Mtg offer rcv'd!| Prop Rsv'd | ukmonkey (a FTB)'s house buying help thread...

danielle21_2

Jorgan, Thanks for your reply, im not entirely sure if the builders amended the plans but on the builders website that particular house has a window. It has NHBC warranty 7 yrs left.

ukmonkey

Right, I've emailed the developers:

Hi Sarah,

My partner and I viewed the property (Plot XXXXX) on Saturday and
we were both VERY impressed with it.

We explained to Lisa (the sales rep on site) that we are First Time
Buyers, who are keen to complete asap. Lisa mentioned to use that
Britannia have a number of incentive packages for first time buyers. I was
wondering what sort of packages you would have avilable to us?

We went to see a mortgage broker on Friday, and are currently waiting for
him to get back to us with what is avilable to us. I anticipate that he
will be in touch with my tomorrow afternoon.

If we are able to secure a mortgage, which I am reasonably confident we
will, then I am very confident that we will look to purchase this
property. To that end, would you be able to reserve the property for us
until the weekend, when we should be in a position to know whether we will
be able to proceed with the purchase?

I'd appreciate a speedy response from you.

Their response was:

Thank you for your email regarding this property at XXXXXX.

I would be happy to put the property on hold for you until 5pm on Saturday.
As a first time buyer we would be able to offer you carpets and £500 towards
legal fees. Lisa has probably made you aware that there is no stamp duty to
pay.

We would also ask that, as well as your own financial advisor, you be
qualified by our financial advisors - there is no obligation but they may be
able to get you a good deal.

If you could let me know if this is ok at your earliest convenience. In the
meantime I have provisionally put the plot on hold so that no one else can
reserve it.

I look forward to hearing from you soon

A few questions:

We basically want more from them, how should I broach this subject? The "carpet allowance" is, we've been told, £3k, and the "on site" sales rep told us it would be paid in cash as the carpet fitters are quite literally booked up. We wouldn't have a problem with this. I'd like to ask them to pay a "deposit" of 5% of the value, and also to give us a carpet allowance, this wouldn't necesarily need to be £3k, and also to pay out legal fees.

What do I do now?


Also, she says:

We would also ask that, as well as your own financial advisor, you be
qualified by our financial advisors - there is no obligation but they may be
able to get you a good deal.

What is all that about?

As always, thanks for yuor help!

ukmonkey

Anyone? This really is quite urgent....!

ukmonkey

What about:

Dear XXXX,

Thank you for your recent email regarding our proposed purchase of XXXX, and for providing me with details on your "incentives" that you are willing to offer us.

Could you please tell me, should we offer the asking price, will XXXX (the developer) pay 5% of the deposit as well as the "Carpet Allowence and £500 towards our legal fees?". As I'm sure you don't need reminding, we are first time buyers, and as such are in a much better position with regards to completing on the purchase, as we are not involved in any chain, and, subject to mortgage acceptence (which we will find out about wthin the next few days) are in a position to complete as soon as physically possible.

You will note that other developers offer incentives such as 5% deposit paid, legal fees paid etc etc, although we would really like to buy THIS property.

I await your speedy response.

Yours Sincerely,

Mr Me.

well? What do you think?

terrierlady

most new homes are selling very well at the moment so not many incentives around however it is half year end for some developers and they need to shift stock so maybe bargains to be had.
Your sales advisor is linked to incentives herself and is hardly going to give you everything on the first attempt if in fact she has incentives to offer.
The more she gives you the less commision for her!!!
5% deposit paid is the norm opening offer for FTByrs not everything ,unless the market is depressed and its not right now, proof is just look around your area at all the sold boards .
Deal with Lisa dont go over her head, make her work for the sale.

ukmonkey

Thanks, its just that the sales office on site is only open fri sat and sun I think, and so I can't speak to Lisa until then, and I need to know asap if they will pay the 5% so as to help the mortgage situation.

terrierlady

what you are doing is showing you are too keen, incentives are used to make people buy a product in houses, cars, white goods, t.v etc, buy a t.v. get free dvd player, if you show how keen you are to purchase why do they need to temp YOU?
Lisa will call you first day she open or otherwise she is not worth employing, as a FTBYr you are proceed able and she must report that fact to head office, each Sunday night the sales staff have to fax traffic figures to their sales managers and they are broken down to who is a likely sale, they already know you are keen by your contact etc so they will chase Lisa to close the deal.
In order to get the most incentives make HER work for it don't rush to sign up .
As previously stated on some development's there are very small incentives on offer as sales are very good on one development in south wales 4 Reservations in one weekend which have all exchanged and due to complete
end of this month all done within the 28 days period.
Remember they will expect you to exchange contracts even if the plot is brought off plan within 28 days so if you have any deposit get the cash ready.

Jorgan_2

danielle21 wrote:

Jorgan, Thanks for your reply, im not entirely sure if the builders amended the plans but on the builders website that particular house has a window. It has NHBC warranty 7 yrs left.

If you look on their website there will be a number of disclaimers such as artist impression or image is representative of a typical (insert builders name) property. The NHBC wouldn't cover this.

ukmonkey

Ok, I've spoken with the mortgage broker today, he has told my OH that she will need a letter from her new employer basically saying "we think she will be kept on after the trial period". My OH spoke to her boss, who had no problems whatsoever with doing this, and she is going to have it for my OH by Tuesday.

My mortgage broker was this (Wed) afternoon submitting our application for an AIP or OIP or whatever it is called (the decision in principle thingy that the mortgage co's give you).

He reckons he'll have a "decision" for us within 48 hours....

Here's hoping...!

terrierlady

well done make sure your own employer is aware once your real mortgage application is underway and before your reserve the property think long and hard about the plots position, is it in a cul-de-sac, make sure its not at the head as everyones headlights will show up in your lounge. has the plot got a boundary brick wall or just fence panels. Is the garden south facing? Is it Level ask to see the Landscape plan.Will the garden be turfed?
Does the plot have an outside light and garden tap?
Negotiate well and remember you are walking gold dust to any developer.