Buying a new build in Scotland

gemshill

We are really interested in reserving a Barratt home in their first release of a new development. However we have been informed that missives must be signed within 8-10 weeks of reserving and that we must therefore sell our current home just now as a solicitor won't sign missives if we haven't sold our house, is that correct? As the new build won't be ready until June/July next year we not prepared to sell just now as no buyer is going to want a move in days 10 months down the line. We don't fancy renting in the interim. Any other way round this situation?

AnotherJoe

Do they do p/x?
Can you afford two mortgages (in theory even if in practice you wouldn't need two) so you could independently purchase this ?

It would appear this development is aimed at FTBs or someone in the same position, eg no place to sell / dont need to sell.

davidmcn

You're only likely to get 7-14 days' notice of the confirmed completion date, so realistically you can't tie this in with the date of entry for your sale, as few buyers will put up with that. So you'll need either to find somewhere else to stay in between, or be able to finance both houses for a while.

gemshill

AnotherJoe wrote: »

Do they do p/x?
Can you afford two mortgages (in theory even if in practice you wouldn't need two) so you could independently purchase this ?

It would appear this development is aimed at FTBs or someone in the same position, eg no place to sell / dont need to sell.

They're not offering p/x at this stage as they say the entry date is too far away. Couldn't do a second mortgage unfortunately.
The prices seem too high to be aimed at first time buyers so I guess it's only for people who are happy to rent in the inerim or don't need to sell. It's the first release of houses, not sure if they'll start offering p/x if very few houses in the first release are reserved. Or maybe there are lots of people out there who don't need to sell or who are happy to sell 8/9/10 months before their house is ready!