Help! Don't know what to do!

Cannon_Fodder

That's rich. Bellway think NR are being cautious about the market !

If they are so sure the market is going great guns, why don't they discount to match the valuation, because if they hold onto your old place for just 6 months, they'll easily make that £10k back...

Of course they won't agree to that, they know full well how weak the market is.

The reality is that your place, the part-ex, is a limiting factor, and because Bellway know the market is weak, they also know they will probably have to drop the price of it in order to shift it.

(Another thread yesterday, where a part-ex seller was wondering about how to buy back their old place as an investment, because the developer had had to drop the price so much it became a real bargain.)

Its unfortunate you are dependant on their part-ex. Can you not sell seperately for say £5k less than they offered, and push for an ordinary deal with £10k off...£5k cheaper overall is better than not.

Just read some other posts by the OP - is this deal for completion in September? I'd give your place a chance to sell between now and September, then go back when the place is built - if it is indeed ready by September, make sure your mortgage offer goes well beyond or the contract protects you.

Personally, I wouldn't risk buying off-plan at the moment, too many things can change, either in the mortgage market, developers may collapse, post-election actions may have to hurt the economy before its fixed, etc.

Prices may well fall further if they cannot shift them.

But if Bellway turn out to be right about the market being better than NR say, in 5 months your place will be worth more...

gjchester

poppysarah wrote: »

However - tell them you'll only pay 170 and walk away if they don't.

Depending on what has been signed already (and this is common when bought off plan) this may not be a viable option.

If it was bought off plan and the contract signed at £180K and you walk away (or even fail to complete for any reason) the builder can sue for the difference of the £180K and what they do manage to sell it for later on.

The OP needs to read their contract and see what was agreed.

Quirky6000

Haven't signed any contracts yet, just a reservation. We were due to exchange next month. How about if we told them we told them we could make up the extra if they throw in x, y and z in the way of extras in the house?

maninthestreet

Quirky6000 wrote: »

Haven't signed any contracts yet, just a reservation. We were due to exchange next month. How about if we told them we told them we could make up the extra if they throw in x, y and z in the way of extras in the house?

Those 'extras' will be worth nothing when you come to sell the property.

SouthCoast

I live in a recent build Bellway property and the standard of construction is appalling.
Poor workmanship has led to two fires and two floods on the development.

Quirky6000

I didn't mean to get extras in to add value for selling the house, we'll be in there for 10-15 years, just trying to get the best deal for us right now.

puddy

when was it you were trying to sell your own house? was it during the really bad property market? if so, tell them that you're now going to sell the house on your own and see how you get on, you may be able to do so for the same price or slightly more than they are givin in part exchange, in which case you could probably afford more on your next purchase. they are a business, what you think is a good price for your property cant possibly be otherwise they wouldnt be making any profit on it

gjchester

Quirky6000 wrote: »

Haven't signed any contracts yet, just a reservation. We were due to exchange next month. How about if we told them we told them we could make up the extra if they throw in x, y and z in the way of extras in the house?

Read your paperwork I hope you are right.

The background to it is here

http://www.guardian.co.uk/money/2010/feb/01/property-developers-off-plan-investors

Quirky6000

Gjchester - I know what I've signed, we aren't tied into anything.