Hi
So we've reserved a new build property which is already built and paid the holding deposit a week ago.
It's a SO house being sold through an umbrella company of the housing association.
On reserving, they set the exchange date for 28 days and completion for 2 weeks after that. They guy said that they would be flexible in this and we wouldn't lose our deposit exactly on those days, along as they see progress and we dont fall of the face of the earth.
However our best mortgage deal is through a lender that does all manual checks and underwriting and are historically slow and ask for alot of documents/answers. From searching online it looks like most are saying 4-8 weeks for the offer to arrive, some longer (those longer seem self employed).
We have instructed a solicitor on the lenders panel but havent paid any monies for searches etc.. as our broker advises against it until a valuation comes back and mortgage offer issued.
However I dont want to get the developers back up by coming up to the 28 day exchange date and having neither a mortgage offer or searches completed.
The sensible thing seems to order searches and atleast have that side of things sorted just awaiting the mortgage offer ready for exchange? Or is this heart over head?
We had a mortgage offer a couple of months ago with a different lender but that sale fell through. As this is shared ownership, slightly more expensive and with abit more of a niche lender, I'm starting to panic.
SF