Buying a house that has been part exchanged to taylor wimpy

emilylawton1990

Hello me and my partner are first time buyer and have found a house we would like to buy, but we found out once we had made an offer that it had been part ex to taylor wimpy, and the current couple living in it are waiting for their house to be built. They have been told there new house will be ready in January (they also said it could be December as they are ahead of schedule) We both still live at home and are not bothered by waiting 6 months or so.

The house was for sale for 89,000, but we got it down to 80,000 (which is a bargain for the house as its lovely!)

Has anyone bought a house this way, or have any tips on buying this way?

Many thanks

littlesparkles

The only difference between this and a normal sale is probably that you will get about 10 working days notice of the completion date. This is the same notice that the couple will get for the new house being ready.

emilylawton1990

We are worried to be going into such a long chain (the current people are going to be staying in the home until their home is ready)...what if there is a delay on the new build? They have said January but I don't want it being any longer than that. They will also have our deposit, would we loose that if something falls through?

pinkshoes

My new build was on target or slightly ahead, then completed 3 months late!

We completed the day before our mortgage expired, and rates had increased so if we'd completed a day later, it would have cost us over £2k extra in interest per year!!

So your issue could be your mortgage deadline and whatever happens to interest rates.

hazeyg

Hi,
Im in the process of buying off of TW. But its very complex, you can submit any offer you like and they will reply with thier own qualified offer. TW offer basically covers them for everything and leaves you entirely exposed. They delete serval condition off the standard missives leaving you completly liable to having a house stripped off any item not specifically mentioned- light fittings, flooring, curtain poles etc. They also dont agree to an entry date and will only provide a prediction and say that if its not met they are no liable to penalty another down point. TW when selling is not yet the owner and bascially the whole relationship is three way- owner- TW and you.
Be careful on anythigng you sign as you could sign your life away, their offers leave you with no protection if you agree to it! Thats not to say it ownt work but you need to make sure you are aware of what your getting in the sale, if your mortgage will still be valid and if not you can withdraw and how long you will wait to move in.

jan2803

Hi Emily

I find myself in exactly the same position as you were back in July and am interested to know how yours is going. I'm buying a part exchange home from persimmon and am told should be completed in april.

After reading the conditions I have the same concerns that Hazeyg mentions above in regard to included items and prediction of entry date.

Have you been advised of any delays or had any issues with missives etc?

JellyBox

We're just in the end stages of this same process, you're lucky to at least know the new build expected completion date, we were kept totally in the dark until the occupiers had actually moved and only after that was the developer interested in giving us any information at all. If they'd been helpful earlier they would have saved us a fair bit in solicitors fees and the general stress of knowing you're moving, but not knowing when!

All that said, we are getting our house for a good price and as FTB's who rent, the waiting has been annoying rather than a huge financial burden. I would just say, when sorting your mortgage, check the offer has a long expiry time, if we had had to reapply now things are moving very quickly, that would have been very difficult!