Exchanging soon but feeling conflicted! Should I buy?

silvercar

reeshay wrote: »

Hi WillyWonga, there are about 5 flats left (2/3 beds) but it does seem as though the flats have been selling fairly quickly although looking at some resale properties in the area they seem to have been listed since October/November. Do properties usually stay on the market for so long?

There is often a resale problem when the developer is flogging new builds. With a big marketing budget and the lure of brand new, it can make resales difficult.

(Advert in today's Times property section for Beaufort Park.)

reeshay

cavework wrote: »

Edit: Fourthly I'm signing a 25 year contract with E.on to provide my electricity and heating with a £400 service charge and at around 9p/kWh due to it being a District Supply. Although i am aware that this is the case with most new-builds


never heard of this before?
25 year lock in? Really?
Just googled this, it does exist ..
and I would run a mile!

I've read the contract and apparently I can choose to cancel it. I might try to do this and install my own boiler

reeshay

silvercar wrote: »

There is often a resale problem when the developer is flogging new builds. With a big marketing budget and the lure of brand new, it can make resales difficult.

(Advert in today's Times property section for Beaufort Park.)

Hopefully in 4 years time things will start to slow down!

reeshay

Sending off the contract and deposit for exchange tomorrow morning. Thanks a lot for your help guys!!

Malmo

reeshay wrote: »

First and foremost it has a mental care home just off my road (5 min walk away). My issues here are in terms of safety and resale. I don't mean to sound unreasonable and completely understand the importance of such homes however i will be living on my own.

I echo what penguingirl & carefullycautious have both posted. Slightly off the topic of House Buying, but Mental Health is tarnished by an unfair and irrational stigma. These are vulnerable people and if anything, they are generally more afraid or uncertain of strange people like you or I than we are of them, as we don't have to cope with these types of health issues day in and day out. It sounds like a care / residential home that is nearby and not something like a forensic or high secure unit, so there is nothing to worry about. Good luck with the purchase.

AMILLIONDOLLARS

Why would you sign your self to a 25 year contract when you will be living there for only 5years. What is the buyout of the remaining 20 years of the contract? You had better read the fine print.

Yes you can choose to cancel it, but how much for??

AMD

reeshay

Malmo wrote: »

I echo what penguingirl & carefullycautious have both posted. Slightly off the topic of House Buying, but Mental Health is tarnished by an unfair and irrational stigma. These are vulnerable people and if anything, they are generally more afraid or uncertain of strange people like you or I than we are of them, as we don't have to cope with these types of health issues day in and day out. It sounds like a care / residential home that is nearby and not something like a forensic or high secure unit, so there is nothing to worry about. Good luck with the purchase.

Thanks for the reassuring message!

reeshay

AMILLIONDOLLARS wrote: »

Why would you sign your self to a 25 year contract when you will be living there for only 5years. What is the buyout of the remaining 20 years of the contract? You had better read the fine print.

Yes you can choose to cancel it, but how much for??

AMD

From the contract, I'm assuming that the contract is passed on to the seller. Do you think there would still be a buyout?

rosie383

As others have said, read the small print! Today!

reeshay

Just spoke to E.on and I can't cancel the heat/water, only the electricity. So i'm basically locked in for 25 years (as is the person I sell it to).

Would you deem this to be a big issue?

Quick update: i've already sent the documents and deposit to my Solicitor this morning.