Do people always exchange within 28 days on new builds?

[oopsdaisy]

Sorry posting here for traffic...

DH and I are keen on a new build (one of only fours houses built) as DC2 is on the way. Problem is we saw it after it had been SSTC.

The estate agent has said they will let us know if for any reason the sale doesn't progress.

I've tried to find out if the buyers are chain free, or if the seller would take a higher offer (don't really want to do that, was more for information gathering), but not got much to go off.

So my question is does anyone ever pull out in that 28 day window of exchange that is placed on new build properties?

The new build is in popular Home Counties town.

Assuming new build means commercial developer, you won't be able to gazump - the developer's code of conduct won't allow them to pull out of a reservation like that. It's always possible the buyer won't get a mortgage or something.

@ThePants999 ah thank you! Good to know about code of conduct re: gazumping should we find a new build elsewhere.

Our experience has been that developers won’t accept a reservation unless your own property is under offer.

The 28 day thing is more of a scare tactic tk keep the buyers on the ball, if they can't meet the deadline they usually extend

I’ve bought new builds twice, both times the builder couldn’t adhere to their own 28 day exchange rule, it’s rubbish. It’d be unlikely but not unheard of for the sale to fall through, we have had to prove buyers proceeding on our property and mortgage in place prior to a reservation fee being accepted. Not unheard of tho, my sisters new build had a buyer who’s chain broke and they ended up buying the house instead.