New Build - Paid SUBSTANTIALLY more than neighbour

DJP1987

Hifirst time poster and I'm hoping you can help.

I've recently gone through a first time buyer process and have just exchanged contracts today, YAY, etc. Now, we've gone through everything including valuation and all of the formalities and the reality is we were overpaying for our house by approximately £7,000 but given I got around £5,000 worth of extras, I was willing to overlook and also it seems to be how new builds are marketed.

Now, after exchanging contracts (completing in around 2 weeks) I've just found out our plot 2 doors along (exact same house type, build, just a very minorly smaller back garden) has been sold for £30,000 less (£236k down to £205k).

Now, I'd haggled, tried to get incentives, etc including paying stamp duty (wife isn't a first time buyer so we didn't qualify for the relief) and I was flat turned down after I'd gotten the other bits included. Now imagining I take into account the garden and the £5,000 extras, I make this out to be around £23,000 difference in cost (approx 10% of the value of the house).

Is there anything I can do on this, do I have a leg to stand on from a legal viewpoint? I have a feeling this is chalking it down to really poor negotiating by me but this amount feels far too large to just let it lie.

Thanks guys (and gals),

JoJo1978

No, there's nothing that you can do. Enjoy your home, be nice to those neighbours who paid less, you might need their help one day! Assuming that you're buying with a mortgage, that difference in price makes very little odds in the long run.

DJP1987

Not going to lie, kind of what I expected.

In general, I'm good at stuff like this but I know very little about houses. This is more a dented pride piece than financial frustration.

Cakeguts

The price differences on new houses is normal.

luis1988

Similar with our development where we bought nearly 2 years ago. Fortunately for us we bought at the lowest price of everyone. There are 5 houses exactly the same (one with slightly larger garden) and the prices ranged from £279,000 to just over £300,000.

You never know until you get in unfortunately.

ACG

Was the one over the road the last one or 2 on the plot? It could just be the developers trying to shift them.

I would be a little miffed also, but I can not really see you having any come back now you have exchanged contracts.

AdrianC

It's a bit like talking to the guy in the seat next to you on a Ryanair flight...

Simple answer is that if you'd waited until the developer got desperate to shift the last few plots, you may have found there were none left. You got in early, you got the full choice.

scaredofdebt

Don't stress too much about it. Assuming you and the neighbour are both on mortgages, if you have a better mortgage deal you could easily end up paying less over the term. Make sure you've got the best mortgage you can and review it every couple of years.

seven-day-weekend

You paid what you agreed for the house. Don't fret about what others paid.

We bought a static caravan in 2016. It was nine years old. We knew we could get a brand new one for just a little more from someone else, sited somewhere else, , but this one was exactly what we wanted, where we wanted and also had some very expensive upvc decking. So we agreed that price.

If you are happy with the price you have paid, just don't fret about it.

Enjoy your new home xx

PasturesNew

There could be something else going on, some part exchange deal, or a shared ownership, or just a typo on the form submitted.

Comms69

DJP1987 wrote: »

Hifirst time poster and I'm hoping you can help.

I've recently gone through a first time buyer process and have just exchanged contracts today, YAY, etc. Now, we've gone through everything including valuation and all of the formalities and the reality is we were overpaying for our house by approximately £7,000 but given I got around £5,000 worth of extras, I was willing to overlook and also it seems to be how new builds are marketed.

Now, after exchanging contracts (completing in around 2 weeks) I've just found out our plot 2 doors along (exact same house type, build, just a very minorly smaller back garden) has been sold for £30,000 less (£236k down to £205k).

Now, I'd haggled, tried to get incentives, etc including paying stamp duty (wife isn't a first time buyer so we didn't qualify for the relief) and I was flat turned down after I'd gotten the other bits included. Now imagining I take into account the garden and the £5,000 extras, I make this out to be around £23,000 difference in cost (approx 10% of the value of the house).

Is there anything I can do on this, do I have a leg to stand on from a legal viewpoint? I have a feeling this is chalking it down to really poor negotiating by me but this amount feels far too large to just let it lie.

Thanks guys (and gals),

Why do you think your entitled to the same as someone else?....