Buying a new house and I haven't a clue!!!

dprovan

Hi

I have had a deposit sitting on a new house for a few months with a planned completion of the end of October. Although the builder has always said they can be flexible (they are a huge company in the area).

I have just sale agreed my house to someone who is in a complete chain. The matter is complicated by the fact that my prospective buyer was also sale agreed on my house 6 months ago, the deal died then as he ran into legal problems re his rights to sell his own house. I have been assured by estate agent and via solicitor that this is sorted now and that he can proceed. However the previous experience leaves me nervous.

Anyway the foreman of the house I am buying has been phoning me and asking if I have picked my kitchen and sanitaryware yet.... I have explained that we have seen what we want but that I cannot/will not order (committ to buying) until I know my own sale is secure. Although the house comes with pc sums they are no way near enough to cover what I will be ordering.....

Ive tried to phone my solicitor to see if there is ANY movement in the sale of my own, the valuation hasn't even been done yet sale agreed was 2 weeks ago, and its been holiday period here, so no great surprise.

However can others advise.
1. when would you committ to spending money on new fittings etc....9would this be exchange of contracts).
2. The builder is saying he will need 4-6 weeks to fit, so is that reasonable.
3. And if I have exchange 4-6 weeks before, will I need a deposit at that stage and if so how much...the house im buying is 290k and my deposit would have been through sale of own.
4. How would others do this?

thanks in advance

susieb

I'm in a similar situation, sold my house 2 weeks ago, don't think surveys been done unless it was a drive by valuation, buying a new build, so far have just paid deposit (small sum) and have reserved a mortgage, but not paid for valuation yet, as thought I would wait until mine has exchanged. (we are going to rent inbetween selling and new house completing) So not sure if I've helped you or confused it more

Jorgan_2

Don't pay out any monies for fittings until after exchange of contracts. If you pay out before & it goes pearshaped, someone else will be enjoying your choice in fitments.

4-6 weeks is reasonable to get the work carried out.

You usually require a 10% deposit, it is possible to reduce this to 5% or even nothing (not recommended), if all parties involved agree. It is also possible to use the bottom of the chains deposit monies to pass up the chain if your deposit is in the equity of the property you are selling. Speak to your solicitor regarding this.