Trying to buy a newbuild

mikey_bach

I am in the process of looking in to buying a new build, was hoping to put mine in part exchange but doesnt look like its going to happen

Anyway its on the market and the house builders want us to change agents, put the house on for a lower price, they will pay the fees and give us 3k off the asking price as well.
If it sells before the new house ready we can rent from them.

Is this good, or if I were a cash buyer what discounts could I get the price of the new property is 185k..
Also if I reserve the house do you try to get the price reduced straight away or nearer the time of completion...

thanks for any input

GDB2222

The discount they are offering you is well under 2%. That is nothing on a new build.

You need to negotiate the price before putting down a reservation fee. Once you paid that, you really have no room for negotiation.

It is nothing to do with the housebuilders which agents you use or what price you put the house on at. If I were in your position, I would find a buyer for my house before discussing matters any further with the housebuilders, and then negotiate a really substantial discount on the new house. And better still, I would not buy a new build house at all.

mikey_bach

the house is to be completed next April, we have decided not to do part exchange but buy a cheaper house.
Whats the process, to reserve, would they expect contracts to be exchanged, to include a deposit and a mortgage in place.
The old house would have to be sold..

terrierlady

mikey_bach wrote: »

the house is to be completed next April, we have decided not to do part exchange but buy a cheaper house.
Whats the process, to reserve, would they expect contracts to be exchanged, to include a deposit and a mortgage in place.
The old house would have to be sold..

you reserve usally with a reservation fee of 500 or agreed figure,you will need to exchange within 28 days , you will need mortgage in place and yes usally at least 10% deposit on exchange, think carefully about what you intend doing, no solicitor will allow you to exchange without selling your present property unless you have extra funds.The discount the builder is offering is not enough and the perks small, why are you not doing part exchange?

mikey_bach

originally I was going for a bigger property but they would not part ex as said it was to early, but would give £5000 off, but then I seen a cheaper property on the same site.

Or do you think they accept holding deposit till my house has sold and keep the smaller house or will they want to exchange, am going in a few days to see them and trying to get a bit of knowledge, thanks for your help

GDB2222

Relax. There's nothing to be done until you have a buyer for your own home.

mikey_bach

Think I am getting a tad confused.
I cant reserve a house thats not due to be finished untll next year can I?
If I had sold mine and was ok to go how long would the mortgage offer last,
I thought there was a time limit..
Or if contracts were exchanged would the mortgage offer stand untill completion