I'm in the process of buying my 1st home but I'm frustrated at how long everything's taking. OH and I saw our perfect house a few weeks ago and made an offer on the same day at full asking price. The owners are moving into a new build and I think have done some kind of part ex deal with the builders as the builders are offering a 5% deposit on completion. This is absoulutely essential for me to buy the house as I only have 5% to put up myself and can only get 90% mortgage. Anyway so I make the offer and it takes a week for the estate agent to tell me offer accepted - then they say that builder wants 28 day exchange (by 26/5/06). So after the initial Oh My God, I crack on with my arrangments, mortgage agreed, survey taken place, solicitor instructed. I've now hit the stage where I can't move things along any more and it's come to a standstill. I still haven't had the survey report, although my IFA has spoken to mortgage people and says it's fine and should have recieved my official offer by end of last week (maybe today's post?) I have spoken to my solicitor who say they can't do anything until they get the contract details from vendors solicitor. I've spoken to EA who's chased that up and apparently these should have been sent ages ago! Just getting to the stage now where I'm feeling totally p****d off. It was the vendor who's pushing for quick exchange, I'm renting, so although I'd like to be moved fairly quickly another month is neither nere nor there really. What I'm concerned about is that the builders may have a hissy fit that the exchange deadline isn't going to be met and withdraw their 5%. There's be no sense to them doing that as without their 5% I'd have to pull out and they'd have to find another builder etc, but I'm starting to panic now and finding the whole situation really really stressful. Sorry about the rant but this is the 1st time I've done this and is quite scary!! Any advice/reassurance would be most welcome!

My understanding of these part ex schemes is that the builders buy the house from the client at an agreed price. Therefore the Builders are now the ones selling the property. So if you have done all you can at your end, any delay by them is their problem and should not penalise you in any way.

You have struck a deal with them, and if you do your part of the bargain then they should honour any such agreement.

Just keep chasing your mortgage offer and make sure your solicitor is doing everything they can.

We bought our house from 'Mr& Mrs Smith' who had part-ex with 'well known burger chain' builders. All the legal bits (and delays) were caused by the builder and their sol. The stress was heaped onto the 'Smiths' because the builders arn't really bothered. They already had the non-refundable deposit from the 'Smiths', so if the sale fell through they didn't care but the 'Smiths' still had all the legal bills etc.

The builders wanted a quick exchange and completion, unfortunately they forgot to mention this to the people with the money (us) or our sol. Major panic at the end as we had said all along to ea, the Smiths, and our sol. that for financial reasons we wanted to complete at the beginning of the month not the end.

Just keep phoning and pestering people, keep your fingers crossed and good luck.