New Build Exchange Date

RachP87

Hi all

apologies this is the first time I am buying and selling, but just wanted to ask about exchange. 

I am buying a new build which gives me 6 weeks from reservation to exchange. Whilst my solicitor will be ready within this time frame, the buyers for my house have not had their mortgage approved yet. My buyers are waiting for a letter from HMRC which then needs to go to underwriters so I can’t see that being sorted in time but hopefully I’m wrong! 

I don’t feel comfortable exchanging on the new build without exchanging on my sale, especially without a mortgage in place from the buyers. Is this common on a new build? Or has anyone had any luck pushing the exchange date back on a new build? I’m waiting for the developer to come back to me but I haven’t heard yet and it’s stressing me out! 

Flugelhorn

yes this happens on new builds and then they expect the whole train to wait around until the developers are ready to complete. 

You musn't exhange without the buyers exhanging too 

secla

Its how all new builds tend to work these days, ok for first time buyers but pretty terrible for anyone having to sell and move. Dont exchange and the builder will probably re-market but exchanging before your buyer has will put you on the hook for massive expenses if it all go`s wrong.

Albermarle

Or has anyone had any luck pushing the exchange date back on a new build? I’m waiting for the developer to come back to me but I haven’t heard yet and it’s stressing me out! 

Hopefully the 6 weeks is really just a target, and they will be expecting some delays and will live with them to a point. It depends on how well sales are going for the development, if they are a bit slow then unlikely they will push you too hard.