Exchange and Completion
Discussion
E63M6 said:
The contracts have to be exchanged within 28 days. Is this normal?
Exchanged 28 days before completion or exchanged within 28 days of offer? The former is easy, the latter would be challenging! I exchanged yesterday and am completing on Thursday (woohoo!) on a purchase with only 2 houses in the chain - it's taken us 3 months to get there. Never, ever underestimate the ability of solicitors to disregard the fact that your life is essentially on hold whilst they fart about posting things to each other. They alone can add weeks/months to any purchase.
E63M6 said:
The contracts have to be exchanged within 28 days. Is this normal?
No, not normal, I'm guessing there was either another offer on the table or you got it cheap or the vendor needs to exchange quickly/by a certain date.Either way providing your solicitor is on the ball and you have a good mortgage broker, then it shouldn't be too tricky with no chain (depending on how long local searches are taking - it varies)
They are not going to pull the plug if you are close but miss the 'deadline
I think the OP is buying a property directly from the developer and has been told his bid is acceptable - and they have mutually agreed (for what it's worth) on a 28 day exchange. I'd hazard the developer is huffing and puffing that their preferred solicitor is used by the purchaser, too (no doubt at "exclusive and preferable rates")
It's really very common for such an understanding to be stipulated and even, every now and again, for those timescales to be met. What odds it isn't in this case though?
OP, if you're on the case 28 days can be achievable but in most cases it's really just a target and used to get you to stay on top of things. Depending on the specifics of your property I wouldn't get too wound up about it so long as you can show you're working as fast as you can. Chances are their side will be as slovenly as yours anyway. Bet they haven't fully prepared contracts on their side yet!
(I've assumed your purchase is un-encumbered and you've already instructed solicitors who have cleared funds on account.)
2 weeks between X and C is many people's preferred timescale as a compromise of risk while allowing a decent amount of time to arrange days off/removals/child care etc.
Best of luck.
It's really very common for such an understanding to be stipulated and even, every now and again, for those timescales to be met. What odds it isn't in this case though?
OP, if you're on the case 28 days can be achievable but in most cases it's really just a target and used to get you to stay on top of things. Depending on the specifics of your property I wouldn't get too wound up about it so long as you can show you're working as fast as you can. Chances are their side will be as slovenly as yours anyway. Bet they haven't fully prepared contracts on their side yet!
(I've assumed your purchase is un-encumbered and you've already instructed solicitors who have cleared funds on account.)
2 weeks between X and C is many people's preferred timescale as a compromise of risk while allowing a decent amount of time to arrange days off/removals/child care etc.
Best of luck.
28 days is common for auction and corporate sales. I've found it's usually the sellers solicitors that end up holding things up not mine though. If you haven't paid as deposit ( like you would at an auction) then I wouldn't worry too much about it. Just make your solicitor aware of the terms asap. A builder would only really press you if it was their year end.
E63M6 said:
The contracts have to be exchanged within 28 days. Is this normal?
Is this a new build?I've completed on a purchase in 26 days.... But that was buying from a company. And I was a first time buyer with a mortgage ready to go.
You can pay extra (IIRC) to get the searches back quicker. Just ensure your solicitor knows the time frame imposed, and hassle them daily to get them to stick to it. Oh, and on that basis instruct one who charges for the job, not for every letter/call..
Nope, you've successfully confused me!
The property YOU are BUYING is being SOLD by a company? YOU are doing the buying, right?
That company selling to you just happens to be a developer that hias an old house on its books? Or that company (that develops property) has renovated this property to sell?
Irrespective, one or two weeks between X and C remains ordinary.
The property YOU are BUYING is being SOLD by a company? YOU are doing the buying, right?
That company selling to you just happens to be a developer that hias an old house on its books? Or that company (that develops property) has renovated this property to sell?
Irrespective, one or two weeks between X and C remains ordinary.
Sounds like a developer has sold a house to a third party, and taken their old house in part exchange for the new house.
Said developer now has that part ex on their hands and so understandably wants shot of it quick as they are in the business of selling their new housing stock, not wasting time selling part exchange properties.
In the car trade they would just punt it off to auction, but I expect the loss here would be too great
Do your own surveys and searches, it's not in your developer/vendor's interests to hand you something which might cause you to back out
Said developer now has that part ex on their hands and so understandably wants shot of it quick as they are in the business of selling their new housing stock, not wasting time selling part exchange properties.
In the car trade they would just punt it off to auction, but I expect the loss here would be too great
Do your own surveys and searches, it's not in your developer/vendor's interests to hand you something which might cause you to back out
eltawater said:
Sounds like a developer has sold a house to a third party, and taken their old house in part exchange for the new house.
Said developer now has that part ex on their hands and so understandably wants shot of it quick as they are in the business of selling their new housing stock, not wasting time selling part exchange properties.
In the car trade they would just punt it off to auction, but I expect the loss here would be too great
Do your own surveys and searches, it's not in your developer/vendor's interests to hand you something which might cause you to back out
Ye that's it. Sorry for the confusion.Said developer now has that part ex on their hands and so understandably wants shot of it quick as they are in the business of selling their new housing stock, not wasting time selling part exchange properties.
In the car trade they would just punt it off to auction, but I expect the loss here would be too great
Do your own surveys and searches, it's not in your developer/vendor's interests to hand you something which might cause you to back out
I am the buyer. The house is being sold by a developer who has part exchanged for a new build.
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