Discriminatory time limits to exchange on new-build homes

Meeting: 
MQT on 2017-03-22
Session date: 
March 22, 2017
Reference: 
2017/2116
Question By: 
Siân Berry
Organisation: 
City Hall Greens
Asked Of: 
The Mayor

Question

A constituent has informed me that in order to secure a new-build home at Chobham Manor in the Olympic Park, they were told they needed to commit to exchange contracts within 28 days. These conditions seem to disadvantage and exclude many Londoners, for example those who may need to sell an existing home or arrange a mortgage in order to buy. How will you prevent these short and discriminatory deadlines from affecting the ability of Londoners to access new homes in future developments?

Answer

Answer for Discriminatory time limits to exchange on new-build homes

Answer for Discriminatory time limits to exchange on new-build homes

Answered By: 
The Mayor

The LLDC has been advised by Taylor Wimpey that on its Chobham Manor scheme that there is a requirement for purchasers to exchange contracts within the first 28 days from reservation of the home. We understand that this sales policy is a standard condition for new build homes.