New build 6 week exchange - possible?

sheramber

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Your other post says they advised on 14 June that you had to complete by 30 June. That is more than 2 weeks.

Golden_Glow90

sheramber said:

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Your other post says they advised on 14 June that you had to complete by 30 June. That is more than 2 weeks.

You're right, it was Wednesday, not Friday, I'm getting my days muddled but even so, my reason for starting a new thread is because I'm no longer asking for advice about the developer or if they can pull out as I know they probably will and I don't want to take the risk. I simply wanted to know if it was possible to exchange within 6 weeks given the chain is almost complete as we have found a different new build but wanted to see what everyone's experience was before I reserved it.

Tiglet2

Golden_Glow90 said:

sheramber said:

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Your other post says they advised on 14 June that you had to complete by 30 June. That is more than 2 weeks.

You're right, it was Wednesday, not Friday, I'm getting my days muddled but even so, my reason for starting a new thread is because I'm no longer asking for advice about the developer or if they can pull out as I know they probably will and I don't want to take the risk. I simply wanted to know if it was possible to exchange within 6 weeks given the chain is almost complete as we have found a different new build but wanted to see what everyone's experience was before I reserved it.

No-one can tell you definitively that you will be able to exchange within six weeks.
That’s the problem with Conveyancing. It is a legal transaction and your solicitor is acting in your best interests to ensure you are buying a good and marketable title.  They won’t make promises over timelines. Just be aware that if you want to go for a different property, your solicitor will be starting from the beginning, i.e. awaiting a new draft contract pack, awaiting a new mortgage offer, raising another set of enquiries, new searches (mortgage lender will require new ones, cash purchase is up to you).

The developer will again put pressure on you, as will the others in the chain, yet still there will be no promises over timelines.

as you are the person buying the new build, could you not exchange and complete on your sale and go into in Airbnb for a few weeks?

Personally I would advise not to change properties at this point, unless the current property is put back on the market by the developer leaving you with no choice, but at that point you should consider the Airbnb option.  

Developers pull this stunt all the time. Mostly it is to ensure that you are working hard to make it happen.  Rarely do they pull out at this late stage, even if it is the end of the financial quarter.

Golden_Glow90

Tiglet2 said:

Golden_Glow90 said:

sheramber said:

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Your other post says they advised on 14 June that you had to complete by 30 June. That is more than 2 weeks.

You're right, it was Wednesday, not Friday, I'm getting my days muddled but even so, my reason for starting a new thread is because I'm no longer asking for advice about the developer or if they can pull out as I know they probably will and I don't want to take the risk. I simply wanted to know if it was possible to exchange within 6 weeks given the chain is almost complete as we have found a different new build but wanted to see what everyone's experience was before I reserved it.

No-one can tell you definitively that you will be able to exchange within six weeks.
That’s the problem with Conveyancing. It is a legal transaction and your solicitor is acting in your best interests to ensure you are buying a good and marketable title.  They won’t make promises over timelines. Just be aware that if you want to go for a different property, your solicitor will be starting from the beginning, i.e. awaiting a new draft contract pack, awaiting a new mortgage offer, raising another set of enquiries, new searches (mortgage lender will require new ones, cash purchase is up to you).

The developer will again put pressure on you, as will the others in the chain, yet still there will be no promises over timelines.

as you are the person buying the new build, could you not exchange and complete on your sale and go into in Airbnb for a few weeks?

Personally I would advise not to change properties at this point, unless the current property is put back on the market by the developer leaving you with no choice, but at that point you should consider the Airbnb option.  

Developers pull this stunt all the time. Mostly it is to ensure that you are working hard to make it happen.  Rarely do they pull out at this late stage, even if it is the end of the financial quarter.

If we were guaranteed to find somewhere quickly then yes we would consider this but that all depends if we find somewhere new. The cost of an Airbnb along with the cost of storing our stuff and then 2 lots of moving costs is far more than our current outgoings, plus house prices are still creeping up quite quickly and I worry about being priced out of the market, the new builds have already gone up £10-£15k in the space of 3 months and there’s very little in the way of not new builds in that area, plus then there’s the added risk of a new chain

Tiglet2

Golden_Glow90 said:

Tiglet2 said:

Golden_Glow90 said:

sheramber said:

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Your other post says they advised on 14 June that you had to complete by 30 June. That is more than 2 weeks.

You're right, it was Wednesday, not Friday, I'm getting my days muddled but even so, my reason for starting a new thread is because I'm no longer asking for advice about the developer or if they can pull out as I know they probably will and I don't want to take the risk. I simply wanted to know if it was possible to exchange within 6 weeks given the chain is almost complete as we have found a different new build but wanted to see what everyone's experience was before I reserved it.

No-one can tell you definitively that you will be able to exchange within six weeks.
That’s the problem with Conveyancing. It is a legal transaction and your solicitor is acting in your best interests to ensure you are buying a good and marketable title.  They won’t make promises over timelines. Just be aware that if you want to go for a different property, your solicitor will be starting from the beginning, i.e. awaiting a new draft contract pack, awaiting a new mortgage offer, raising another set of enquiries, new searches (mortgage lender will require new ones, cash purchase is up to you).

The developer will again put pressure on you, as will the others in the chain, yet still there will be no promises over timelines.

as you are the person buying the new build, could you not exchange and complete on your sale and go into in Airbnb for a few weeks?

Personally I would advise not to change properties at this point, unless the current property is put back on the market by the developer leaving you with no choice, but at that point you should consider the Airbnb option.  

Developers pull this stunt all the time. Mostly it is to ensure that you are working hard to make it happen.  Rarely do they pull out at this late stage, even if it is the end of the financial quarter.

If we were guaranteed to find somewhere quickly then yes we would consider this but that all depends if we find somewhere new. The cost of an Airbnb along with the cost of storing our stuff and then 2 lots of moving costs is far more than our current outgoings, plus house prices are still creeping up quite quickly and I worry about being priced out of the market, the new builds have already gone up £10-£15k in the space of 3 months and there’s very little in the way of not new builds in that area, plus then there’s the added risk of a new chain

That’s the point though. You will not be “guaranteed”, either on finding another property or timelines, so you have to decide without any guarantees.