Bought new build, finished in summer 09, can we renegotiate as prices slide further ?

Amino

GDB2222 wrote: »

Just run this past your solicitor. I strongly suspect that the contract will exclude anything not specifically in it, so whatever you get in writing will be worthless.

I would insist on a long-stop date in the contract, and if they resist this, as they probably will, then you can draw your own conclusions.

Will do, thanks for your help!

Doozergirl wrote: »

They do not and will not set you a completion date. Your house will be ready when it's ready. Exactly what I was saying earlier - they will drag it out as long as they need to, to suit business. Not to suit you. That is why people are having such issues. Builders are putting back moving dates and mortgage offers are lapsing as a result. Off plan new build is the last place I'd put my money right now, I would go as far as to say it's risky.

Understood, I am chasing them for updates everyweek to see if they have sold the one extra property to get our road kicked off which is the route they are taking at the minute, I guess their is no harm in asking them though! but your point makes sense from a buisness perspective.

Our mortgage offer is valid for 12months as its a new build. I know this is a risky situation given market conditions and its something I have accepted I dont think if it lapsed we would have a problem getting a new mortgage as we have £120,000 deposit from our previous sale. Also on th plus side it gives us time to save money for when we do move in.

Also I think if its going to be finished next year the lender would also revalue the proprty and if they downvalue then the developer would more than likely (no guarantee) pass that chunk off rather than lose the sale comepletley

Premier_2

They will not include a long stop.

The sales contract will be their standard one and with large developers it's a case of take it or leave it - their legal team won't get involved in writing an individual contract just for you.

As I said, until you do exchange you have the choice, but you may lose that reservation deposit.

Amino

I can live with losinig the reservation fee, I may then just try and drag out the exchange period to see how things go and move from there..as said before someone didnt exchange for nearly 11 or 12 months as they were having trouble aquiring their mortgage. Maybe this is the best way to go ?

GDB2222

Amino wrote: »

Also I think if its going to be finished next year the lender would also revalue the proprty and if they downvalue then the developer would more than likely (no guarantee) pass that chunk off rather than lose the sale comepletley

But once you sign a contract, the price is fixed, and they won't give you anything off, even if they sell the neigbouring houses for less.

Amino

so really I think the most sensible option is to hold off exchanging as much as possible and monitor the situation!?

SouthCoast

I avoid Property Investment Clubs.

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Amino

I dont get where this fits in the thread ?

guppy

Barratt Homes are reported to be offering discounts of up to 43% in some cases. Not comparable to the OP's case, but a sign that things aren't right in new build land.

http://www.building.co.uk/story.asp?sectioncode=284&storycode=3123881&c=1

IMO, only a fool would buy a new build in a falling market. Have you watched the news recently...every day it gets more terrifying!

Amino

yes 43% off if you are buying 5 or more properties...and this is on flats not houses. I agree its a horrific situation but life has to go on.

As stated aswell several times this is a home not an investment so we will have to ride out this perfect storm.

SouthCoast

Bryant are owned by Taylor Wimpey.

Taylor Wimpey warns of delay in debt negotiations with bankers

http://www.guardian.co.uk/business/2008/oct/04/taylorwimpey.construction