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Nicola83
Posts: 71 Forumite
Hi guys,
Just after a bit of reassurance from anybody who might have had experience in this.
So myself and my boyfriend have reserved a new build that will be ready at the end of February. We reserved it on 4th January, and had a 28 day period to exchange contracts. The 28 days were up on Thursday, 1st Feb, and we still haven't exchanged.
We have the ATP from help to buy, and the solicitors have already done all the searches etc, we're just waiting for confirmation of our mortgage offer to come through. It's took a bit longer as our FA wasn't aware Barclays had updated their systems and needed all the help to buy loan details, they have all them now so we should get the offer early this week.
So my question is, are developments usually ok with going over the 28 day period? We have done everything we should do on time, we sent and signed paperwork back the same day, it is literally only Barclays taking forever that has caused the delay. We are using solicitors recommended by the developers, and our MA is recommended by them too so they have been kept updated on the situation. Anybody else been in a similar situation?
Just after a bit of reassurance from anybody who might have had experience in this.
So myself and my boyfriend have reserved a new build that will be ready at the end of February. We reserved it on 4th January, and had a 28 day period to exchange contracts. The 28 days were up on Thursday, 1st Feb, and we still haven't exchanged.
We have the ATP from help to buy, and the solicitors have already done all the searches etc, we're just waiting for confirmation of our mortgage offer to come through. It's took a bit longer as our FA wasn't aware Barclays had updated their systems and needed all the help to buy loan details, they have all them now so we should get the offer early this week.
So my question is, are developments usually ok with going over the 28 day period? We have done everything we should do on time, we sent and signed paperwork back the same day, it is literally only Barclays taking forever that has caused the delay. We are using solicitors recommended by the developers, and our MA is recommended by them too so they have been kept updated on the situation. Anybody else been in a similar situation?
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Comments
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I went well over the 28 day target with mine. It wasn't a problem as my house wasn't ready to move into.
If the house is ready to move into then I would expect them to be more strict.0 -
Thanks for your reply Tim. It's not ready to move into yet, they've set an estimated completion date for 26th Feb. The flooring and carpet is going in tomorrow and then obviously there's snagging and touch ups to do and a deep clean. The sales lady who we've been dealing with has been great, she's said it's probably going to be the 3rd week of Feb that it will be liveable in, and she also said Barclays are known for taking their time, so she doesn't seem too bothered, but obviously she isn't the big boss, so wanted to see if anyone else had gone over without any major problems.0
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Developers regularly have a 28 day exchange period and the purchaser, lender and solicitor are under immense pressure to commit to these often unrealistic timescales. Very few transactions actually do happen within the timeframe and they regularly overrun. Developers can get pushy with the purchaser but unless the solicitor and lender etc are happy to go ahead and exchange, they will not be forced into it by an anxious developer trying to balance their books. Please don't worry about it - developers know you're committed and they won't pull the sale to you because you didn't meet their own deadline.0
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Don't worry about it. As long as things are moving they are usually ok. I'm in a chain where the top is a new build - the 28 days period is long gone and we still haven't exchanged. 28 days was a delusional target that was never going to happen :eek::rotfl:1
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I wouldn't worry too much about it, I purchased a house last year and my 28 day period ended on 6 October...didn't exchange until 8 December. We just kept the developers informed and they were fine, kept all the incentives they offered even though on the reservation docs they'd put the incentives were subject to exchange being completed by the 6 Oct0
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We bought off plan in Jan, House not ready until September yet they wanted to exchange by 16th Feb, We cant even get dates off them for build completion for H2B so we are miles away from exchange (Developer will give us a date in two weeks for build completion)!0
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Developers seem to be happy to extend once they know things are moving forward with he purchase so just keep them informed and you shouldn't have any issues0
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Thankyou everybody.
The developer did get in touch today to ask about our mortgage offer and said she'd spoken to our MA and they've promised we'll be able to exchange this week! I'll believe it when it happens tbh.0
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