Potential New Build Buy/ Selling our Property

lis9388

We are after a new build property, which won’t be available until the summer – as the plots available earlier have already been reserved out.
To reserve a plot we need to have sold our home STC .
Our property is about to go on the market – but we are worried potential buyers will be put off by us not being able to move until July –August time.
Where not sure if we could move out of our home prior to our new build being built, if it would help gain potential buyers and we just wanted advice from people who may have done this, to let us know about their experience.
We would look into a short term let, or staying with family and putting furniture into storage etc. The only thing that concerns me is our mortgage, which will be ported over to the new property as we are in a 5 year fixed which is too expensive to come out of, So I would need to speak to our lender about this if we technically didn’t have a property for a month or two.
Anyone’s advise on a similar experience would be much appreciated.

hazyjo

Usually allowed 90 days or so to port - but there are likely to be delays with the new build.


I think you'd be wise to move out. You prob wouldn't get a rental for less than 6 months, and it'll prob take around 3 months for a sale to go through. If you marketed now and got a buyer on say 11 Feb (optimistic!), you'd prob be looking at completing around mid-May.


I'd say get the buyer, and offer to stay elsewhere if necessary. You may find July suits them.

visidigi

I would move out - we did. Word of advise don't pressurize the new build. Accept it when its finished and you're happy. We pushed for a long stop date etc and it was a really bad idea. They rushed the house and spent ALOT of time fixing it after we 'owned' it.

Sibz

That seems a little unusual to me. We recently reserved a new build when our house wasn't even on the market. Obviously that meant we risked losing the deposit we paid if we were unable to sell our place etc.
Thankfully it sold quickly - rather than complicating the sales process we have moved in with family for the time in between.

Perhaps different builders have different rules on this, and some areas may be more sought after than others - therefore greater demand - are you doing pat exchange or something?

lis9388

We where going to do a Home-Change, where they sell our property (Through local estate Agents) based on us putting our names on one their plots/ Both plots we where after have now been reserved before we have even manage to get our property on the market! They won't carry on with the Home change until more properties get released, so it seems like we'd be going round in one big circle if we carried on, So we have decided to sell independently and then go back to their sales office once we have sold STC, but we understand out buyer may not want to wait that long, so we wanted to consider moving out before our new build was ready! I didn't know if this was going to be too much of a nightmare, but it seems like it defiantly something to consider! Thanks for all your feedback, I just need to think of an alternative to 6-month renting? It might be seeing if a relative has a spare room available for a couple of months????

Goldust

I'm in a similar situation - my fixed rate (and hence early repayment charge) ends at the end of March.


So we've decided to move in with family until the new build is ready whenever that is and sell ASAP after the end of March.


Otherwise, why not consider the part exchange that the developers usually offer if that's on offer? It's their problem then as if it gets delayed and they buyers pull out they are still committed to buying your property for whatever amount it is valued for. You need to weigh up which % loss is greater in terms of that option or paying the early repayment charge but agree with you that it is a difficult situation!

lis9388

We where really wanting to do part exchange, but the property that we would need to be buying would need to be 30% value more then the property where selling, and where literally buying a property that's the same value as we want to increase our mortgage!
Our lender has said they will re-inbust us our early repayment charge, if we apply for a new mortgage within 3 months of us paying off our old one with our house sale


So this leaves us with possibilities, it literally would be finding somewhere to stay.....