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Buying new build leasehold flat
Scott_T_2
Posts: 5 Forumite
I’m looking at purchasing a new build flat in the next 6 months. One developer gave me a timeline of build completion for ‘spring/summer 2023’. Now I’m confused, I have to get an agreement in principle or mortgage offer 12 months in advance of moving in? What if my circumstances change or interest rates shoot up and the mortgage rate changes in the 12 months? Do i lose my deposit, or just the reservation fee?
0
Comments
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If you fail to complete then you lose your deposit (and possibly more). Welcome to the joy of buying off-plan!0
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Plus you have the delight of being pushed to exchange ASAP whilst the developer may exceed their provided deadline.
May you find your sister soon Helli.
Sleep well.0
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