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Selling house > buying new build. Confusion about deposit
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I don’t know the ins and outs of Bellway, but the developer we’re purchasing from had us do the following:
- pay the reservation fee (ours was £500)
- get the ball rolling for exchange (ideally 28 days but not set in stone. As long as they can see you’re putting the effort in it seems to be okay). However, if you haven’t even marketed the place the chance of an exchange on your place within that time is slim and the developers are within their rights to put the house back on sale and you forfeit the reservation fee (or a proportion of it)
- pay a previously agreed percentage less the reservation fee at exchange. We agreed on 5% exchange at reservation, but I know people who have been able to exchange on 0%.- wait to complete.Our exchange was in May and we’re completing this week. The issue with buying a new build when you already own the property you live in is will your buyer be happy to wait the best part of a year (or more as material shortages are awful at the moment and new builds are being pushed back a lot) to move and exchange early doors? Or can you break the chain and sell, then move in with family or a rental?0
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