Buying: Newbuild Persimmon (Offer / Part-ex?)

YO42

Hi, and thanks for reading my topic. Although my username is new to the site, I am not

My Fiancee' and I have been planning to move home this summer, for the last 12months.
We currently own a 1 bed appartment (bought new June 2005), valued at £110k - £120k at YO42 Pocklington, York.

We are interested in a Persimmon home in Market Weighton (http://www.persimmonhomes.com/detail.aspx?development_id=515) priced at £190k for a 3bed, 3storey end town house. (The Dorchester)

The development of the property has been put on hold until a buyer is confirmed, but has kitchen fitted, the property has been sat now for 9 months

I've taken a look on the land registry website, and appears the last sale was September last year, for a property selling for £175k (Bearing in mind their website and sales office states prices from £190k)

Considering house prices are still dropping, what should the expected asking price / my offer be?

We've viewed the show home, and without showing any interest, the sales gentleman was all over us with questions, and stating they could part ex. Part ex wasn't really an option at first, but taking into account estate agent fees (I assume I wouldn't pay these) and the current climate this may be the easiest option.

So, my 3 questions are:

1. What's the expected price they 'could' give us for our appartment? (£ or %)
2. What's a reasonable offer for me to go in at, considering there are still 12 plots un sold, and 40 plots unbuilt?
3. Is taking a part-ex a good idea, or am I making things harder for myself?

Now, our budget is £175k, and no more, regardless of the offer / home.

We have no problem walking away from anything, as we don't need to move, we want to.

Thanks in advance for any advice

zone

Was your flat valued at £120k this year; how confident the developer will offer you about that much?

Try offering the developer about £150k for the 3 bed and see what they say. They might not sell for that much. But if the site isnt complete remember they could be there for a while yet.

Catblue

Did you miss this on the website?

HOME OF THE WEEK

PLOT 15 THE DORCHESTER 3 BED END TOWN HOUSE
LIST PRICE £189,999
SPECIAL PRICE OF £159,999!! DON'T MISS THIS ONE!!

So they're trying to flog it at £160K already, so they're probably prepared to go lower.

gemmalouanna

Have you read T&C's about part-ex? A lot of the new build companies state that new house needs to be at least 30% more than part-ex, but certainly worth looking into

cats!

Run like the wind ...

but if you're serious, negotiate hard and get a professional snagger to inspect the property to ensure it is "fit for purpose".

And make sure that if you are pressured into an early exchange, (do not use their legal bod either!), that you insist on a definite completion date! Think it's called a long stop date or soemthing similar. This will ensure that your mortgage offer does not disappear and you will not be left with a property which is worth considerably LESS than the original valuation whilst being legally bound to complete on it!

skintlass

they won't use a standard valuation price against your house it will be a valuation "for a quick sale" which will probably knock another 10-20k off the price.

YO42

Thank you for your replies.

I have noticed the 'reduction' on their website, which makes me wonder just how low they would be willing to go.

YO42

I'm back, a year on.

I did go back to make an offer, but an offer had been accepted only days prior
The property was listed at 189k, but according to HousePrices.co.uk it sold for 154k.

Now, I'm back because they're trying to shift the last 6, and I'd like some advice on making an offer. Can I use HousePrices.co.uk to make an offer taking into account what's recently sold, as this shows over the last 6months some properties listed at 190k - 220k have gone for 140k - 170k.

The style we wanted orignally is no longer available (listed @ 189k), however a bigger style which was listed at 220k (well out of our budget) are now listed at 179k.

What would be a reasonable offer for the 179k property?

This is the plot/style persimmonhomes.com/regions/yorkshire/kings-court/the-chester-plot32.aspx

The Floor plan on that link is incorrect however, it should be this: persimmonhomes.com/medialibrary/Brochure%20PDFs/Yorkshire/Kings%20Court.pdf