New builds

wsharp

Me and my husband are almost decided to go ahead with Persimmon's development (someone may read my other thread about they gave us contradictive info, but they apologized and offered further discount). Any way, before we go ahead I hope someone can answer the following questions for us...

Can we ask our solicitor to put a finish date on the contract (I've spoken to my so, he said we cant...)

How much is Persimmons reservation fee (As i read from another thread says 250, but we've been told was 500)

If anything happens to our mortgage application (we have the mortgage in principle at the mo), can we have the reservation fee back?

Asking price is 235k, now down to 210k, so its about 11% drop, is this a good deal? (We looked some recent builds in our area, their ave asking price for a 4 beds det with garage is 220-260k)

Any constructive comments/advice would much appreciated.

Thanks

poppysarah

Where's your solicitor from? Have the builders recommended/insisted on them?

You need safeguards in there to protect you from every evenutality - so get the best advice possible. If they can't offer you safeguards such as the place never being built - then don't sign.

House prices have fell 16.5% in the last 12 months - much more in some areas.

Doozergirl

Can we ask our solicitor to put a finish date on the contract (I've spoken to my so, he said we cant...) No you can't. You have to trust your solicitor on something.

How much is Persimmons reservation fee (As i read from another thread says 250, but we've been told was 500) I'd go with what they're telling you. Both sound cheap to me -1000 is quite normal.

If anything happens to our mortgage application (we have the mortgage in principle at the mo), can we have the reservation fee back? No. Once you hand it over, it's theirs.

Asking price is 235k, now down to 210k, so its about 11% drop, is this a good deal? (We looked some recent builds in our area, their ave asking price for a 4 beds det with garage is 220-260k) I was going to say no comment but if it's a price they are offering you as to a price that you have spent time bartering on hard then no, it's not a good deal.

david29dpo

House by me on at £239k, Just had an offer accepted for £170k.

wsharp

poppysarah wrote: »

Where's your solicitor from? Have the builders recommended/insisted on them?

You need safeguards in there to protect you from every evenutality - so get the best advice possible. If they can't offer you safeguards such as the place never being built - then don't sign.

House prices have fell 16.5% in the last 12 months - much more in some areas.

My solicitor is my own, he's a very lovely guy, got on really well with him. Unfortunately, he told me the builders wont sign the paperwork if we put a date on it, and apparently its norm in this industry...

wsharp

Doozergirl wrote: »

Can we ask our solicitor to put a finish date on the contract (I've spoken to my so, he said we cant...) No you can't. You have to trust your solicitor on something.

How much is Persimmons reservation fee (As i read from another thread says 250, but we've been told was 500) I'd go with what they're telling you. Both sound cheap to me -1000 is quite normal.

If anything happens to our mortgage application (we have the mortgage in principle at the mo), can we have the reservation fee back? No. Once you hand it over, it's theirs.

Asking price is 235k, now down to 210k, so its about 11% drop, is this a good deal? (We looked some recent builds in our area, their ave asking price for a 4 beds det with garage is 220-260k) I was going to say no comment but if it's a price they are offering you as to a price that you have spent time bartering on hard then no, it's not a good deal.

Thanks for answering all my questions... I have bartered very hard with them, so now i feel its not hard enough... yesterday, i told them if we accept this price, they have to through in carpets, alarms, turf the private garden and upgrade our kitchen. Do you think this would be a good enough deal? or should I ask further price cut?

wsharp

david29dpo wrote: »

House by me on at £239k, Just had an offer accepted for £170k.

This is a very good deal. Can I ask which part of the country do you live and which builder is this?

david29dpo

Albrighton, Shropshire. About 8 miles from me. Very nice area too.

wsharp

david29dpo wrote: »

Albrighton, Shropshire. About 8 miles from me. Very nice area too.

That's a really really good deal. How did you manage to get that much down?

mewbie_2

wsharp wrote: »

Asking price is 235k, now down to 210k, so its about 11% drop, is this a good deal?

It's 11% better than it was. Prices forecast to continue dropping so in six months time (@2% a month) may not be such a good deal. In a year unlikely to be a deal of any kind. In three years you may be a bit fed up.

Doozergirl

theartfullodger wrote: »

Doozergirl stated "

Can we ask our solicitor to put a finish date on the contract (I've spoken to my so, he said we cant...) No you can't. You have to trust your solicitor on something.

"

Er, sorry, you can ask your solicitor anything you like, in writing, by email, face-2-face or by 'phone, as many times as you like. If something really matters to you then put it in writing/email (I do..).

You took that completely wrong. The answer was no you can't put your own completion date on a contract with a developer. They leave the dates open ended for their own gain - the OP will usually be given something like 10 days to complete when the developer decides that they are ready. Not ideal but the developer will cover their backsides for delays at any cost, plus it also means that if they are ahead of schedule they can get their money without waiting. Completely one sided.

I was hardly suggesting that you can't ask them a question! I was saying trust them because they had already told them 'no'.