Does anyone want to join me waiting for new build to be built and complete

Curious_Mouse

Evening.

Hubby and I are buying a share of a flat being built by Weston Homes on behalf of L&Q housing association. We've exchanged contracts on November 14th with the completion On Notice from the builder. When we just came to view the show flat they've mentioned completion date being mid January. Once everything started happening we were told 30th of November ( unofficially, by our solicitor over the phone, we were never emailed by L&Q ), then 15th of December, then end of December, then mid January. Couple days ago they've told us they had another slippage and it is now anticipated to be handed over end of February.
So frustrating!!!

stote

Hi all me and the wife decided to reserve on a new plot in Grays off plan, 2 bedroom house not started yet, the builders Bellway want to exchange contracts in 28 days , before I part my money for the reservation I need some help please, I'm buying on Help To Buy scheme, how can they exchange contracts in 28 days if the house is not build?
Or should I just give the deposit ?
I'm very concerned as we live in rented accommodation and if we exchange contracts we will be paying rent and Mortgage?
Can someone help here please.


Kind Regards

katherz44

Exchange of contract's doesn't mean you'll start paying your mortgage on the new build. You only start paying mortgage payments against the new build once you have legally completed.
We reserved on 8th Feb, our build won't be ready until May. We're aiming to exchange contracts within 6 weeks.
We also live in a rented house, we won't be giving our notice to leave the rented house until around April.

Hope this helps

katherz44

Curious_Mouse wrote: »

Evening.

Hubby and I are buying a share of a flat being built by Weston Homes on behalf of L&Q housing association. We've exchanged contracts on November 14th with the completion On Notice from the builder. When we just came to view the show flat they've mentioned completion date being mid January. Once everything started happening we were told 30th of November ( unofficially, by our solicitor over the phone, we were never emailed by L&Q ), then 15th of December, then end of December, then mid January. Couple days ago they've told us they had another slippage and it is now anticipated to be handed over end of February.
So frustrating!!!

It sound's like you've had a nightmare!

What's the progress since you posted?

rijack

katherz44 wrote: »

Exchange of contract's doesn't mean you'll start paying your mortgage on the new build. You only start paying mortgage payments against the new build once you have legally completed.
We reserved on 8th Feb, our build won't be ready until May. We're aiming to exchange contracts within 6 weeks.
We also live in a rented house, we won't be giving our notice to leave the rented house until around April.

Hope this helps

Similar position to us. Reserved towards end of Jan, exchange target date is 1st March, due to be complete around end of April / start of May.

So far smooth sailing with no bumps..

katherz44

That's great to hear! We're doing okay too so far... Long may it continue!

Grezz24

We are renting too, and due to get the keys at the end of March, all being well.

However we have decided to keep the rental for another month so we effectively have both homes for 30 days so that we can decorate as we want and start the process of moving everything over without it being a mega rush.

katherz44

That's such a great idea! We thought about doing that too, as it's such a risky period of time.

We're kind of hoping our landlord takes a break between us leaving and getting someone new in to update the decor which may give us some flexibility in case the build runs over.

It's hard to know what to do for the best!

katherz44

Roof trusses are on!

tomhall

Just an FYI, it’s advisable to wait 6-12months before you start giving your new build your own lick of paint and wallpaper, this is because the brand new plaster needs time to dry out, slowly, and as it does, you may notice cracks appearing, which you’ll want to fill in.

If you really can’t stand white walls or 50 shades of magnolia, then just make sure you use a breathable paint, such as, matt emulsion.