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Deposit / Offer on New Build
clairecymru
Posts: 522 Forumite
Can you put a deposit / offer on a new build property without putting current house on market yet?
0
Comments
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yes. You can make an offer whenever you like.
Whether it is accepted or not is a different question....I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
clairecymru wrote: »Can you put a deposit / offer on a new build property without putting current house on market yet?
if your offer is accepted you will be required to put a deposit down straight away to secure your plot, which is usualy non refundable.
depending on the stage of the build you will be expected to exchange contracts on the sale in a time frame (needs to be discussed with the developer).
we bought a new build off plan and paid a £1,000 non refundable deposit, we exchanged contracts within a few months but didnt complete on the sale till about 10 months later when it was finished.
Depending on how far the build is, I personaly wouldnt put a deposit down until you have your house on the market and have a buyer. unless you have won the lottery and can afford to buy a second house before the first one sells!!0 -
It would be a bad move in my opinion. Since they'll make you exchange contracts very quickly you basically have a very short period of time to sell your house before you're legally bound to buying a house which you can't afford and leaving yourself open to being sued by the developer.
This happened to people I know and it was only the fact they had parents able/willing to bail them out that they didn't end up completely bankrupted by the situation despite always being very careful with money up until that point.0
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