee).

Mutton_Geoff

Under what circumstances is the reservation fee refundable? Have you instructed a solicitor/conveyancer for your purchase yet?

Joyful

My new builders kept the pressure on during lockdown. It got to the point my house sold on the Friday and then my solicitors told me the builders were putting the house back on the market 3 days later. They had not told me as knew I was stressed enough! In the end I had to go into other accomodation for 9 days as the builders were not ready to hand over!

tillypops

Thankfully we did find a buyer and complete within 10 weeks - the builders themselves pushed the date of entry back by 2 weeks which worked in our favour.  We did not sign missives for our new home until 3 days before moving which I now know is the safest way if you are waiting on the sale of your home. It meant if it all fell through the only thing we would have lost is the reservation fee.