We've been offered the opportunity to buy a new build property using the Help to Buy scheme but I'm very confused about the logistics!
I have a flat to sell. We've found a buyer (investor so no chain) and are in the very early stages of reserving our new build (Bovis Home). I've been told there's a very strict 28 day exchange policy but property won't be built (finished) until August. Do we need to exchange on our sale on the same day as exchange with purchase?
I know we need to provide a 5% deposit on exchange but our part of the deposit is tied up in the property so not available until we complete our sale. Can we get the 5% from mortgage lender in advance or does it have to come from us? If so, I really don't know where we will find it (more than £10k).
If anyone has any experience or advice, it would be much appreciated.