Currently selling my house - it’s on the market, had a good amount of interest in its first week and I’m pretty confident it’ll sell quite quick.
I’ve been looking at a new build development nearby and had a brief chat with them yesterday.
They’ve got a couple of properties newly advertised on their website that would suit me perfectly and are within my budget.
However, they advised me that these would be aiming for a December/January completion (8 months away!) and that if I was interested then I could reserve one but would need to exchange contracts by the end of July. So 5 or so months prior to completion.
I’m confused by how this practically works if someone is selling? Are new builds developers expecting most of their customers to be chain free? Exchanging that far in advance obviously is never going to suit everyone else in the chain, yet an eight month turnaround from offer to completion also suggests they are expecting most people to be in chains or sat around waiting.
Do people pay the reservation fee at risk and then try to push exchange as far as they can? Any advice on how this practically works is appreciated. Maybe I’m missing something but I’m pretty confused!