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Our mortgage offer expires before the longstop date - new build
nuthatchfarm
Posts: 2 Newbie
Hi everyone,
My partner and I are first time buyers and have everything ready for exchange on a new build, however our solicitor has come back to us and said the proposed longstop date from the builder is March 2023. Our mortgage offer expires in October, and we can apply for an extension of up to 6 months, but in order for this to cover the longstop date we can't extend until September. The builder won't change the longstop date and is pushing for exchange (we first reserved in April so I can appreciate why) and is saying they will put the house on the market again if we don't exchange this week.
I feel really stuck and wondered if anyone has any advice? At the moment we can't really progress to exchange because in the current situation we are not protected were there to be any delays with the build and our mortgage extension was denied for whatever reason. Personally I don't anticipate any problems with extending or even getting a new mortgage but you can never predict the future and it feels like a huge risk to exchange without knowing for sure.
With the builder seemingly unwilling to negotiate this has left me wondering what other people do when buying a new build off plan or with a far away longstop date. Do people just take the risk?
My partner and I are first time buyers and have everything ready for exchange on a new build, however our solicitor has come back to us and said the proposed longstop date from the builder is March 2023. Our mortgage offer expires in October, and we can apply for an extension of up to 6 months, but in order for this to cover the longstop date we can't extend until September. The builder won't change the longstop date and is pushing for exchange (we first reserved in April so I can appreciate why) and is saying they will put the house on the market again if we don't exchange this week.
I feel really stuck and wondered if anyone has any advice? At the moment we can't really progress to exchange because in the current situation we are not protected were there to be any delays with the build and our mortgage extension was denied for whatever reason. Personally I don't anticipate any problems with extending or even getting a new mortgage but you can never predict the future and it feels like a huge risk to exchange without knowing for sure.
With the builder seemingly unwilling to negotiate this has left me wondering what other people do when buying a new build off plan or with a far away longstop date. Do people just take the risk?
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