How Long Can You Reserve a New Build For

When buying a new build property, you can usually reserve it for a period ranging from 28 to 56 days. The exact length of the reservation depends on the developer’s policy and how far along the build is, but most commonly, a reservation agreement gives buyers 28 days to exchange contracts. This period is intended to allow time for conveyancing, securing a mortgage and carrying out any necessary checks or surveys.

What Is a Reservation Agreement

A reservation agreement is a formal document between the buyer and the developer which takes the property off the market for an agreed period. It sets out the purchase price, key dates, and any incentives or conditions agreed during the negotiation. To secure the reservation, buyers are usually required to pay a reservation fee, which typically ranges from £500 to £2,000 depending on the value of the property and the developer’s terms.

This fee is often deducted from the final purchase price on completion. However, if the buyer pulls out without a valid reason during the reservation period, the fee may be non-refundable. That said, some developers may return the fee in full or part if the buyer is unable to proceed due to reasons beyond their control, such as mortgage rejection.

Why the 28-Day Timescale Matters

The 28-day deadline is standard because it ensures momentum in the sale process and allows the developer to plan their cash flow and construction timelines. During this time, buyers are expected to instruct a solicitor, apply for a mortgage, complete their legal due diligence and be ready to exchange contracts. If the buyer is not ready by the end of the reservation period, the developer may choose to extend the deadline, but they are not obliged to.

Larger developers tend to be more flexible, especially if delays are due to lender backlogs or solicitor queries. However, it is important to maintain communication and demonstrate progress throughout the reservation period to avoid losing the property.

Extensions and Longer Reservation Periods

In some cases, especially if the property is still under construction and completion is many months away, developers may offer longer reservation windows or staggered stages of commitment. For example, a buyer may reserve early in the build process and exchange contracts closer to the build completion date. In these cases, reservation periods of 6 to 12 weeks are not uncommon.

Buyers using schemes such as Help to Buy (in the past) or shared ownership may also receive extended timeframes, as these transactions can involve additional checks and processes. It is always worth asking the developer whether extensions are possible if you anticipate delays, but any agreement should be recorded in writing.

What Happens If You Miss the Deadline

If you fail to exchange contracts within the agreed reservation period and do not request or receive an extension, the developer can cancel the reservation. This means the property may be put back on the market and your reservation fee could be lost, depending on the terms of your agreement. Delays can be caused by many factors including mortgage approval hold-ups, slow responses from solicitors or incomplete documentation.

To avoid this, it is best to have your solicitor and mortgage advisor ready before reserving, and to respond promptly to any queries from the developer’s legal team or your lender.

Conclusion

You can usually reserve a new build property for around 28 days, though some developers offer longer timeframes depending on the stage of the build and the buyer’s circumstances. The reservation agreement provides security for both parties, but it comes with expectations around timescales and progress. By staying proactive and keeping communication open, you can make the most of your reservation period and move smoothly towards exchange and completion.