When it comes to purchasing a new build house, one of the most important steps in the process is exchanging contracts. This is when both the buyer and the seller commit to the sale and become legally bound to complete it.
So, how long does it take to exchange contracts on a new build house? The answer to this question can vary depending on a number of factors. Let`s take a closer look.
Firstly, it`s important to understand that the exchange of contracts typically happens towards the end of the buying process. Before this can happen, a number of other steps need to be completed, such as property inspections, valuations, and mortgage approvals. These can take anywhere from a few weeks to a few months depending on the complexity of the sale.
Once all the necessary checks have been completed and both the buyer and seller are ready to proceed, the exchange of contracts can take place. This involves the buyer`s solicitor sending a contract of sale to the seller`s solicitor, who will then review it and make any necessary amendments. Once both parties are happy with the terms of the contract, they will sign it and exchange copies.
The time it takes to exchange contracts can vary depending on how quickly both parties can come to an agreement on the terms of sale. In some cases, this can happen in just a few days. However, it`s not uncommon for the process to take several weeks.
Another factor that can impact the time it takes to exchange contracts is whether there are any issues that need to be resolved before the sale can proceed. For example, if there are outstanding planning or building regulation issues with the property, these will need to be resolved before the exchange of contracts can take place. This can add additional time to the process.
It`s also worth noting that the time it takes to exchange contracts can be impacted by external factors such as the current property market, the availability of solicitors and mortgage lenders, and the time of year. For example, if there is high demand for properties in the area, solicitors and mortgage lenders may be busier than usual, which could delay the process.
In summary, there is no set timeframe for exchanging contracts on a new build house. The process can take anywhere from a few days to several weeks depending on a range of factors. It`s important to work closely with your solicitor and keep in regular communication with the seller to ensure the process runs as smoothly as possible.