New build nightmare

jellyfish1_2

My partner and and I are buying a newbuild. The estate agents for the developer have said they are laidback and relaxed about exchange. The absolute deadline for which was missed last thursday. Unfortunately whilst we are ready and so are our buyers the guy at the bottom of the chain is not quite ready and needs 21 days to sort his purchase out. We cant get him to go any quicker and have tried everything. The developers have now said they will give us further 28 days and not remarket the property so this guy can get himself sorted only if we pay a further £10k! The developer seems to be gazumping us itself! We think this is outrageous.

We think that if we take our chances and say to them remarket it then we will end up in a contract race which we may well win but we risk losing £3k in total if we lose.

Does anyone have any advice, We are desparate and facing either a 3k loss or a 10k price increase.

Thanks

silvercar

The developers have now said they will give us further 28 days and not remarket the property so this guy can get himself sorted only if we pay a further £10k!

Tell the developer to forget it, you will be phoning him in 21 days to tell him you are ready to exchange and you expect to do so at the agreed price or you are walking away. No-one else will be ready to exchange in 3 weeks, does he want to make a sale or not?

adr0ck

if the estate agents are advising you that the developer is relaxed about exchange...then just follow their advice.......just relax and hopefully have exchange in 3 weeks if the developer consequently has a problem with this sue the estate agent...for giving you incorrect advice

jellyfish1_2

Thanks That is what we are going to do i think. We have managed to get the guy at the bottom to say he will be ready in 21 days (now 20 days) and we will tell the developer tomorrow that we arent going to pay the 10k. Why should we. They are saying they have cash buyers lined up. Hope they are bluffing. Thanks for the advice.

bunking_off

Think your developer needs to wake up to the fact that it's 2006, not 2002. There's plenty of unsold new builds out there...don't worry, you're unlikely to lose it and even if you do, there's plenty others to choose from...

MortgageMamma

I would recommend you consult your own conveyancer over this they should be able to advise you. As for the developers, do not enter into verbal discussions with them now on, insist on everything being sent in writing and you do the same. you may need it someday.

jellyfish1_2

The saga goes on. The buyer at the bottom of the chain is now v nearly ready! actually has his mortgage offer. The developers however aren't waiting and have asked for the contract papers back. My sol is going to send them back tomorrow night. It seems that no matter when we are ready to exchange the developer wants to sell the property now for £10k more which we arent able or willing to pay. We said we would pay £5k max and they dont like that either. There is a small possibility that their estate agents might make up the difference. They havent said directly it is just a feeling i get from things they have said.

I am so mad about the delays and incompetence of the estate agents and the way the developers have treated us I want to bring it to the attention of others- any ideas how?

silvercar

Tell your solicitor to take a copy before he sends them back!

sophistica

Have you started looking at other property. Use it as an opportunity to see if there is anything better on the market and I wouldn't pay the 10k as a matter of principle...I don't liek people messing me about.