Help to Buy Buying Query

sturgeon

This isn't true, I think it's a common myth with HTB that the price is not negotiable. You have the same right to negotiate and don't let the developer fob you off with the fact it's already 'discounted' as it's HTB. I got about 6% or £25k discount off mine and had to thrash it out with the developer over a few days to sort.

SuboJvR

dhokes wrote: »

Any reason why not? Is that a legal T&C for using the help to buy equity loan?

sturgeon wrote: »

This isn't true, I think it's a common myth with HTB that the price is not negotiable. You have the same right to negotiate and don't let the developer fob you off with the fact it's already 'discounted' as it's HTB. I got about 6% or £25k discount off mine and had to thrash it out with the developer over a few days to sort.

My experience is anecdotal.

However there was a significant attention to detail in the HTB paperwork and the mortgage paperwork for the HTB regarding the value of the house, and the purchase price, and how many incentives are offered.

For example, some lenders will only offer a maximum of 1% of the full purchase price as a cash incentive for their Help to Buy products. A discount on the asking price would be seen as a cash incentive and may lead to a decline on the mortgage application from such a lender.

Our lender I think had this 1% limitation however they considered assistance with Stamp Duty separately.

So it may well be that a person could negotiate a discount with the developer, but the potential mortgage lender may not be willing to accept it.

SuboJvR

mattconway wrote: »

Thanks again! We expected we would have to pay full price. We was hoping they would potentially provide the flooring and contribute to some appliances, but that is probably pushing it. The flooring is the main thing we are aiming for as we can save up for the stamp duty before completion easily. It is just those expensive extras we need to sort out. Did you manage to get many incentives with your property?
We have a broker already who seems to very knowledgeable so we will probably use them rather than TW. I have already spoke to theirs they recommend but they seem to only want to push for the main providers when there is so many other lenders out there.

Flooring would be a good one to get if you are happy with their offerings. What they supply is really expensive though in comparison to if you sourced it otherwise, but if it's included then it's one less thing to worry about.

We are only getting TW to tile our bathroom and cloakroom floors, which we are paying for. We decided on this because they would then tile, and the toilet etc then goes over the top. Additionally I felt that if anything were going to suffer with the house settling as a new build it would be tiles and therefore best to get that covered under their warranty. And this way if we do have any delays in terms of getting our flooring done by another provider we can still use a crucial area in the property!

TW are paying two thirds of our Stamp Duty cost, but that's all we're getting in terms of incentives. At this development though, all of the kitchen appliances are included, as are a lot of other things that can be "extras" at other sites, for example - personnel door into the garage, outside tap, power & light in the garage, turf to the garden, wiring for outside light.

We're going to get laminate flooring everywhere else (a water resistant one in the kitchen), I've priced up around £2000 for it to be supplied and fitted including carpet on the stairs and landing. For the Karndean throughout, the price was about £7500 with TW. Karndean is a type of luxury vinyl which is really nice stuff, and better waterproofing than laminate, however we've found a laminate finish we're much happier with than other luxury vinyl. We also felt that going for a solution that needs underlay would mean if we did want to change something later, being our first home and all, this would be easier than having vinyl that was fully stuck down!

Hope this helps!

SuboJvR

Crashy_Time wrote: »

http://www.telegraph.co.uk/business/2017/08/01/taylor-wimpeys-profits-hit-setting-aside-cash-deal-leasehold/

Thank you for the really interesting article, however we found TW welcoming before their share price went into the toilet.

mattconway

that is helpful thanks. At this development they provide hardly anything at all. Only the oven and no flooring. They do provide light and power socket in garage though and turf the garden at least as standard. I think we will just have to try and push the incentives as much as they can. We might be better off getting the flooring elsewhere.

SuboJvR

If you do get flooring elsewhere - ask if TW will screed the floor.