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

Jorgan_2

Name & address of practice, name of solicitor acting for you & contact numbers.

ukmonkey

Thanks Jorgan.

That should be just about it for now!

Thanks for all your help, you, TerrierLady, that bulldog guy, and all the others who have helped me so much!

I hope that when the purchase has been completed, that we'll be able to ruip this thread apart, and use all the questions and answers to produce a first time buyer's guide, to go on the forum alongside AndrewSmith's post.

I'm going to keep all my questions in this thread!

Jorgan_2

Best of luck, hope it works out ok for you.

terrierlady

when you go into sign just ask again, would it be possible if I reserve today for you to turf the rear garden? Its really important to me and could be the deal breaker.

ukmonkey

Sorry TL, I thought I'd mentioned, they have agreed to turf the garden.

Better than having to do it myself I guess!

We're still disappointed that they won't give us more cashback, but can fully see their reason's for not doing so, as the house is already VERY cheap for what it is, and where it is (£126,995 for a 3 bed new build house in a decent neighbourhood, remember...!).

ukmonkey

So, things I've learned today:

* We MUST complete within 28 days from today or we lose our £500 reservation fee! OH DEAR!

*We'd be expected to pay 10% of the purchase price upon exchange, and the rest on completion. The bottom line is that we don't have this money, but Lisa checked and they are ok for us to exchange and complete on the same day. Obviously I'd need to check with my solicitors, but how likely do you guys think it is that we'd be able to exchange and complete the same day?

* I'm worrying like never before. I'm soooo scared that we won't complete within 28 days and that if we don't they won't give us ANY leway at all.

ukmonkey

Just spoke to Lisa and she said that if we've not completed within 28days, as long as we're seen to be doing something sbout it, it'll be fine.

Jorgan_2

It is possible to exchange & complete on the same day, many people do it. Some builders will give some lee way after 28 days if they can see that the majority of things have been done i.e. mortgage offer, some searches back.

Make sure your broker & solicitor know about the 28 days deadline, keep the pressure on them, keep asking is their anything else you need from me at the moment.

Jorgan_2

Forgot to say, make sure its 28 days from when the builders solicitor issues the draft contract to your solicitor. If its 28 days from when you reserve & the solicitor doesn't issue a contract for 14 days, its not fair on you.

samspam

Hi, I've just read some of this thread and I am a sales neg for a builder so maybe I can help.

Is the house already built and ready to move into?

If so then they will be wanting a 28 day completion. If you have a good solicitor and FA then this is easily possible. You just need to make sure that you send any documents you receive back as soon as possible and not drag your heels.

If there are delays beyond your control, i.e the time it takes the lender to send out a valuer and then the mortgage offer etc then don't panic, the builder has a sale and they will not pull it from you, especially if it is a 'stock unit'

You can exchange and complete on the same day but it depends on the solicitor, some like a couple of days grace in between.

If you are to exchange and complete on the same day then there is no point in paying a 10% deposit. We wouldn't ask for it in this case, but it is a normal requirement unless you are getting a 95% mortgage and then we take 5% instead.

Hope this helps.