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  • FIRST POST
    • Sheep
    • By Sheep 14th Mar 17, 12:58 PM
    • 145Posts
    • 35Thanks
    Sheep
    What would you do in our situation?
    • #1
    • 14th Mar 17, 12:58 PM
    What would you do in our situation? 14th Mar 17 at 12:58 PM
    I know everyone is different but I have a tricky situation and wondered what others would do if they were in our shoes. I know some may already have the back story from a previous post but here goes....

    So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac. I am told both the roads and the green area will not be completed until phase 2 has been sold.

    The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.

    The estate doesnt look nice although we are being told it will once finished. Now we are being told they are not going to build phase 2 for years yet due to the lack of demand and that they would prefer another builder to pick up up. What this means for the road and green area I have no idea. I dont think there is any agreement in place with the council regarding the roads.

    Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999. The houses on the other side with no garage and poor view are up for 142999.

    Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?

    Thanks in advance
Page 1
    • Penitent
    • By Penitent 14th Mar 17, 1:16 PM
    • 313 Posts
    • 824 Thanks
    Penitent
    • #2
    • 14th Mar 17, 1:16 PM
    • #2
    • 14th Mar 17, 1:16 PM
    I wouldn't sell in that situation because I wouldn't be willing to swallow a (potentially large) financial loss just because there was no bench on the green. I'm not you, though.

    If you're completely miserable and are willing to take the hit, then market the property, but be prepared for the fact that in addition to the loss, it may also take a very long time to find a buyer.
    • sparky130a
    • By sparky130a 14th Mar 17, 1:19 PM
    • 439 Posts
    • 586 Thanks
    sparky130a
    • #3
    • 14th Mar 17, 1:19 PM
    • #3
    • 14th Mar 17, 1:19 PM
    I know everyone is different but I have a tricky situation and wondered what others would do if they were in our shoes. I know some may already have the back story from a previous post but here goes....
    No you don't. You really don't.
    So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac. I am told both the roads and the green area will not be completed until phase 2 has been sold.
    You're bothered about a bench? As for the final reinstatement that's quite reasonable...
    The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.
    Your point is...?
    The estate doesnt look nice although we are being told it will once finished. Now we are being told they are not going to build phase 2 for years yet due to the lack of demand and that they would prefer another builder to pick up up. What this means for the road and green area I have no idea. I dont think there is any agreement in place with the council regarding the roads.
    In your opinion. And i bet there is, dependant on phase 2...
    Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999. The houses on the other side with no garage and poor view are up for 142999.
    Of course you can..
    Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?
    I wouldn't have bought in the first place....
    Thanks in advance
    Originally posted by Sheep
    Personally i think you're having a giraffe...
    • cjdavies
    • By cjdavies 14th Mar 17, 1:22 PM
    • 2,041 Posts
    • 1,799 Thanks
    cjdavies
    • #4
    • 14th Mar 17, 1:22 PM
    • #4
    • 14th Mar 17, 1:22 PM
    Would anyone buy after they find what you know?
    • comeandgo
    • By comeandgo 14th Mar 17, 1:23 PM
    • 1,482 Posts
    • 1,944 Thanks
    comeandgo
    • #5
    • 14th Mar 17, 1:23 PM
    • #5
    • 14th Mar 17, 1:23 PM
    It just seems normal progress when you are the first on a new development. Things take time. It sounds as though you are living in a quiet area with not many neighbors and have a view of fields. I'd stay put.
    • ellie27
    • By ellie27 14th Mar 17, 1:27 PM
    • 1,014 Posts
    • 678 Thanks
    ellie27
    • #6
    • 14th Mar 17, 1:27 PM
    • #6
    • 14th Mar 17, 1:27 PM
    Property goes up and comes down and what has happened to you has happened to most folk I know who have bought new builds.

    We took a £23k hit when we sold our new build, you wont know how much a hit you are taking until you actually sell but if they cant sell them brand new for £143k then it's unlikely you will get £140k max?

    Would I sell, well we did as we wanted to move, better schools..... so if you have reasons for a need to move then go for it.

    I wouldnt be surprised if the 'green spaces' and the benches/green areas are still a mess and not done as was planned even 5 yrs from now.....

    Good luck!
    • Niv
    • By Niv 14th Mar 17, 1:31 PM
    • 1,388 Posts
    • 1,203 Thanks
    Niv
    • #7
    • 14th Mar 17, 1:31 PM
    • #7
    • 14th Mar 17, 1:31 PM
    To be honest, I wouldn't be in your situation as I would not have bought that house in the situation you describe, However, if I did find myself in your situation I would be sitting tight until the area was as good as it could be as that can only improve your resale value.


    You don't suggest that this situation is affecting you mentally, but if it is then I would consider cutting my loses and moving.


