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New Build Committed to Date to exchange?

(3 Posts)
Maya0108 Thu 27-Aug-20 21:48:35

Hi all,
Sellers are buying a new build. An exchange of contract date was agreed but now it is unlikely they will no longer meet that date due to complication with their own buyers. Sellers are worried they may lose their deposit. How can they negotiate for extra time with the developer as they are feeling a lot of pressure from the company that it may sell to other interested buyers?

OP’s posts: |
missmarplesapprentice Fri 28-Aug-20 12:36:18

Are you the seller or the buyer? We went nearly 130 days overdue on our exchange date as the purchaser of a new build but we had to break the chain with our buyers (who themselves forgot there was a pandemic and they were buying a house in part of the UK with tighter restrictions at the time...sorry touchy subject!!)
Our developers, however, were ok with this as they knew about everything going on in the chain. But as soon as we were ready they started turning the screws and pushing for exchange. They just need to sell their position to the developer (searches done, mortgage ready etc.) and hope the developer listens.
If the developer doesn't, then they will have to turn the pressure onto their buyer and tell them that if exchange is not by a certain date then they will have to pull out as they lost their next house. It really depends how they want to play it. A developer has the right to pull out if exchange does not happen by a certain date but very few do if they know you are close.

Maya0108 Fri 28-Aug-20 15:58:50

Thank you. Just as I thought.

OP’s posts: |

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