PX/New Build process questions...

starrybear

Hi there,

Hope someone can give me advice:

We're in the process of PX'ing for a new build. We've paid the reservation fee and the mortgage application is being done tomorrow.

Am I being naive in thinking that it really is going to be as easy as getting the standard legal stuff sorted, and moving in within 6-8 weeks? (Exchange date pencilled in as the end of June.)

The house is already built, kitchen and bathrooms etc are in - it just needs decorating.

I suppose I'm asking what should I realistically be prepared for before the point of exchange? Will there be a survey on our house? If so, and there are issues found (mild subsidence for example), is our PX offer likely to change?

What else should we be aware of?

Thanks in advance - the people on these boards are always super-helpful!

starrybear

Bump for traffic

marksoton

starrybear wrote: »

I suppose I'm asking what should I realistically be prepared for before the point of exchange? Will there be a survey on our house? If so, and there are issues found (mild subsidence for example), is our PX offer likely to change?

Yes the builder will do a survey.

starrybear

Thanks - any more insight from anyone?

I'd be interested to hear if anyone had lost their new build if their PX price was lowered, following builders survey?

If we were offered any less, the maths just wouldn't work. I'm bricking it :-(

Thrugelmir

Did the same many years ago. Process went seamlessly once the financials were tied up.

starrybear

Thrugelmir - was there anything that came up in the survey that worried your developer/builder?

dgtazzman

Reading between the lines, you are aware your property (probably) has subsidence issues and you are hoping nobody is going to notice. Even if they don't straight away, you will have to truthfully fill out the relevant section in the PIF. If you lie and are caught out at a later time, you could be in a world of trouble...

Think very carefully before (not) acting.

Thrugelmir

starrybear wrote: »

Thrugelmir - was there anything that came up in the survey that worried your developer/builder?

The new build came in significantly under value. The issue being that the property was the show house on the development. Besides the interior being enhanced, the split level rear garden had been professionally landscaped ( planted with trees and seriously large boulders to create rockeries).

In the end we bought at valuation. However we agreed to let them continue to use the garage ( which was their sales office) for a further 12 months or until all the development was sold. In addition we agreed to complete the whole transaction in 4 weeks. Took 18 days to be precise. 21 days including us viewing the property initially! Our p/ex property also went under offer in under a week. Which is why I'm sure that they were happy to go ahead with the deal.