Signing contracts on a new build

Emb2018

I was looking for some advice, we have put a booking deposit down on a new build and went sale agreed on our own property all on the same day last month. I was informed today that contracts for the new build arrived with my solicitor last week. They require contracts to be signed within 21 days but she is recommending we don't sign until the contracts are signed by the buyer of our current property, she has not even sent the contracts to the buyer for the sale of our property yet. My question here is how likely is it for the builder to give an extension on contracts for the new home and if they aren't going to give the extension should we just sign them anyway?

Thanks any advise would be greatly appreciated

Samuel T. Cogley

If you sign contracts on the new place and lose your buyer you could end up in a sticky situation. With the market the way it is it's probably not a massive issue but why pay a professional for their advice and then ignore it?

As for the builder - how long is a piece of string. Have you asked?

On the solicitor front - don't be afraid to probe for more information, you obviously know the questions you want to ask. Assuming you didn't go for the cheapest of the cheap conveyancing monkeys, they'll be happy to offer you advice; which you should heed.

BBMcQ

Thats good advice from your solicitor. Tell them you want to hurry things along as much as possible from your end. 21 day limit is almost always extended especially once your solicitor keeps good communication with the other solicitor.

Emb2018

Samuel T. Cogley wrote: »

If you sign contracts on the new place and lose your buyer you could end up in a sticky situation. With the market the way it is it's probably not a massive issue but why pay a professional for their advice and then ignore it?

As for the builder - how long is a piece of string. Have you asked?

On the solicitor front - don't be afraid to probe for more information, you obviously know the questions you want to ask. Assuming you didn't go for the cheapest of the cheap conveyancing monkeys, they'll be happy to offer you advice; which you should heed.

Thanks for the advice, the solicitor we went for was who we bought our first property with and she is the solicitor for the company my husband works for so just said we would stick with her I was just a little concerned when she only informed me today that contracts arrived last week!

I can't see the buyer pulling out but even if they did I do not think we would have a problem selling it. She said she won't go to the builders solicitor until she gets the contract for our existing home out to the buyer's solicitor and sees what their reaction is on time frame on signing. It just doesn't leave us a lot of time if we are suppose to sign in 2 weeks. We would hate to lose out on this new home as there isn't much for sale in our area within our price range, we were already in a number of bidding wars which didn't work out our way and decided to go for this new build.

Thanks for the advice

Emb2018

BBMcQ wrote: »

Thats good advice from your solicitor. Tell them you want to hurry things along as much as possible from your end. 21 day limit is almost always extended especially once your solicitor keeps good communication with the other solicitor.

Great, hopefully they will extend a week or two to give our buyer enough time to sign on their end.

Thanks for the response

Samuel T. Cogley

Do not be afraid to keep on top of solicitors and fair play for going with one you have experience of. The tendency is to pay peanuts and wonder why they got a monkey. If you've gone with a recommendation and email followed up by a phone 24-48 hours later is the way to go, try and limit it to pressing matters it will have more impact.

private

I was in a similar situation recently and my solicitor was able to stall the signing by a couple of weeks till our contract was signed.

Emb2018

private wrote: »

I was in a similar situation recently and my solicitor was able to stall the signing by a couple of weeks till our contract was signed.

Ah that is very reassuring, hopefully out solicitor can manage to do the same