Advice on buying a new build

rugbygirl27

GDB2222 wrote: »

I don't know for sure why they have only 'released' 6 plots. Presumably, this way they can say 'only 6 plots available, so hurry!'. I would guess that if they thought they could sell more they would release more. I thought that the big builders were only selling around 1 property a week at the moment?

There are indeed horror stories on here about people whose mortgage offers lapsed some time ago. With the tightening of the mortgage market they have been unable to complete their purchases. They have lost their deposits and must reimburse the vendors for any shortfall in the prices the properties eventually sell for.[/quote]

I am one of the unfortunate people in the situation above. House should have been ready next month but now will not be ready until March next year. We have lost our original mortgage offer and are now facing having to pay about 1% extra. Coupled with the £5k plus we have wasted on rent it's costing us a lot extra, plus we're likely to be ni negative equity the moment we take possession of the house.

I cannot stress this enough....

Do not buy off plan!!!!!!

Wait until the house is built and if it's still available go for it then.

bigkevgray

Cat695 wrote: »

Anyway new builds are badly built

Cat695 is right and particularly in the case of George Wimpey, I know I bought one :mad:

Wimpeys build quality is poor and there customer service is even worse. my website will tell you more. www.bewareofwimpey.com

Kev

Incisor

rugbygirl27 wrote: »

I am one of the unfortunate people in the situation above. House should have been ready next month but now will not be ready until March next year. We have lost our original mortgage offer and are now facing having to pay about 1% extra. Coupled with the £5k plus we have wasted on rent it's costing us a lot extra, plus we're likely to be ni negative equity the moment we take possession of the house.

I cannot stress this enough....

Do not buy off plan!!!!!!

Wait until the house is built and if it's still available go for it then.

It is not buying off plan which is the problem, it is the lack of a contractual commitment to a completion date. If you buy off plan, the completion date must be written into the contract and you would need a mortgage offer which extended past the completion date by about 6 weeks. The contract should then have a cancellation clause in it for failure to complete within 6 weeks of the agreed date. Simple. But whether a builder would wear this or whether a buyer's solicitor would insist on this for their client is another matter.