Fustrating situation - Taylor Wimpey - can anyone help?

lalman

Hello.

I am in abit of a unique situation and feel like the computer is just saying 'no'.

My wife and I want to buy a family home - my gross income is 38k and hers is 27k - but she is contracting with about 6 months left on her current one.. but is looking for a permanent job.

We don't have any loans and have saved up 50k...

My folks aren't getting any younger and want us to live all together long term and are happy putting there house in towards a larger new house. There house is valued at 250k and doesn't have a mortgage.

We found a house we all like with Taylor Wimpey - its a new build and won't be finished till July 17 which was fine by us... Unfortunately in order to secure the house they wanted us to sell our home... rent till July 17. The house asking price is 480k

Obviously i see risks and huge negatives.

1. Parents aren't getting younger and wouldn't want to move twice
2. Cost of renting
3. If mortgage falls through for any reason we literally wouldn't have a home.

My inital idea was to trade in folks home, put some of our savings in so we would have a 190k mortgage that with my salary i could get.

That didn't work... and the only other way is to get a mortgage for the whole amount - deposit.. then paying off a huge chunk with my folks property.

With my wife being a temp contract and not earning enough we couldn't do this... No bank would lend us that money....

My sister earns 6 figures and offered to help. I spoke to my mortgage advisor to see whether we could buy the house (my sister and I) but he said we couldn't unless willing to pay the higher rate of stamp duty which we aren't willing to do.

Is this a unique situation? Does anyone have any other suggestions?

I appreciate any responses.

Doozergirl

It's just timing. They won't exactly be asking your parents to rent - it's none of their business how you complete the transaction, as long as you do.

For you, you have to commit to paying the 10% deposit on exchange and then finding a buyer prepared to move in time with your parents. It's a bit of a risk this far ahead.

Presumably TW aren't interested in part exchange as this sounds like a new release of plots that aren't built. Providing they don't sell out, you'll find them more amenable to part ex once the houses are up and standing. The answer is *wait* and see if it has to that house.

Otherwise you find a new build estate that is part-exing or you move to an existing house like most people do and be part of a chain.

As for 3% stamp duty, you'll be fleeced by TW on the part exchange and for extras and for the simple fact it's a new build. It might be worth it if your parents are frail, but on a better value house?

venna

Please be careful how much you put yourself out for Taylor Wimpey. We bought from them a few months ago and it has been a catalogue of mistakes, incompetence (in my opinion) and poor communication. The issues appear to stem from head office. We had so many serious issues it has really soured our home for us and the issues are still on going, despite being on their 'new improved customer care journey'.


Sorry to be so negative but just thought you should know what it can be like as another possible risk. I take on board that not everyone has the nightmare we have.