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A Little Warning
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BOOTNECKDRIVER
Posts: 4 Newbie
Hi there,
Just in the process of part exchanging my house with a new build from Barratt Homes.
I got a good deal with excellent incentives.
I was told that I would have to call a company called "NEWHOMES mortgage help line" for an affordabillty check, not a problem, anything to keep the ball rolling.
When I went to sign the reservation paperwork I was told that to keep my deposit (quite a few thousand) and incentives and to stop the house being re-marketed I would have to change Lenders to one of their choice through "NEWHOMES mortgage helpline". They say you have to do this to make sure everything goes through within the 28 day time scale, I even said that if I turned up with a certifcate of a mortgage from my current lender to purchace the house they would not except it and I would still have to through with this other company.
And to add insult to injury you also have to use a soliciter of their choice aswell to keep the deal "sweet"
Talk about being held to ransom and dictated to who you can use as your Lender.
Has anybody else come across this on a part exchange before the sales lady claims Barratt Homes started 5 years ago and have made it policy 2 years ago.
Just in the process of part exchanging my house with a new build from Barratt Homes.
I got a good deal with excellent incentives.
I was told that I would have to call a company called "NEWHOMES mortgage help line" for an affordabillty check, not a problem, anything to keep the ball rolling.
When I went to sign the reservation paperwork I was told that to keep my deposit (quite a few thousand) and incentives and to stop the house being re-marketed I would have to change Lenders to one of their choice through "NEWHOMES mortgage helpline". They say you have to do this to make sure everything goes through within the 28 day time scale, I even said that if I turned up with a certifcate of a mortgage from my current lender to purchace the house they would not except it and I would still have to through with this other company.
And to add insult to injury you also have to use a soliciter of their choice aswell to keep the deal "sweet"
Talk about being held to ransom and dictated to who you can use as your Lender.
Has anybody else come across this on a part exchange before the sales lady claims Barratt Homes started 5 years ago and have made it policy 2 years ago.
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Comments
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Sorry I have no advice other than to watch out for the planning permission covenants that Barratt put on thier developements. Is it an eternal covenant?Loving the dtd thread. x0
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I bought a Barratt house in Dec 2005 and I didn't have all that - I used the lender of my choice and my own solicitor and I negotiated a large discount plus a lot of extras in the property
I wasn't part exchanging though, I sold my original house via a local EA. I'd advise people not to part ex unless they have to.0 -
yes it keeps the deal speedy. BUT you have a choice as the developer does, the reason they use New Homes is that lots of lenders take more than 28 days to send out a valuer neverless issue an offer, New Homes use companies that do vals within a week or less , the solicitors the developer uses is again to make sure the 28 day deadline is hit, it wont be their solicitor but one of a few on their panel that normallly have searches in place so speed is doubled plus weekly update if theres a problem, then quicker its sorted the better, KEY sOLUTIONS ARE ANOTHER COMPANY OFTEN USED BY DEVELOPERS but you do not have to use them or buy the developers house, call their bluff, they will come running, dont forget the nice lady in the sales office will be getting paid for both the solicitors intro and the F.Asmy bark is worse than my bite!!!!!!!!0
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This should be illegal. Mortgage brokers and lawyers are meant to represent you, the buyer, not the vendor. How independant do you think they are from Barrat?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It sounds very fishy to me. You are certainly free to chose your own solicitor and I would be very unhappy to be forced to have that dictated to me. It doesn't say much for the firm you've being directed to, if they get their clients this way. You're also free to chose where you borrow your money from. Maybe you should complain to the builders and threaten to "go public". Unfortunately in this world it's the people who are prepared to kick up the most stink who usually get what they want.
You could also consider appointing your own solicitor and telling them what has happened and ask their advice. They wouldn't be very happy about the position you're being pressurised into, I'm sure.0 -
Do NOT be pressurized into this. Get your own solicitor and the best mortgage deal you want, not the developer. If the developer disagrees, walk away and watch them come running!In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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