buying a unbuilt new house (Ben Bailey homes)

paul2louise

I have a 2 bed town house. My boyfriend has just sold his house and we want to buy a new house on a new development starting in our village. The developers are only just started and the house we are interested in will not be ready till about november this year. The houses on my street sell very quickly as they make an ideal starter home. I am thinking of using my house as a part ex but am worried that i dont want to sell it too quickly and have nowhere to live. Also as my boyfriend and I have the money from his house and some savings could we consider buying the new house without mine as a guaranteed part ex. The company we are buying the house from is Ben Bailey homes. They offer a valuation scheme to sell your home but you still have to sell your house yourself.
The mortage advisor they use is mortgage talk. The man i spoke to suggested that I could get a mortgage for about 140,000 (our joint income is 45,000) and have a non redemption interest only mortgage until we sold my house.

It is a lot to think about. I wondered if anyone had any advice of pitfalls to avoid. i dont want to to get into trouble with my money. i am a good money saver and have no debts.

Has anyone else got any advice of buying a new home on an unbuilt estate.

Thanks

silvercar

Has anyone else got any advice of buying a new home on an unbuilt estate.

You are signing up to future house prices. If you exchange in the next couple of months your agreeing to pay XX for a house that won't be finished for a year. Who knows what house prices will be at that time.

Often the first phase of a development has slightly lower prices than subsequently to attract interest.

If you are one of the first occupiers, can you bear to live on a building site for a year+?

paul2louise

i know it will be one of the first but it is quite a small development.
if i complete by buying soon maybe my house will go up in price. The house i have put on hold is south facing. Further houses to be built will be north facing and quite rightly may go up in price

distilled

PM me with the name of the development and I may be able to help. Mortgage Talk are brill so no worries there. I assume you're in Yorks?

lju

Our home is Ben-Bailey. We have been in about 8 months now. Bought off plan in Aug 2004 moved in April 2005. We kept our old property and transferred it to a buy to let. Best thing we have ever done! One last thing Ben Bailey were great with everything and i would certainly recommend them.