Buying an empty part exchange property

[funkyfruitloops]

Has anyone ever purchased an empty part exchanged property?

Our vendors are buying one and the part exchange company has given us 8 weeks to exchange contracts even though:

1. local authority searches are now taking 8 weeks minimum
2. we’re in a chain
3. mortgage survey delays

What happens if we don’t manage to exchange in the (completely unreasonable) time they have stipulated?

Nobody can hurry up the local searches!

I’m worried it’ll all fall apart just because a company are having a tantrum

I'm a conveyancing solicitor and have never yet had a builder on a new build or PX property pull out for somebody not meeting the timescale (touch wood!) generally as long as they see you making decent progress they'll be fine. They do kick up a fuss about deadlines at the beginning, I assume to make sure nobody is dithering about with instructing solicitors/applying for mortgages etc.

Good luck

Thank you @jujuball that’s good news.

I think the PX company wanted a buyer that’s chain free and they’re having a tantrum about that too

So it’s FTB - us - vendor - vendor buying a PX property.

Worried silly but hopefully we’ll know more tomorrow.

We are porting our mortgage as the new house is less than our current house. I’m assuming the bank will still do a valuation?

I’m so new to all of this