Exchanging within 28 days - does this ever not happen?

[oopsdaisy]

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.

They can do as most people either have nothing or very little (in the scheme of things) to lose financially if they pull out before exchange.

When I looked at new builds they normally wanted £1000 deposit which I would lose if I didn’t exchange. They seem to be very quick to get people to exchange as it essentially locks them in.

I think if I were you, I would continue my property search with the mindset that it would be great if that one became available, but it likely won’t.

Good luck!

There’s a small chance. Sometimes there are problems getting a mortgage, or family circumstances might change, or they might just change their minds.

But it is a very small chance. You’d be wise to assume you can’t have this one and keep looking elsewhere.

If it's a small development there won't necessarily be a reservation deposit. Equally the developer might let their current buyer take longer than 28 days to exchange.

But I agree with PP- it's not worth waiting.

When we bought a new build we had to put 2k down as a deposit which we would have lost if we’d pulled out so I’m inclined to think it’s unlikely; they also did an initial check to make sure we had our mortgage before we could put that deposit down so I think only a significant life change would make people pull out.

Occasionally they do. Know one of a relationship breakdown but basically the house builder couldn't finish the house in time (is the norm) and it was going to be another two months. He had been having doubts and jumped at the chance to pull out and Also ended the relationship. House building company unhappy but they had done that to all buyers so I was glad they got their comeuppance.

But to be honest it is rare

We bought a new build after the first set of buyers pulled out. They were relocating from Spain and encountered issues with money transfer at the last minute. It meant we got the extras they’d paid for (eg electric garage door) for free.

How did you see the house of it was already under offer?
Up to a third of sales to do not go through, though this is more likely to happen on older resale houses as often the condition of the property from survey report causes people to pull out.
Keep looking. If the sale falls through it falls through, and you are unlikely to be that far down the line with another purchase so could decide then.

Pipandmum Rightmove has a "include properties SSTC" option.

Thanks all. All helpful info there. I think it's slightly wishful thinking on my part, so will continue looking. Fingers crossed 🤞