Reserving a new build off plan- under offer first

[elscar]

Hi,

We have been looking at a development that we like and are looking to reserve a plot. The developer s policy for reserving said plot is that you have to be proceedable so currently under offer.

I feel like this is a huge gamble to take- as the plots are being reserved at some speed- what if we miss out on the plot before we have our eye on and are left with no options (in our budget!)

Is this the done thing now?

I'd also be concerned about when it will complete, you could have a gap, my first home was a newbuild and was about 6 months late I think.

Of course it's the done thing, it's no different to buying any house, most estate agents/vendors won't accept an offer or take a house off the market until you are proceedable. You will also most likely need to exchange within a 4-6 week period. Buying a new build in a chain is quite stressful (we did it last year). It's incredibly frustrating if you see something you like but essentially whatever you do you need to get an offer on your house first.

The only other option with a new build is to ask the developer if they will part exchange.

Thanks- this is only our second move to not used to buying and selling simultaneously!

Our property is going on the market this week (valuer and photographer coming tomorrow!) so will just have to wait and see how we get on

Sorry I didn't mean to come across rudely, just re-read it, we didn't have a clue either and were very disappointed when we found out we had to get an offer, we assumed it would be a situation that would be easier without an offer but it was actually the opposite! We got there in the end though, good luck!