MGDK_house

Thanks for your reply, this gives me some reassurance. We are looking at buildloan and our agreement in principle is with Newcastle building society, but this could change when we come to apply. I’ll do as you advised and start gathering everything up front now. Thank you!

Hi all Currently finalising missives (contract of sale - Scotland) to purchase our land which is subject to planning and finance. The next step will be to put planning permission on the land then when planning is in place we can apply for the self build mortgage which will cover part the land cost too (we have £100k cash, the land price is £250k. Buying the land outright isn’t an option for us) The sellers asked for 6 weeks from planning approval to complete the sale however my financial advisor said we need minimum 12 weeks and ideally 15 to get the mortgage application through. My lawyer is now negotiating this point with the other side. They have agreed to 12 weeks but not 15. My financial advisor feels uncomfortable with this. The position would be that the sellers could then walk away if we don’t complete within this time frame, we would lose the sale and all of the money (£30k+) time and effort that will have gone into the project by that point. They will be left with land that has planning on it, so more valuable. Has anyone got any experience of a similar legal contract? are there any loop holes we could add in to further protect ourselves if there were any delays outwith our control? Has anyone got experience with mortgage application timelines? We are looking at buildloan and will prepare all we can upfront including costings, ready to apply as soon as planning is in place. Any ideas, experiences or suggestions are welcomed! Thank you.