Buying a Taylor Wimpey part-ex

Horizon81

I viewed a house the other day which is just what I'm looking for, however, after the viewing my excitement was dashed when the vendor informed me that the house would not be available until "autumn" 2012 as he was part exchanging it to Taylor Wimpey! The advert for the house made no mention of this at all and the estate agent didn't mention it either when I arranged the viewing.

I've seen part exchanged houses advertised in the past (usually with Barratt and Persimmon) but the houses were always empty, i.e. the house builder only marketed them when the sellers had moved out (or the move out was imminient).

In this case, the house the vendor wants to buy hasn't even been built yet and he was a rather vague timeframe of autumn 2012, maybe sooner maybe later! I'll ask the agent for clarity on the situation but does anyone have experience of this? I always thought you were only commited to a sale from the exchange of contracts date, so... if I were to agree a price for the house now, is a contract draw up and the house is committed to me, or come autumn could I get gazumped? A lot could happen in 9 months! It all seems very strange to me. Are Taylor Wimpey an exception when it comes to selling part exchanges? I'm a FTB by the way.

Horizon81

Nobody at all? It mustn't be standard practice then!

busydaffodil1

Is he seriously going to risk losing a buyer in todays market?
I'd suggest to the Agent that being a committed buyer, the seller moves into rented until his new home is ready.

Personally I'd not risk waiting till Autumn....without contracts signed, he could do what he pleases & sell to another or decide not to move at all.

lincroft1710

TW do market houses where the sale to them has yet to be finalised.

Avoid worry and waiting, find somewhere else!

kingstreet

Keep looking. If you don't find anything else you fancy reconsider this as and when the circumstances become more reliable.

View this as a situation where a property MAY become available in a few months time and act accordingly...

oasisfeverish

We have recently PX my house for a new build. And as soon as we agreed on the offer price, the for sale signs went up. On rightmove it was advertised as 'no chain'. However both viewings were not told by EAs that it was because we were buying a new build, so I told them instead.

We, and the buyers of mine were told that a new build completion date of December, but this has been delayed till this month instead.

Personally if I was in your shoes, I would forget about this place, and continue looking, especially as the chances are you will see another property you like between now and autumn.

And if by May / June you haven't and this one is still available then maybe you will be happy to wait for a few months more.

Remember in a PX scheme you are buying from the developer not the person that is currently living in the property. They have no say in what amount to accept, only the developer can decide. And bewteen now and autumn, prices could go either way in that area.

terrierlady

no developer wants to buy a house they all look to do a back to back sale , they wont buy and sit with it unless the newbuild is ready ,problem is they use part exch to sell the new property and completion dates are never final till they say so , bit one sided but thats how they operate.

Horizon81

oasisfeverish wrote: »

We have recently PX my house for a new build. And as soon as we agreed on the offer price, the for sale signs went up. On rightmove it was advertised as 'no chain'. However both viewings were not told by EAs that it was because we were buying a new build, so I told them instead.

We, and the buyers of mine were told that a new build completion date of December, but this has been delayed till this month instead.

Personally if I was in your shoes, I would forget about this place, and continue looking, especially as the chances are you will see another property you like between now and autumn.

And if by May / June you haven't and this one is still available then maybe you will be happy to wait for a few months more.

Remember in a PX scheme you are buying from the developer not the person that is currently living in the property. They have no say in what amount to accept, only the developer can decide. And bewteen now and autumn, prices could go either way in that area.

Everything you're saying rings true in this case. It's shocking of the agent not to mention the tiny detail that the house wont be available till autumn but if they did then I suspect there'd be no viewings. It's nice the vendors, like yourself, are up front and honest, as goodness knows at what stage the agent would tell the whole truth - according to a thread I found on here, it wasnt until the surveys and solicitors looked into it, so several hundred pounds and much emotional investment down the line.

Horizon81

terrierlady wrote: »

no developer wants to buy a house they all look to do a back to back sale , they wont buy and sit with it unless the newbuild is ready ,problem is they use part exch to sell the new property and completion dates are never final till they say so , bit one sided but thats how they operate.

Back to back sale, so I would exchange contracts now on the part ex'd house, with the current family still living in it, and wait until an undefined date to move in? What planet are Taylor Wimpey on?!