Buying a part-ex home

Homebuyer2919

We are in the process of buying house, which is a part ex (current owners moving into new build property), the house was originally advertised for Dec 21 completion but has already been delayed to March 22 due to building materials shortages impacting the new build property. NB. our current mortgage offer expires towards the end of March 22

Our solicitor has told us that the builders solicitors are proposing that contracts are exchanged with completion taking place once the property has been registered in their name - meaning that completion would be delayed because we would need to wait for the Land Registry to process their application. It sounds like we would need to wait until the current owners have completed on the sale to the builders then it would be a further 4 weeks (at best) before we can complete our purchase of the property.

Is anyone aware of an alternative quicker way to manage this or would this leave us exposed? It seems frustrating that the house will be vacant for c.4 weeks whilst this paperwork is completed (our current mortgage offer will also expire in that time too). Does there need to be a gap between the current owners moving out and us moving in?

Any advice is greatly appreciated

 Thanks!

user1977

It seems odd that the builders' solicitors are insisting on registration being complete. That's not necessary and is the sort of thing which the more paranoid buyer (or lender) might be asking for. There's no need for a gap. 

RelievedSheff

We part exchanged our old house against this new build. The developers sold our old house while we were living in it.

There was a gap of 8 weeks between us moving out and the new buyers moving in presumably for similar reasons with Land Registry registrations. 

Homebuyer2919

user1977 said:

It seems odd that the builders' solicitors are insisting on registration being complete. That's not necessary and is the sort of thing which the more paranoid buyer (or lender) might be asking for. There's no need for a gap. 

How is the process managed without the gap please? Would this put us at any sort of risk?

user1977

Homebuyer2919 said:

user1977 said:

It seems odd that the builders' solicitors are insisting on registration being complete. That's not necessary and is the sort of thing which the more paranoid buyer (or lender) might be asking for. There's no need for a gap. 

How is the process managed without the gap please? Would this put us at any sort of risk?

By your solicitor verifying that the builders' application is competent and some standard undertakings between the solicitors. It's pretty standard for there to be ongoing applications in the background. But it sounds like it's not being done to reduce any risk to you anyway - I suggest you discuss with your solicitor.