HELP!! New Build Under Valued!

jjsimcox

iHelp wrote: »

He also mentioned that he has sold 37 flats and all of them were valued at asking price or above and they have all exchanged. .

This is the biggest lie since Tony Blair told that whopper about weapons of mass destruction!

CloudCuckooLand

iHelp wrote: »

last 2 bed 2 bath, with the best lay out in the development...

If this flat genuinely had the best layout, why would NONE of the other 37 buyers spot that fact and reserve it before you..?

Salesman's BS.

Take everything else he says with a tonne of salt.

Read the Ts&Cs for your reservation fee, see if there's a way to get your money back.

Nikel

Seems you really have your heart set on this place despite the lower valuation, but as you can't raise the extra funds it doesnt matter even if you think its worth it. Unless the seller drops the price you will probably have no choice but to walk away.

SuzieSue

iHelp wrote: »

Just out of curiosity...why shouldn't the sellers solicitors be used?

Because they won't want to bite the hand that feeds them (ie the developer who gives them their main source of fee income).

If the solicitors find something that might put a buyer off, they are are much less likely to highlight it than if you used your own solicitor who had only your interests at heart.

Trollfever

Has the salesperson given you details of the projected annual maintenance costs for this development?

evoke

iHelp wrote: »

Just out of curiosity...why shouldn't the sellers solicitors be used?

Because they'll work for the developer rather than you!

Use your own (local) solicitors. Trust me on this. Do NOT under any circumstances use the solicitors that the developers recommend.

evoke

Some other advice i'll give:

1. What is the ground rent per annum and is it an escalating ground rent?

2. What is the annual service charge.

3. Is there someone living above you? What are the floors like? If the people above you just walk normally, will you hear all their footsteps? If the flat above is vacant, ask the salesperson to walk around in it whilst you stay in the flat you want to buy. Better still, get a friend to walk around in the flat above. That's the noise you'll have to put up with if you buy.

4. What are the parking arrangements? How many visitors spaces are there?

poppysarah

iHelp wrote: »

He advised me to speak to Allensons mortgage brokers and get some impartial advice on Monday. I don't understand how this is going to help my situation because I don't really want to change lender.

.

You don't suspect it's a pet lender yet?

iHelp_2

CloudCuckooLand wrote: »

If this flat genuinely had the best layout, why would NONE of the other 37 buyers spot that fact and reserve it before you..?

Salesman's BS.

Take everything else he says with a tonne of salt.

Read the Ts&Cs for your reservation fee, see if there's a way to get your money back.

This is it, I visited the development numerous times and decided to buy a one bed. But on my last visit the salesman notified me that a 2 bed 2 bed that was reserved has now come up for sale, this I don't doubt as when making enquiries earlier all the 2 bed 2 baths had exchanged or were reserved. I thought it was my good karma!

Reservation fee I can get back minus the admin fees, and these include how much work their solicitor has done so far, and probably the bottle of bubbly they gave me when I reserved!

SuzieSue

iHelp wrote: »

This is it, I visited the development numerous times and decided to buy a one bed. But on my last visit the salesman notified me that a 2 bed 2 bed that was reserved has now come up for sale, this I don't doubt as when making enquiries earlier all the 2 bed 2 baths had exchanged or were reserved. I thought it was my good karma!

Reservation fee I can get back minus the admin fees, and these include how much work their solicitor has done so far, and probably the bottle of bubbly they gave me when I reserved!

Yes, probably because the buyers couldn't get a mortgage like you.