    Advice for the next place: Don't buy a house in an unfinished estate if you expect it finished asap - there are no guarantees as you now know.
    YNWA

    Mortgage free by 58.
    • Sheep
    • By Sheep 14th Mar 17, 2:51 PM
    • 145 Posts
    • 35 Thanks
    Sheep
    • #8
    • 14th Mar 17, 2:51 PM
    • #8
    • 14th Mar 17, 2:51 PM
    Thanks for your input everyone. Something to think about. If anyone else has any thoughts please let me know
    • AdrianC
    • By AdrianC 14th Mar 17, 4:39 PM
    • 13,212 Posts
    • 11,543 Thanks
    AdrianC
    • #9
    • 14th Mar 17, 4:39 PM
    • #9
    • 14th Mar 17, 4:39 PM
    So we moved into a lovely new build house in December 2015. The builder was a small local builder and there were planned to be 2 phased, 20 houses in each. We bought for £147,000 which seemed reasonable at the time. The problems then started with the estate. We have a large green area which the council put on the planning permission had to be turned into a green open space area. When we bought we were told that this area would be lovely for the home owners and have a bench in the middle etc. However so far this has not happened. Also the roads do not have the final layer of tarmac.
    Originally posted by Sheep
    Perfectly common. There's no point in surfacing the road and turfing the "green" if they're both likely to be damaged by ongoing construction traffic. B'sides, the local authority's requirements for adoption of the roads may change between now and completion - so just do them to adoptable spec once.

    The thing is.... phase one isnt selling very well at the moment. The houses we bought are lovely with a garage and over looking fields. The houses on the other side have not sold at all because they over look other houses and they can see into your living room using the patio doors.
    No, they've not sold because they're overpriced.

    Now... my fixed rate is due to end in August and we can sell if we want to. The problem is we know we wont get our full 147000 due to lack of demand. Our house is loads nicer than the others as we were the first to buy. All other 6 houses paid 149999.
    So only seven of forty houses have sold? In a year and a bit? Wow.

    Where in the country are you?

    The houses on the other side with no garage and poor view are up for 142999.
    But they're brand new. Nobody's ever lived there. They're shiny and untouched throughout and - most importantly at that kind of price - they're eligible for various incentives...

    Would you sell up? Knowing what we know and take a hit? Or would you fix for a couple of years, wait till phase 1 is all send and then sell?
    There's really only one question... How big a hit are you willing to take? THAT and that alone will determine how quickly you can sell.
    • JigglyPug
    • By JigglyPug 14th Mar 17, 5:01 PM
    • 72 Posts
    • 176 Thanks
    JigglyPug
    I think in your situation, I would get some valuations from 3 local estate agents and see get an idea of what price the house could sell for. That way you can make a more informed decision about whether or not to sell.
    • ANGLICANPAT
    • By ANGLICANPAT 14th Mar 17, 5:07 PM
    • 1,117 Posts
    • 362 Thanks
    ANGLICANPAT
    You spend more time IN your property than you spend driving backwards and forwards to it , so if you love the actual house and it sounds like youve had the pick of the bunch , unless I had to move for a reason , Id be sitting tight and enjoying my house and garden , and thinking that with the present pressure for new homes we keep hearing about , its only a matter of time before the estate is finished . All estates look pretty bleak when half done , but once it eventually gets cracking again and greenery in gardens grows up , things look more attractive , and selling may not be nearly as financially hurtful as it could be now.
    • lewishardwick
    • By lewishardwick 14th Mar 17, 5:47 PM
    • 406 Posts
    • 419 Thanks
    lewishardwick
    You have a house with sod all people around?

    Sounds like bliss!!
    • TBagpuss
    • By TBagpuss 14th Mar 17, 6:06 PM
    • 5,315 Posts
    • 6,981 Thanks
    TBagpuss
    What is the problem with the road not being tarmacked? Do you just not like how it looks, or do you have other concerns?

    Other than not having somewhere to dit, what's the problem for you personally with the 'green' area not being finished? Is it in your line of sight from your home?

