New Bellway Home advice

marco_79

Hi Folks

Looking for some advice,

We found a property we really like today on a new bellway development. The problem is they will not let us put a deposit down on it untill we sell our own property. They say the missives have to be signed two weeks after paying the deposit. The property will not be ready till Dec/Jan. There is only two plots left of this house type in this current phase. So we either try and sell our property really quickly and maybe have to rent for a few of months. Or try and sell and wait till the next phase comes out which might be too exspensive. I just wish they could take a deposit like most place i thought did.

Any advice.
They also say they are offering no incentives or deals.

Thanks in advance

Marco

meanmachine_2

Sounds to me like they're trying to strong arm you.

All off-plan and new build developments are struggling at the moment, so I'm surprised they're not being flexible.

Don't worry about the next phase being more expensive. If anything they'll be much cheaper.

Don't let ANY property company or estate agent push you into doing anything you're not comfortable with. This is your life and your money. All they care about is selling their goods at the highest possible price.

If you really need to buy this property, firmly state your terms and if they won't budge, tell them to shove it. Trust me. New builds are not special nor are they unique. There are new ones springing up every day.

JanCee

meanmachine wrote:

.
Don't worry about the next phase being more expensive. If anything they'll be much cheaper.
.

How do you know this? Has this happened to you?

meanmachine_2

JanCee wrote:

How do you know this? Has this happened to you?

No, I'm only stating my personal opinion that I believe house prices - based on the current state of the market - are liable to be flat or even fall.

12 months ago, this wasn't the case. Now, it's all different. It's a buyer's market and we shouldn't forget that.

kazd

Westbury do this as well, we were lucky enough to be able to move in with my parents. However, I agree in the current market don't let them bully you. Also consider this, out of the current phase those houses will probably be on the worst plots which is why they are last to go. You might be able to get a better plot on the next phase.

marco_79

Conflicting advice really not sure whats best,this house we want is £206000 and we will have to take out a mortgage of around £165000 to cover it. Easily the biggest decision of my wife and I's lifes. To add to matters we are expecting our first child in November.

I really don't know what to do for the best

Jacster_2

I bought a new build recently and negotiated a substantial discount. If you have got a big discount, this may be why they are trying to strong arm you. Also, if it's anything like my development, sales are falling through regularly because people can't sell their current houses and are pulling out of new build deals. Sounds like they are trying to avoid this happening with you.

The phase after mine is offering lots of incentives, but the 'list' prices have gone up. I think over the next year or so prices will fall, but this doesn't worry me - house prices only matter if you're moving - I wanted a home to stay in for a good few years. My lawyer told me that when the housing market slows, the first signs of slow-down are seen in two sectors:

• ex-local authority
• new build

Consider carefully what you want to do. I was tied to certain terms because of my discount, and was happy to meet them. Had the terms not been reasonable for me, I would have walked away - no matter how good the discount.

Consider the worst case scenario and decide if you are prepared to live with it - then make your decision.

Good luck.

pammie

Bellways have got the most appalling attitude problem. We are being made homeless in two weeks because we were strong armed into signing a contract with them within 30 days and no completion date. We have had one delay after another and should have finally completed July 1st. They're still putting it back and don't even bother to tell us, their excuses would insult the intelligence of a Goldfish.

Lucy_Lastic

For anyone interested in Bellway Homes I came across a website by accident - https://www.buggers.org which has been set up by disgruntled Bellway home owners. I have no personal experience of Bellway homes myself and suspect that the problems outlined on the website are probably common to all large builders, however, it may be of interest to those thinking of purchasing a new build.

bunking_off

I think all builders will insist on an exchange of contracts within 30 days...as and when TerrierLady's online she'd confirm that one way or the other. Obviously, this means that if you haven't got an exchange on your existing property, that means you're taking a risk.

It is a little strange that Bellway are offering no discount and no part-ex incentive. A "normal" approach on this type of situation would be to go for part-ex as a backup, but try to sell your property in the meantime. The problem is that new-build completions are notoriously unreliable (especially one for completion in winter!) so even if you do sell you might end up in temporary accommodation for a while.

I don't know much about Bellway, but Lucy's probably right to be cautious about them being particularly bad - I've yet to come across a large builder who hasn't got a long list of horror stories against them, so I wouldn't necessarily put too much store in what the website she mention says. Similarly with Pammie's views, I sympathise, but know of horror stories equally as bad with Wilson Connolly, Ansar and Betts...I doubt there's a builder in the land who doesn't have disgruntled customers. The motto is don't believe any of the b*ggers...

Also, I think it is fair to say that Mean Machine is generally bearish about the housing market. That's not to say that he's wrong...more to say that you need to keep in mind people's perspective on things when you listen to their advice. Property prices are softening...there's a variety of views about whether they'll go into reverse...but to blanket say that it's the wrong time to buy without knowing anything about the particular development or location is just plain wrong.

Ian_W

marco_79 wrote: They say the missives have to be signed two weeks after paying the deposit.

Take it from that the house is in Scotland? If so, most of us South of the border are probably not best placed to advise. Generally we don't understand the house buying process too well and are probably not up to speed on the market there.

I've certainly seen it said by Scots on other threads that the market isn't as volatile as E&W and prices are not noticeably dropping due to a lack of buyers etc. That, together with the fact that properties on the current release seem to be selling well [only 2 of the type you want left] might explain why there are no incentives - incentives are only there to attract buyers, if they've got plenty Builders won't give money away, that's for sure!! :mad:

Best of luck anyway.