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offer accepted on new build flat... What now??
benssson
Posts: 31 Forumite
yay!!
we've just got our offer accepted on a new build flat. What should we do now? I've spoken to our solicitors and they're ready to go, i'l be speaking to our broker tomorrow to get the mortgage finalised. What else should we do?
my partner is off to the EA's today to pay the deposit/reservation fee - is there anyhing we should do before we pay this as its non refundable?
are we suppose to compile a snagging list? Or is that only for properties bought off plan? Should we do that before paying the deposit?
TIA
we've just got our offer accepted on a new build flat. What should we do now? I've spoken to our solicitors and they're ready to go, i'l be speaking to our broker tomorrow to get the mortgage finalised. What else should we do?
my partner is off to the EA's today to pay the deposit/reservation fee - is there anyhing we should do before we pay this as its non refundable?
are we suppose to compile a snagging list? Or is that only for properties bought off plan? Should we do that before paying the deposit?
TIA
0
Comments
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Get your mortgage finalised before you pay anything, if possible. Get it in writing that the deposit is refundable if your valuation falls short and you can't agree a new price with the developer. Also get in writing exactly what is included in the price and keep copies of all brochures - too often we have people telling us the sales team verbally promised x and it didn't materialise.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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just spoke to the EA and he says its unlikely the developers will make the deposit refundable if the valuation is low. I don't expect it to be a problem as we're paying a lot less than my partner's cousin who's already bought in the block and his valuation came out fine.
he also said that he was unwilling to get a list of exactly what is included in the price as this would be a legal document and it'll be part of what the solicitors will be asking for.
he also mentioned on the reservation form it will say 21 days for completion. This sound really short to me.
am i being fobbed off?0 -
Before handing any money over speak to your solicitor(hopefully he is your solicitor and not one provided by either the vendor or the EA)will you be exchanging contracts now or is this some other sort of "holding" deposit.
Either way get your mortgage sorted first, if you can't get a mortgage then at best you will lose this holding deposit and at worst if you are exchanging contracts you could not only lose your deposit but possibly be sued for breach of contract.
Speak to your solicitor about the implications of waht you are signing.0 -
ok, its all sorted now. the developers wouldn't make the deposit refundable (didn't think they would) but everything is going ahead now. next thing to worry about - snagging....0
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Typhoon2000 wrote: »Next thing to worry about is getting a mortgage or you will be losing your deposit in 18days...
mortgage is all sorted
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Before handing any money over speak to your solicitor(hopefully he is your solicitor and not one provided by either the vendor or the EA)will you be exchanging contracts now or is this some other sort of "holding" deposit.
Either way get your mortgage sorted first, if you can't get a mortgage then at best you will lose this holding deposit and at worst if you are exchanging contracts you could not only lose your deposit but possibly be sued for breach of contract.
Speak to your solicitor about the implications of waht you are signing.
it was just a holding deposit and we're no where near exchanging yet. the mortgage is all agreed now.0 -
Have you had the valuation done yet? If not - mortgage is not sorted. Pray that they won't value the flat much lower than your agreed price!Spring into Spring 2015 - 0.7/12lb0
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