    Personally, I wouldn't have bought in the first place but having bought, I would not sell now as you'd probably lose a lot of money - if you like the house itself (presumably you do, since you chose it) and the wider area, stay put and think about what you ca do to counteract any specific issue the delays cause. For instance, if the lack of green means you have a view of raw earth, consider whether planting something attractive in your garden to screen the view would improve things (or if you prefer, invest in a big sack of grass seed and pop out with a rake and some seed in your spare time )

    If the situation with the road surface is actually causing problems (for instance, damage to vehicles) then raise this with the developers directly - see whether there is any short term action they can take. Check what your contract says
    • dlmcr
    • By dlmcr 14th Mar 17, 6:22 PM
    • 97 Posts
    • 94 Thanks
    dlmcr
    This kind of stuff is pretty usual in new developments, things are going to look "raw" for a few years until plants grow, houses become establised and things get finished off. New build price will always be higher than second hand houses so if you want to move now it is likely you would make a loss. Regardless of how it looks do you enjoy being in your house or are you looking at things like no bench on the green being code for the fact that you don't really enjoy your new house?
    Is the green and the final layer of surface in the detailed planning proposals. Did you consider clubbing together with your fellow householders and getting a bench for the green ( a layer of tarmac is pretty pricy though and may be stretch). I suspect your problems may be minor in the grand scheme of things...
    • Cakeguts
    • By Cakeguts 14th Mar 17, 6:26 PM
    • 1,690 Posts
    • 2,058 Thanks
    Cakeguts
    You bought a cheap house on a cheap estate in a not very desirable area? The builder is having trouble selling the other houses because many people don't like the area that the houses are in? You knew all this though because you chose this house. You also chose the house without the roads or the green being finished so if it didn't bother you then why is it bothering you now? New housing estates take time to finish. Depending on the size this could be many years. You often pay a premium for a new house so you don't get your money back when you sell.

    I don't understand what has happened to make you not like the actual house anymore. Roads are often left like this on housing estates and they aren't going to do the landscaping until the whole estate is finished. You will either have to wait until the whole estate is finished or sell at a loss.
    • Sheep
    • By Sheep 14th Mar 17, 6:27 PM
    • 145 Posts
    • 35 Thanks
    Sheep
    Wow some fantastic points of view.

    The only downnside to thr green area is that we were originally told this would be completed last year and now we are told itsnyears away. The kids cant really play on it at present.

    In terms of the road the main issue is that im not sure I trust the builder to ever finish it.

    Thanks everyone
    • Sheep
    • By Sheep 20th Mar 17, 7:35 AM
    • 145 Posts
    • 35 Thanks
    Sheep
    Just an update on this. Again looking for your thoughts please.

    There has been alot of interest in the houses since I last post and 4 houses have sold in the last couple of days leaving only 4 left before the remaining phase 1 has been built. The builders sale lady believes she rest will sell fairly quickly.

    Now what I would like to know your thoughts on is.....

    I have just found out the builder is now building huge blocks of flats in a near by student town and this is taking all his time and (i believe) funds which now means he isnt building the rest of phase 1 or phase 2.

    So what does that mean for us? I dont trust the builder one bit and it appeara he is waiting for the remaining 4 houses to sell and then we simply wont hear from them again leaving is with no top layer of the road/paths/parking areas etc. The green open area will just be left. The area seperating phase 1 and where phase 2 should be is seperated by a tiny little fence which looks very untidy. The sales lady are saying another builder will probably buy the land for phase 2 and build (my builder doesnt own that land but did have an agreement to buy).

    When the planning permission was granted I am sure it stated on there that they had to complete the open area in order for permission to be agreed. Also I am sure it stated 22% of the houses had to be social housing but that hasnt happened either as they are not building any further houses.

    What is to stop the builder selling the remaining houses and not completing our estate? The council are saying no agreements are in place regarding the road.

    Any help would be appreciated.

    Thanks

    S
    • TBagpuss
    • By TBagpuss 20th Mar 17, 9:11 AM
    • 5,315 Posts
    • 6,981 Thanks
    TBagpuss
    When the planning permission was granted I am sure it stated on there that they had to complete the open area in order for permission to be agreed. Also I am sure it stated 22% of the houses had to be social housing but that hasnt happened either as they are not building any further houses
    Well, step one would surely be to look up the palnning permission and see what it says, and whether you remembered correctly, and likewise with your contract.

    You could then contact the planning office with your concerns.
    • Mrs36
    • By Mrs36 20th Mar 17, 9:52 AM
    • 97 Posts
    • 151 Thanks
    Mrs36
    I would be contacting your local councillor and or MP to see if they can lean on the builder a bit. I know an estate here was left unfinished and our local MP sorted it pretty quickly (any excuse for a photo op in the local paper )
    • Crashy Time
    • By Crashy Time 20th Mar 17, 9:56 AM
    • 3,506 Posts
    • 1,833 Thanks
    Crashy Time
    I wouldn't sell in that situation because I wouldn't be willing to swallow a (potentially large) financial loss just because there was no bench on the green. I'm not you, though.

    If you're completely miserable and are willing to take the hit, then market the property, but be prepared for the fact that in addition to the loss, it may also take a very long time to find a buyer.
    Originally posted by Penitent

    But that isn`t the reason they are looking at a large financial loss, the reason is the credit markets/economy/Brexit etc.? I would sell now if you can.
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