Timings - would you wait?

skint_chick

I doubt a new build is suddenly going to be complete early, throw in divorce/transfer of equity and it seems like a bad idea waiting around to see if it will happen. If you don't completely love the house then checking out other options seems like a good idea. It's good that you're being sensible but if your budget will allow for a house that you really love and want to stay longer in then it makes sense, especially as selling after 2 years means estate agent fees, solicitor fees and stamp duty costs. It seems like there is just too much going on with your current purchase, so weigh up the cost of survey and searches and any solicitor fees incurred so far vs waiting. It's unlikely that any purchase you agree now will complete in April but if they are empty houses and the searches come back ok then it is possible. Plus if you are sticking with the same lender for the mortgage then they have already underwritten your case so just have to consider the new amount/loan to value and new survey.

marksoton

orangecrush wrote: »

Update: After much chasing, the progression company called the vendors who have said that they are waiting on a new build, with a "long stop date" of end of May. They are trying to negotiate an earlier completion via their solicitors. I suspect this is not going to happen. *SIGH*

Well unlikely, as they can't complete on an incomplete property!

Pretty disingenuous of the vendor not to mention this small fact earlier...

orangecrush

skint_chick wrote: »

I doubt a new build is suddenly going to be complete early, throw in divorce/transfer of equity and it seems like a bad idea waiting around to see if it will happen. If you don't completely love the house then checking out other options seems like a good idea. It's good that you're being sensible but if your budget will allow for a house that you really love and want to stay longer in then it makes sense, especially as selling after 2 years means estate agent fees, solicitor fees and stamp duty costs. It seems like there is just too much going on with your current purchase, so weigh up the cost of survey and searches and any solicitor fees incurred so far vs waiting. It's unlikely that any purchase you agree now will complete in April but if they are empty houses and the searches come back ok then it is possible. Plus if you are sticking with the same lender for the mortgage then they have already underwritten your case so just have to consider the new amount/loan to value and new survey.

We'll lose around £800 in survey and search fees if we shift, and in an irritating turn of events our mortgage broker has left his job, and the lender has confirmed that we will have to start from scratch if we want to deal direct with them. But I think you're right about moving fees etc and it might be less hassle in the long run to actually go towards the top of our budget!

marksoton wrote: »

Well unlikely, as they can't complete on an incomplete property!

Pretty disingenuous of the vendor not to mention this small fact earlier...

Yeah, I don't know how they were thinking we would not notice, that we hadn't exchanged yet?? They've led us a merry dance throughout, tbh, lots of little [STRIKE]lies[/STRIKE] "inconsistencies". In their defence it could be solicitors at fault, but regardless, I think we're out