New Build Exchange Deadline

RandomGuy87

Hi all. What is everyone's experience with the above?

From research, it looks most if not all people don't meet the 28 day deadline set by developers.

I've just read a particular thread where someone stated that this is merely done to weed out any time wasters. 

Does anyone have any experience with this? Particularly with Bellway. 

I ask because I'm worried that my deadline is approaching as I had to change solicitors due to my original choice not being on the approved panel.

I have since instructed a solicitor who is on the approved panel and have received my mortgage offer. So with this in mind, do you think Bellway are less likely to worry about the deadline? 

bramptonbrew

We bought with Linden and went over the 28 day deadline by about two or three weeks. We were constantly in contact with the sales office to give them updates on where the conveyancing etc was at - and we drove over most weekends to come and look at progress (from over an hour away) so they knew we were serious.

I think as long as they feel like they are being kept in the loop with your progress, you'll probably be OK. Have you let them know about the change of solicitor to one on the approved panel, and that your mortgage offer is in place now? If you can give them a ballpark estimate on how much over the 28 days you'll go, that'll be helpful too - even if you have to revise the estimate if things take a bit longer, you're at least keeping them updated. Communication is the key here

user1977

I have never seen mention of any developer flouncing off at their initial deadline (where the buyer is making some effort to progress matters).

Noneforit999

Loads of forum posts about what happens if you go over the 28 days but few (if any) about the developer pulling out due it going over.

The 28 day thing is usually difficult to achieve, even when you go with their preferred solicitor so they tend to give a couple of weeks leeway by default. Its designed to ensure you don't pay the reservation fee and then spend 3 months doing nothing while they are building a house you haven't properly committed to. 

In reality as long as the conveyancing starts and you are not obviously stalling, they will be fine if it takes longer. You can't force the searches to go quicker and you can't force your lender to hurry up. All you can do is to ensure you return paperwork on time. 

kingstreet

It's usually 28 days from draft contract issue by developer's solicitor rather than 28 days from reservation but they don't always point that out at the outset.

krusty101

We brought a new build with Bellway last year. Our house got an offer within the 28 days which was sufficient for them. We didn’t exchange for some months after that due to queries etc. As long as we updated them is seemed fine. 

RandomGuy87

bramptonbrew said:

We bought with Linden and went over the 28 day deadline by about two or three weeks. We were constantly in contact with the sales office to give them updates on where the conveyancing etc was at - and we drove over most weekends to come and look at progress (from over an hour away) so they knew we were serious.

I think as long as they feel like they are being kept in the loop with your progress, you'll probably be OK. Have you let them know about the change of solicitor to one on the approved panel, and that your mortgage offer is in place now? If you can give them a ballpark estimate on how much over the 28 days you'll go, that'll be helpful too - even if you have to revise the estimate if things take a bit longer, you're at least keeping them updated. Communication is the key here

That's good to hear, thank you. Yes we've been in constant contact to update them. They've been pretty good as well, emailing us with updates too. 

They know about the change in solicitor and have asked for updates in regards to the progress with searches and if they have received a copy of the mortgage offer. 

The house has just passed its quality control final inspection so we've given Bellway a date which we'd like to complete.

I'm nervous that the change in solicitors has pushed us back 2/3 weeks, waiting for a response from the solicitors which is the most frustrating part. 

RandomGuy87

Noneforit999 said:

Loads of forum posts about what happens if you go over the 28 days but few (if any) about the developer pulling out due it going over.

The 28 day thing is usually difficult to achieve, even when you go with their preferred solicitor so they tend to give a couple of weeks leeway by default. Its designed to ensure you don't pay the reservation fee and then spend 3 months doing nothing while they are building a house you haven't properly committed to. 

In reality as long as the conveyancing starts and you are not obviously stalling, they will be fine if it takes longer. You can't force the searches to go quicker and you can't force your lender to hurry up. All you can do is to ensure you return paperwork on time. 

Thanks, I'm hopeful that this will be the case for us and that there is no delay with conveyancing due to us having to change solicitors.

The mortgage offer is in place and a completion date is being discussed with the developer so the legal side/conveyancing is all that seems to be left to resolve. 

RandomGuy87

krusty101 said:

We brought a new build with Bellway last year. Our house got an offer within the 28 days which was sufficient for them. We didn’t exchange for some months after that due to queries etc. As long as we updated them is seemed fine. 

Brilliant thank you, congratulations too! We've had our mortgage offer which they are aware of so hopefully they can see that we are fully committed. 

RandomGuy87

kingstreet said:

It's usually 28 days from draft contract issue by developer's solicitor rather than 28 days from reservation but they don't always point that out at the outset.

We were given an exchange deadline when we made our reservation which is due in about 3 weeks. 

GoogleMeNow

RandomGuy87 said:

kingstreet said:

It's usually 28 days from draft contract issue by developer's solicitor rather than 28 days from reservation but they don't always point that out at the outset.

We were given an exchange deadline when we made our reservation which is due in about 3 weeks. 

Nevertheless, your solicitor cannot start any work until the draft contract has been forwarded to him by the developer's solicitor. 
It's all part of the sales patter to make you think you'll be in your new home in a matter of weeks, together with making you aware that they want you to hurry up.  None of which is legally binding.  As PP have already stated, provided progress is being made, you'll be fine.  Many new build transactions go months over this 'deadline' without any consequences.  Your solicitor has a duty to you and the lender and an 'exchange deadline' means nothing if the work isn't finished.