Looking at purchasing a new home. My existing home is under offer and proceeding well.
Questions: This builder expects exchange of contracts within six weeks. Even though I have a mortgage in principle - porting existing mortgage, the earliest appointment with Building Society to fill in application forms is 3 weeks away. This makes it unlikely that an exchange can happen in six weeks. Bearing in mind, solicitors are still backed up.
Next question is: I am relying upon deposit from my sale to put deposit down on new house. This also is going to be a problem as my buyer does not want to exchange until near completion.
Do builders expect everyone in the chain to exchange at the same time so that my purchase can go ahead? Although there is no chain below my buyer. Its a bit like every one in a chain has to jump to the builders tune!
Where do people actually get 20 or 30 grand from to put down a deposit on a new house?
Spoke to someone at TaylorWimpey (not going with them) who said they wait until my home is sold before they expect deposit although they do expect exchange in 7 weeks.
Minefield or not. Didn't know this forum existed and seriously rethinking the new build.
Thanks and hope I make sense.