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New Build Apartment - Queries?
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seven-day-weekend
Posts: 36,755 Forumite
We are seriously considering buying a new apartment as a buy-to-let. We have never bought a new property before. The apartment is physically built, it is not off-plan.
My questions are
a) Can we negotiate the asking price?
b) Is there anything else we should know about buying a new build that does not apply to pre-owned homes?
Thanks!
My questions are
a) Can we negotiate the asking price?
b) Is there anything else we should know about buying a new build that does not apply to pre-owned homes?
Thanks!
(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
0
Comments
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You are in a good place to negotiate as once built they want them sold!0
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a) Depends how desperate they are to sell
b) get a written "guarentee" of the level of service charge expected.0 -
tim123456789 wrote: »a) Depends how desperate they are to sell
b) get a written "guarentee" of the level of service charge expected.
Thanks... we have been verbally told what the service charge is.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Do you need a mortgage? If so, you'll need to think about;-
- maximum loan to value, likely to be no more than 70%, poss less
- many lenders don't like BTL newbuild flats at all
- how many floors and what floor is flat on.
I've just placed a case and could find only one lender for a 75% BTL newbuild flat on 4th of 4 floors.
At 70% I found a few more.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Is there anything else we should know about buying a new build that does not apply to pre-owned homes?
Pay a professional 'snagger' to find all the bodges and dodgy work and draw up the list of fixes to be done before you pay.0 -
I know you haven't asked specifically about this, and you are maybe already experienced LLs, but in case you aren't, the following link gives a lot of useful things to consider before going down that route.
http://forums.moneysavingexpert.com/...2&postcount=120 -
kingstreet wrote: »Do you need a mortgage? If so, you'll need to think about;-
- maximum loan to value, likely to be no more than 70%, poss less
- many lenders don't like BTL newbuild flats at all
- how many floors and what floor is flat on.
I've just placed a case and could find only one lender for a 75% BTL newbuild flat on 4th of 4 floors.
At 70% I found a few more.
We can put at least 25% deposit, can do more if necessary. Many of the flats are btl already. It's floor one of four (i.e.one above ground floor).
We have a mortgage broker working on our behalf, should find out tomorrow.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Like I said, one lender at 75% and more if you can stretch to 30% deposit.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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