Making an offer on 'off plan' new build..?

NoDebtForMe_2

pinkshoes wrote: »

5% deposit paid = at least 5% over priced...

Carpets?? They'll put really cheap ones in, and getting a carpet fitted really isn't that expensive.

Appliances?? They should be standard in a modern fitted kitchen. Ours were.

£500 legal fees? Make sure they don't force you to use their solicitor. You should ALWAYS use your own.
WHY? I used their own solicitors and she was fantastic. She even got the clause about completing made 6 months earlier. How is that bad. She knew their systems, how they worked and it couldnt have been a smoother process.
I'd say £100k is a good starting point too. And don't expect it to be finished on time!

Why not? I moved into my newbuild 4 months earlier than they said it would be ready. Im sure Im not unique.
Its ok giving this advice but at least give an explanation as to why they shouldnt be doing something.
*hides behind the couch to await the slaughtering*

danielanthony

You have found a lender that will offer 90% LTV on a new build including a gifted 5% deposit? Which lender was this and what rate are they offering (if you dont mind me asking)?

jade1986

Fire_Fox wrote: »

Are you sure you can afford this house? You say you've been waiting for the plot "for a while" but you have only managed to save £2500 each?

Well when I say a while, about 6 months, so I don't think we have done too bad. Plus, as I said another couple of grand on top of the £5k deposit

We have done our sums and definitely feel we can afford it.

Our joint basic income is £40k.. Plus overtime for my partner pretty much whenever he wants it, and commission for me (I'm an Insurance Broker)

jade1986

Treadmill wrote: »

I would offer 100k, they can only say no. 20% below the list price is a good start.

We have had some discussions, and decided to go in at that figure and see what happens. Thanks

jade1986

pinkshoes wrote: »

5% deposit paid = at least 5% over priced...

Carpets?? They'll put really cheap ones in, and getting a carpet fitted really isn't that expensive.

Appliances?? They should be standard in a modern fitted kitchen. Ours were.

£500 legal fees? Make sure they don't force you to use their solicitor. You should ALWAYS use your own.

I'd say £100k is a good starting point too. And don't expect it to be finished on time!

Thanks for this, comments taken on board.

For us, luckily, the property not being finished on time is not really an issue, if anything it is just another few weeks/months to get more money together which is just a bonus really.

We both live with parents at the minute, so we have no difficulties there

suisidevw

What will your repayments be Jade?

jade1986

danielanthony wrote: »

You have found a lender that will offer 90% LTV on a new build including a gifted 5% deposit? Which lender was this and what rate are they offering (if you dont mind me asking)?

Hi there..

It is with Nottingham Building Society. If you look online it will not show up. You have to call the branch, but they will happily go through everything over the phone.

They actually offer 95% LTV including new builds.. but they won't accept the 5% as a gifted deposit. However they will offer 90% with 5% from each.

She basically said as long as you can put forward a minimum of 5% yourself then they are happy

With regard to the rate.. I will check the papers later when I get home

jade1986

suisidevw wrote: »

What will your repayments be Jade?

Based on a £90k mortgage it was pretty much bang on £600

Idiophreak

pinkshoes wrote: »

Carpets?? They'll put really cheap ones in, and getting a carpet fitted really isn't that expensive.

We got really nice carpets put through ours. Some may be poor quality, some may be good quality. Unfair to assume they'll put cheap carpet in. Carpet fitting may not be a massive expense, but when moving home every little helps.

pinkshoes wrote: »

Appliances?? They should be standard in a modern fitted kitchen. Ours were.

Woo! Bully for you! If they fit the appliances as standard, people will say
"Appliances?? They'll put really cheap ones in, and getting appliances fitted really isn't that expensive."

Ours has integrated appliances, but it's the only one we saw that included them as standard, a couple of other places said "we could throw in a cooker and washer" or something. And even with the integrated ones, people come round and say "ooh, they'll be expensive to replace". Builders can't please everyone.

ILW

Could there not be a problem in that the BS may value below your agreed price when the property is finished and you will have to find another 10 or 20 thousand for the diffference ar risk being sued by the builder to complete?