It's legal, but is it moral??

noh

kunekune wrote: »

Unfortunately, Nigel, "choose" has a second "o".
People in glass houses and all that ...

Chose has one "o" in it.
Chose being the past tense of choose.

Nigel

GDB2222

noh wrote: »

Chose has one "o" in it.
Chose being the past tense of choose.

Nigel

I was going to post something like that, but then I decided that I would have to proof-read it so many times that I CBA'd. Well done, by the way, for beating Murphy's Law of internet correction.

neverdespairgirl

tiamai_d wrote: »

Fourthly, I don't see a morgage as 'debt' and I couldn't care less if you think dfferent.

It's money you borrow and have to pay back, so it sounds like debt to me. If it walks like a duck, and quacks like a duck....

In answer to your original question, as we enter a recession, with house prices falling, on average 2.2 or 1.5% on the last month depending on which survey you read, it's an absolutely insane idea.

seven-day-weekend

Sounds like a recipe for disaster to me, as surely the price of the new property will go down?

Mortgage not a debt? Why then do you get your house repossessed if you don't pay it?

Debt_Free_Chick

tiamai_d wrote: »

Secondly, the builder is a company who have built thousands of houses so not likely to go out of business.

And Royal Worcester has the Queen's warrant, produces a "Jamie Oliver" range, has traded since 1750, sold millions of pieces of quality china/porcelain, employes 400 people ......


and went into administration yesterday.

Plan for the worst - then if you're comfortable with the worst case scenario, plan for it getting even worse.

Debt_Free_Chick

iolanthe07 wrote: »

What is a 'missive'?

Effectively, the contract. Unlike England & Wales however, once the missives are signed it's the equivalent of exchange. In E&W you sign the contract, then exchange. In Scotland, the bargaining is done first so once the missives are signed you have a contractually binding agreement :eek:

aliasojo

Premier wrote: »

That's a cracker! :rotfl:

Deserves a nomination for post of the month for that alone surely!

Jeez.....you lot are harsh around here. I know a lot about certain things and sod all about others. I ask loads of questions about all sorts to make sure I think about every angle when I'm trying to make a decision and the OP came here to do the same thing. Someone mentioned the OP was defensive.....perhaps that's got nothing to do with the actual advice and more to do with the general tone of the replies?

You may well think the OP is foolish to say the least but surely you can all just say why without the ridicule and sarcasm. (Not aimed particularly at the poster I quoted btw or anyone else in particular come to that.)

As it happens, I can vouch for what the OP says about certain areas in Scotland not having big rises in house prices. There are a couple of places in particular nearish to me that have risen slightly and stayed pretty static ever since. I'm not saying that's the norm, it may well be the exception but it's unfair to assume the OP is talking rubbish unless you have first hand knowledge of every area in the country.

Having said that, I agree with the majority who say the estate agent is in business, he's not your friend. I would take his words with a pinch of salt. I also wouldn't be rushing to buy a new build right now either.

dekh

IMHO Waiting to June to decide would probably be better - without signing.

Prices in certain areas aren't dropping. For instance in Crail prices are 'static', but there are a lot of properties on the market including new(ish) build and they aren't shifting so the properties truly are static. What we have there are a lot of second homes going on the market, they are nice and in a fantastic location. For some reason people just don't want to take the equity hit. They shouldn't have bought into the hype about the East Neuk (sorry to Dutch readers) of Fife and bought into an overpriced market.

You might find that in June the property might not have been built, might be built and on the market for £110K instead of £130.

I was talking to an EA who had pitched a stall at Powburn show (this summer in Northumberland). She was desperate to sell the completed new build in the village. "It's on the market for £145,000 but the developer would accept £115,000." Once again lovely location. Just not worth the money.

I would say that currently it is a buyers market. If you are in a position to buy, you should be able to offer low on a property you can actually touch. If you are turned down, go back with a lower offer in a month or threes time If the banks want 30% down then they are covering themselves against a 30% drop in value.

Personally, I don't like new build. Small rooms, small windows. Often the Master Bedroom can't fit a full sized bed and a wardrobe with opening doors - look for the sliders in the show rooms and the custom built beds

AMILLIONDOLLARS

:eek: we must of scared the OP off!!! Do come back and let us know what you have decided!!

AMD

Running_Horse

aliasojo wrote: »

Jeez.....you lot are harsh around here.

In fairness the OP did not ask if it was a good idea, but was it moral? In answer to that question, I think it is immoral young working couples cannot afford a home due to the greed of property owning speculators. If one of those speculators makes a loss, tough. In trying to persuade the OP not to make that loss, the replies have been remarkably generous and helpful.