Amending exchanged contracts

cairnsyyy

I’m looking at purchasing a new build.

The developer has a requirement to either have sold your house or be able to afford to purchase it as a 2nd property.

As it’s very competitive, I’m going to reserve it under the premise that I can afford it as a 2nd property, (it will take a year to build, so unlikely to find a buyer that will wait that long)

I have to exchange within 6 weeks of reserving.

The house should be ready in September 2025. 

Does anyone know if I sell my house in say March 2025, can I amend the exchanged contracts to include a chain that includes my house sale?

The worst case is we can go into rented or buy it as a 2nd house but this would make it easier.

just frustrating the hoops the developer uses to allow you to reserve.

appreciate any advice.

user1977

Not quite sure what you mean? The parties to the contract can agree any sort of amendment they like, you can't unilaterally change it though.

cairnsyyy

user1977 said:

Not quite sure what you mean? The parties to the contract can agree any sort of amendment they like, you can't unilaterally change it though.

Okay I think that’s fine, wasn’t quite sure that once a contact was agreed it couldn’t be changed.

Hoenir

cairnsyyy said:

Does anyone know if I sell my house in say March 2025, can I amend the exchanged contracts to include a chain that includes my house sale?

You've struck a contractually agreed deal to purchase the property. Why on earth would the developer wish to accept an amendment. 

user1977

cairnsyyy said:

user1977 said:

Not quite sure what you mean? The parties to the contract can agree any sort of amendment they like, you can't unilaterally change it though.

Okay I think that’s fine, wasn’t quite sure that once a contact was agreed it couldn’t be changed.

Obviously the developer is hardly likely to agree to a change which is against their interests.

eddddy

cairnsyyy said:

Does anyone know if I sell my house in say March 2025, can I amend the exchanged contracts to include a chain that includes my house sale?

I think you've probably misunderstood what the contract terms will be.

It's very likely that contract terms will be that you have to complete on 10 days notice. (i.e. When the house is ready, the developer gives you 10 days warning that you must had over the cash and buy the house.)

It doesn't matter whether you are buying a second house, selling your current house or anything else - you'll still have to complete when the developer gives you 10 days notice.





Edit to add...

Just to mention a trap that I've seen other people fall into...

It sounds like you want to dupe the developer - about whether you have a house to sell etc.

So maybe you avoid discussing the contract with the developer, because you're worried that if you ask too many questions, the developer will realise you're duping them.

So you don't ask questions, and as a result you don't understand the contract, and things end badly for you.