Reserving a plot on new development - can you still be gazumped?

moneybunny123

To be honest, I'm not at all a new-build-aholic. I much prefer older properties (I currently live in a Victorian semi). But with two children, your priorities change and location and practicalities are worth far more than features such as coving, fireplaces, nooks and crannies. I only wish I had the time to decorate and turn a place into something special. I don't. Hence, the new build with a fabulous, out of this world location and lots of other boxes ticked.

moneybunny123

Oh, and how many homes have we looked at? More than enough.

WelshNic

moneybunny don't be put off by the doommongers, you do what is right for you and your family.

It's not uncommon that they don't cash the cheque and if yours has been early birded you shouldn't have to worry, they won't want lots of people going for the same plot, they'll mark it as reserved and offer another to someone else, if you can't then proceed they'll offer to someone else. All you've done is give a goodwill gesture that you'll be offered first refusal, there is no formal contract in place yet so don't worry about 'builders suing you'

tyler80

On the large developments round here they keep substituting house types, rearranging layouts, going bust, selling off parts of the development to other developers etc.

Madness to have your heart set on a particular plot with a particular house that just might not happen

moneybunny123

tyler80 wrote: »

On the large developments round here they keep substituting house types, rearranging layouts, going bust, selling off parts of the development to other developers etc.

Madness to have your heart set on a particular plot with a particular house that just might not happen

Not what I asked, but thanks for your input :whistle:

tyler80

Yes you can still be gazumped and yes they'll accept deposits from more than one party.

Is that the answer you were after?

moneybunny123

If it's the trruth, then yes.

CloudCuckooLand

moneybunny123 wrote: »

Hence, the new build with a fabulous, out of this world location and lots of other boxes ticked.

Would be interested in where this new development is...if you don't mind posting a link - not the specific plot, just the site.

Have been so disappointed with new build sites, they keep squeezing them into poor locations, with poor plots, and without a hint of anything "fabulous", round my way.

Don't worry, I won't outbid you, I've recently bought an old property with a "pretty decent" location...but for future reference, perhaps by the time you want to sell, it could be useful, who knows..!?

sonastin

brit1234 wrote: »

:exclamati Buying off plan 12-18 months in the future in a falling market is incredibly dangerous. :exclamati

There are lots of people here and in Ireland who signed up for off plan developments and then couldn't commit as they couldn't get a mortgage. This was due to the sale price was far higher than the mortgage valuation or they didn't want to over pay when houses all around were far cheaper.

The builders are suing people who have pulled out.

I wouldn't worry at all about being guzumped as that is for rising markets, however I would study the fine print of what you signed very carefully

Only really relevant to people who have exchanged contracts. I don't think anyone would consider a £50 cheque to be an irrevocable commitment to purchase.