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contracts nearly exchanged and then they changed the price!

13

Comments

  • SavingSteve
    SavingSteve Posts: 486 Forumite
    Part of the Furniture Combo Breaker
    I'm confused, if they have signed an agreement at the prices OP wants can they not hold the Builder to that price?
  • NoDebtForMe_2
    NoDebtForMe_2 Posts: 146 Forumite
    Yes they have signed the contracts, but they arent binding until they are exchanged and this hasnt been done.
  • TighterThanTwoCoatsOfPain
    TighterThanTwoCoatsOfPain Posts: 860 Forumite
    have i got this right..

    yours valued @ 150 in aug last year
    Developers @ 225 in aug last year..

    They now want 235k??

    I would be saying that you'll take £130k for yours, but will only give then £195k for theirs!
  • Sonofa
    Sonofa Posts: 300 Forumite
    fitcrazy wrote: »
    the mortgage offer is till the end of december. I just cant see how when they agreed after their property was valued at 225k (and they agreed back in august) thats what came on the contract also, that they are now putting it back up 10k to 235k!
    Also they marketed the new builds at 235k back in october and have now put them back up to 250k!!!!!

    December 08 as in has in now run out? This might cause you trouble.

    If the builder is adamant that your house is now worth 10k less that originally agreed, logic would suggest that the same percentage decrease also applies to the house you are buying so tell them you'll accept 140k if they accept 210k.
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Just walk away. They'll come a-begging soon enough.
    poppy10
  • pickledpink
    pickledpink Posts: 763 Forumite
    Property prices ROSE in January - so maybe this has something to do with it?
  • mark5
    mark5 Posts: 1,364 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Surely you have a copy of the signed contract which states the agreed prices, if not your solicitor will?

    Tell them if they dont honour the contract you will take legal action against them!
  • Swipe
    Swipe Posts: 5,758 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    pickledpink wrote: »
    Property prices ROSE in January - so maybe this has something to do with it?

    Only according to the Halifax. Nationwide said it fell.
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    As said above, tell them where to go... its a buyers market out there....

    Although that said, i'm guessing you *need* someone to take your old house in part-ex as you wouldn't be able to sell it.
  • Rick62
    Rick62 Posts: 989 Forumite
    Why would you want to buy a house thats not been built in todays market? There are enough risks and unknows as it is in the current market without adding more.

    Also can you still get the mortgage you need? The mortgage market has really tightened in the last few months, particularly for new builds.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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