Taylor Wimpey changed price on another Plot

zali87

Hello,

We are currently in the process of buying a new build property from Taylor Wimpey. We have not yet exchanged contracts or put a deposit down other than the £500 reservation fee. Our bank has carried out its survey on the property and the mortgage has been approved. Our solicitor is also in the middle of its mines and minerals searches.
There are only 3 remaining plots on the site left and my wife just happened to check their website and found the plot next door to us has now been reduced. Original selling price was £214,995 and now it is on for £209,995.
This will obviously devalue our house by £5000 before we have even got the keys to the property. We have contact Taylor Wimpey about this and they have said they will get back to us as they need to speak to head office about it.
Just looking for some advice or if anyone else has been in a similar situation.

AdrianC

Would you insist on paying the higher price if those remaining plots had gone up?

No, thought not.

novelty-socks

Cancel your purchase and buy the plot next door instead?

foxy-stoat

If you were planning on putting it on the market the day complete then I would agree with you....but I would of thought you will be in there for many years to come so I wouldn't worry about it.....or put down another £500 and buy the place next you the one you were going to buy, that will save you £4500 on the purchase price.

lookstraightahead

House prices fluctuate. Why are you surprised?

ReadingTim

zali87 wrote: »

Just looking for some advice or if anyone else has been in a similar situation.

I've been in a similar situation: I bought a loaf of bread in the supermarket yesterday morning, yet when I when back just before closing time, they'd been reduced to pennies. The person on the checkout said they'd ask head office, but I haven't heard back either...

SmashedAvacado

Re-offer for the one you are buying- go lower than 5k lower on the basis that developers will take offers on property so that even paying the asking price where they’re keen to sell means you are likely paying too much

Cakeguts

New houses drop in price as soon as you move in anyway that is one of the problems with buying new. If you don't want to pay the premium for a new house buy an old one.

AnotherJoe

AdrianC wrote: »

Would you insist on paying the higher price if those remaining plots had gone up?

No, thought not.

I'm sure they wouldn't but that doesn't mean they cannot take the Initiative and demand the new lower price. If the plots are similar they could after all go for the lower priced one and worse case lose the £500 deposit and best case switch the deposit to the other plot and get the full £5k reduction.

peterm41

I was in a similar situation with TW they ended up paying my solicitors fees and stamp duty. You haven't bought the house yet unlike if you had already bought a loaf of bread in the supermarket and they had reduced it after you had bought it.

Tomg84

You haven’t exchanged so you’re in a very strong position. I would assume you’d lose part of your reservation fee if you withdraw but I’d be trying to neogotiate the price down.