Am considering buying a new build. The Estate agent has warned me I must be in a position to exchange contracts in 28 days. I am confident I can manage this, but wondered what would happen if I was, say, 1 week late.
Anyone had any experience of this?

This happened to me and i lost the flat(this was a new build). I was devastated but....... if I hadn't have lost that flat, i wouldn't be where I am now and i'm very happy where I am now. So everything happens for a reason.

You can do it but you have to be very organised and pushy with the solicitors. We managed it (just) when the vendor wanted a quick sale.

Am considering buying a new build. The Estate agent has warned me I must be in a position to exchange contracts in 28 days. I am confident I can manage this, but wondered what would happen if I was, say, 1 week late.
Anyone had any experience of this?

If you are chain free, then exchange in 28 days is feasible, but tight.

The trouble is, much of the process is out of your control. You can set the wheels in motion, but you are still going to be subject the vagaries of "Janice" in the office getting round to posting this, that or the other...

Personally, I think developers/builders/sellers put this in to stop people shilly-shallying about. I'm certainly no expert, but I can't see them making much of a fuss if you are a few days late, and can evidence the fact that you are working as hard as possible towards the exchange.

At present, it's a buyers market, so make sure they don't slip something in the contracts with a penalty clause if you're a few days late! You'll require a solicitor/conveyancer anyhow, so get them to check this out.

Good luck! :)

best advice would be to speak to your solicitor and say this sale must be completed with 28 days, he will say whether he is able to meet the time scales!

In the current climate I expect they would rather have a sale in 35 days than no sale at all.

it will all depend on the reason behined the exchange in 28 day. if its just the vendor being diffucult then i would agree a more resonable date if its another reason it may be more difficult.

Althoughts its not a resi sale i know of a property where the parties exchanged and completed within 7 days.