The FTB club

happytails

s23sgn wrote: »

Hi all!
I’m new here..been reading for a few months now as me and my GF are aiming to buy our first house! Great to hear everyones opinions and advice.
We started looking for our home 3months ago and several viewings and different houses later we’ve finally found one we love. Its a new build, 3bed semi, ideal for us.
Asking price was 135k, maxing us out. Went and viewed the show home yesterday (again!) and happened to meet the developer, got chatting and got a best price of 130k.
Great for us, but were unsure if we should just accept this or push further...The developer told us he wouldn’t build them to sell for less than this. Does it seem like there’s room for manoeuvre?

The houses are up to first story at the min, but there’s been no progress for the last 6weeks- a £1000 deposit will get work going again – apparently completed in 3months. A mortgage agreement will only be valid for 3months so we’re unsure as to what our next step should be when we pay our deposit in the next week. Do we apply for a mortgage straight away? We’ve spoken to an advisor in the bank who has assured us that theoretically there is no problem. We just don’t no what kind of time frame to work on – if the building is delayed we could lose our mortgage. And if all goes well and we get the mortgage and the house is finished, then what??

Any advice greatly appreciated! Thanks for reading..

I wouldnt go near a new build especially one thats not been finished. Builders are going under left right and centre and the ones that are still here cant afford to get the work done and once its done will struggle to sell it for the price they originally wanted. And what happens if this company goes under after you've put money down? Ill bet it will be damn hard to see that money again

SArah

JonnyBravo

Couldn't agree more.
Not completed and no work ongoing?

Walk away.

s23sgn

thanks for your comments..


never thot bout that, however their is 2 developments finished, one 3 bed and the other 4 bed.. we dont like the site location for these.. we have been speaking to the builder, (its not a big firm like you may find in the main land) and he says he's in no rush to sell.. and he'll just wait til he gets 130k or if the market improves he look more money..


the reason work has stopped, again due to lack of interest in the last 3 months / ppl cant get mortgages etc.. so y build for them to sit empty for months..



regards..

happytails

I would seriously walk away. They could tell you anything and make it believeable. They havent got the money to finish it so need some one to hand over their deposit first to get work started again, then they run out of money and everything halts and your out of pocket with no house

s23sgn

ok thanks again, tho i dont think they'd get much work done wit, £1,000. that is the deposit amount which secures the house for us..

Bufger

Another one here :-)

We set ourselves a target for our deposit and reached that, we have the mortgage in principle and are in the process of making an offer on a house we both really like! I'm offering £15k under the asking price of £145k as the market is starting to pick up a bit more, i dont want to pay any more than £140k so if we settle under that its fine by me! Also have a solicitor on board and everything ready.

Only thing is we didnt plan on finding the house we loved for another month! Now we might have to borrow money from family for the extra fee's if the sale goes through quickly. Lets hope the timing is right!

RTNI

Hi everyone,

Due to complete tomorrow and get the keys to our first house! :j We are both very excited and can't wait to get in and make it our home. Fingers crossed the cheque we paid to the solicitor on Friday will clear ok and the bank doesn't think it's fraud! lol.

Good luck to all FTB's. :beer:

s23sgn

happytails wrote: »

I would seriously walk away. They could tell you anything and make it believeable. They havent got the money to finish it so need some one to hand over their deposit first to get work started again, then they run out of money and everything halts and your out of pocket with no house

wos talkin to the EA regarding the 1,000 deposit.. the builder doesnt receive this.. this is just to hold the site for us, money held by the EA..

happytails

Quick post before bed as got a lot to do tomorrow. WE completed early and got the keys this afternoon. Spent the evening measuring up and trying to sort the gas and the water but we have already encountered problems, our waterboard have someone coming out to us on Monday (lucky we are staying at my parents for another 2 weeks!)
Its such a good feeling walking into your own house cant wait until we've finished sprucing it up!

Goodluck everyone !!

mistrihelen

My first buy has halted. Our solicitor and the estate agent keep saying different things about the various problems we are having with the title deeds and the vendor's solicitors (an online outfit) are so useless I don't think they will do anything at all. I'm beginning to think it's time to walk away and look for another house, which is disappointing as I did really like this one and it was a bargain (a repossession, which is probably why the vendor chose cheapo solicitors).