New build 6 week exchange - possible?

Golden_Glow90

So I’m very close to pulling out of our new build purchase as we’ve been told by our developer if we don’t exchange and complete by 30th June then they will cancel our reservation. Everything is good to go our end but our buyers solicitors are awaiting one more thing and expected to be ready in the next couple of weeks - most likely the week beginning 4th July. Head office is not allowing this so I’m thinking there’s little point everyone stressing and us spending more money on legal costs to have it pulled from underneath us.

But before we do, given that the rest of the chain is almost ready to go, is a 6 week exchange doable as we’ve found another new build which has come back on the market and will be completed July/August. The price is slightly more but we are borrowing more than we need anyway so it’s only the loan to value that will change and it’s already at 62%, it would increase to 65% but don’t know how long it would take for a new mortgage offer and searches, etc to be done and I don’t want to be in the same boat 6 weeks down the line

RelievedSheff

It is possible yes.

We part exchanged against a new build and from reservation to moving in was 3.5 weeks.

kingstreet

It's probably a year-end, or half-year end, and you'll probably find the property is re-marketed at a higher price if you don't complete by the due date.

Golden_Glow90

kingstreet said:

It's probably a year-end, or half-year end, and you'll probably find the property is re-marketed at a higher price if you don't complete by the due date.

Yes I know, which is why we’re looking elsewhere as we can’t afford the increase (there is another one available with completion in October and it’s £10k more).

Megaross

It's possible, unlikely though.

The trouble is that regardless of how good your solicitor is, you're at the mercy of the developers solicitors. And there's no guarantee there won't be delays in other areas out of your control.

DE_612183

yep - i've done 6 week exchanges twice.

Hippycamper

Do Head Office know you may have found somewhere else?

TripleH

Think we took 8 weeks (might be less) from offer to completion on our new build. It would have been less but we had the closure of the second stamp duty discount window in middle of ours so searches took time to come back.

If the estate has other houses sold and this is one of the last ones, the developer will probably be enthusiastic enough to get shot of it that they won't hang around on responses (plus their solicitor should have answers to hand).

Any delays in our purchase were from our side (searches plus 1st surveyor was convinced our house was falling down).

Golden_Glow90

Hippycamper said:

Do Head Office know you may have found somewhere else?

Not yet, although we’ve said that we will be looking for somewhere else if we pull out after the threw us the line of “if you pull out then your chain will collapse”

Hippycamper

It’s a conundrum isn’t it.

which house do u prefer?

Golden_Glow90

TripleH said:

Think we took 8 weeks (might be less) from offer to completion on our new build. It would have been less but we had the closure of the second stamp duty discount window in middle of ours so searches took time to come back.

If the estate has other houses sold and this is one of the last ones, the developer will probably be enthusiastic enough to get shot of it that they won't hang around on responses (plus their solicitor should have answers to hand).

Any delays in our purchase were from our side (searches plus 1st surveyor was convinced our house was falling down).

It’s actually one that’s early built as it has just come back on the market after the buyers chain collapsed so I imagine they will have a lot of the paperwork that they can refer back to. I also think that puts us in a good position to negotiate too but I just don’t want to lose that one as well