brand new flat not so brand new

BargainMad_3

I do sympathise with you. However, knowing a thing or two about the mortgage market, I think that the case for having "more" mortgage options isn't true.

A new build having a temporary tenant (i.e. not owner) in the interim would not detract from the fact that it is still a new build and you are still the first owner as listed at the Land Registry.

You are right to feel duped by the marketing of the flat as new when it has had a temporary tenant. But please don't think that somehow you would have got a better mortgage deal because of this. Mortgage underwriting is a sophisticated business (even more so now) which takes into account many different criteria and I am afraid a temporary tenant in a new build would not have opened up better or cheaper mortgage options.

It is rather akin to a property being used as a "show home" on a new build i.e. furnished and with many different people coming in and out. Usually the builder would give some kind of discount for this reason, although not as much as you might think. However with this flat being cheaper than the rest, was it already being discounted?

Also do you know how long the tenants were in for?

shar46y

I'm with the OP - I don't think they are overreacting (and I'm an 'old house' kinda gal). Not only has it affected them financially re mortgage options, but ultimately it is not what they paid for! To me, that is the crux of the matter.

ILW

Are we sure it was not just the sales team or contractors using the place to knock up a bit of lunch. Was anybody actually living there?

Alter_ego

tus100 wrote: »

we are definitely the first buyers of the property but it had been let out.

It's hard to see how it could be let without an owner. Try one of the house price websites for previous sales.

Thefunkygibbons

Weird, and quite underhand by the developer

I would be livid on principle and I would keep banging the drum until it is made right and someone responsible apologises

tus100

Alter_ego wrote: »

It's hard to see how it could be let without an owner. Try one of the house price websites for previous sales.

The developer let it out.

thegirlintheattic

It still is new, you are the first owner.

Why did you not investigate why this property was being offered so cheaply?

In the end I think you might get a token payment if you complain but they are not going to buy it back or give you a new flat.

BargainMad_3

Alter_ego wrote: »

It's hard to see how it could be let without an owner. Try one of the house price websites for previous sales.

Well of course the builders initially own the property but for the purposes of mortgage underwriting the OP is the first buyer of the property. A temporary tenant in the interim would not open up a whole new range of cheaper or better mortgages. It simply wouldn't.

The OP is right to feel dismayed at the marketing of this property
but to an objective mortgage underwriter it would make no difference whatsoever.

tus100

It is rather akin to a property being used as a "show home" on a new build i.e. furnished and with many different people coming in and out. Usually the builder would give some kind of discount for this reason, although not as much as you might think. However with this flat being cheaper than the rest, was it already being discounted?

Also do you know how long the tenants were in for?[/QUOTE]


Flat was cheaper because it is on the ground floor - there was no discount whatsoever. According to the EA, 4 days.......but i know this is a lie. They have lied once and they will lie again because they think they can get away with it. If it is a show home it will state that in the reservation form but we were never told that it was ever a show flat - we were told that the floor was in because someone had wanted to buy it and already picked out the floor but the sale fell through. I am not a mortgage specialist but I trust what my broker has told me. Regardless of that I wouldn't have bought the property if it had been used.

tus100

ILW wrote: »

Are we sure it was not just the sales team or contractors using the place to knock up a bit of lunch. Was anybody actually living there?

No it wasn't the EA confessed yesterday that someone was living there.