New build with no guarantee/warranty?

scottishgirl87

Long story cut short, there is a newish completed flat development in our area that I've been keeping my eye on for a while. A few months ago the housebuilder went bust, an estate agent took them on and the price of the flats dropped considerably to a Fixed Price (we're in Scotland) of £95,000. The listing has "no warranties or guarantees will be given".

Is it stupid to even consider a new build that doesn't have any warranty/guarantee? I've watched them for a while now and would say the housebuilder went bust about 6 months ago, and the no warranty/guarantee is what I assume is putting people off them.

I know there's not a straightforward answer, but even if it's not a complete no-no to buy, how much under the fixed price could you reasonably get it for? I know that's probably about how long is a piece of string, but just interested in some advice.

[Deleted User]

Hi, well I have a new build and I would never buy new again, they are poor quality compared to the old ones that you can get. I would ask for some specifics, because it could refer to the guarantee offered by the builder and not the NHBC, so it may still have the NHBC.

I would also look at why they went bust, could it be because they are building rubbish.

Also if nobody will buy now, why will they buy in the future?

If you like what you see and want to buy one, why don't you try a really cheeky offer, see what they say and then ask lots of questions, I guess the only way to decide is to look at what you want, what you are getting and then put all these points to your lawyer.

HTH

roger196

Get one of the firms who specialise in snagging (finding faults in new builds) to give a detailed report. Check their references and what insurance they have for professional negligence. Buy one of the books on snagging and get reading.
Find out as much as possible about the housebuilder ie he might be a good builder but hopeless at finance....
Ask any one occupying the flats what problems they have come accross.
Check with the local authority building inspectors what inspections have been carried out. If possible look at their reports for each stage.

scottishgirl87

Thanks for the advice, gives me something to go on

Thrugelmir

Do you require a mortgage? Without some form of warranty these properties are best suited to cash buyers only.

scottishgirl87

Thrugelmir wrote: »

Do you require a mortgage? Without some form of warranty these properties are best suited to cash buyers only.

Yes we would require a mortgage, I thought that would probably affect it as well.