Trying to reserve TW Showhome

masonj3

Hi

I viewed a showroom at a local development and having considered the available plots I want to purchase the showroom.

It is a new development with scheduled completion Q4 2020. I have been advised that the Showhome cannot be reserved until it is released for sale and nobody knows when that will be.

I understand that TW would need to use show home until the development has sold and I would be prepared to delay a move. All TW have said is that they can register my interest in the property and contact me when it’s released whenever that will be.

I’m sure I be heard of developers selling show homes and leasing them back until they no longer need to use them.

It just seems crazy that I want to reserve a property but can’t because they don’t know when it will be released nor what the asking price will be ?? I really want this plot is there really nothing I can do other than register my interest ? Any advice would be appreciated thank you 😊

eddddy

masonj3 wrote: »

I’m sure I be heard of developers selling show homes and leasing them back until they no longer need to use them.

It just seems crazy that I want to reserve a property but can’t because they don’t know when it will be released nor what the asking price will be ?? I really want this plot is there really nothing I can do other than register my interest ? Any advice would be appreciated thank you ��

Unfortunately, if the developer doesn't want to sell you the show home, there is nothing that you can do to force them to.

As you say, some developers offer 'sale and leaseback' deals on show homes, but again you cannot force a developer to do this. (But you couldn't do this if you were buying with a standard residential mortgage.)


The usual way of persuading people to do things is to offer them more money. So you could try offering TW a higher price for the show home - but TW may still not be interested.

masonj3

eddddy wrote: »

Unfortunately, if the developer doesn't want to sell you the show home, there is nothing that you can do to force them to.

As you say, some developers offer 'sale and leaseback' deals on show homes, but again you cannot force a developer to do this. (But you couldn't do this if you were buying with a standard residential mortgage.)


The usual way of persuading people to do things is to offer them more money. So you could try offering TW a higher price for the show home - but TW may still not be interested.

Thank you for your reply - TW have told me that they don’t know what the asking price will be nor when it will be released for sale so I. cant even try to negotiate with them, I don’t need a mortgage or to sell a property to purchase so theoretically I could do a lease back but they just seem unwilling to help / not interested. There are other plots available do I have a very rough idea re prices but the Showhome will
Obviously be more due to the upgrades etc

I do wish I could try to negotiate with them but I don’t see how, I don’t also understand why they aren’t interested but obviously I know I can’t force them to sell - I was just hoping to be able to persuade them 🤣.

gettingtheresometime

Perhaps it's because they don't know what the market will be like in Q4 2020.

babyblade41

So early on in a development the show home is needed , I don't normally side with developers but in this instance I fully understand where /why they are doing this.

Your best bet is just to wait and register an interest

jimbog

It would be wise to check the quality of the mortar used:
https://www.bbc.co.uk/news/business-47816530

AdrianC

The entire site sells like hotcakes, the market is on the rise - the showhome will cost more at the end of next year (or earlier, depending on just how hotcakes).
The entire site lingers, the market stays flat or drops - the showhome will cost less at the end of next year (or later, depending on just how lingering)

If TW say "Nope, not for sale", there is precisely zero you can do. There are plenty of other properties which are for sale.

masonj3

Thank you everyone- I had read other companies doing Showhome lease back and hoped I may be able to convince TW to do so.

Larac

I lived opposite a TW build site where there were around 5O plots. It took 2 years for all the builds to be sold - the show home was the last one to be sold and moved into (Dec 2017). Similarly, a flat that my late Mother brought into a retirement complex - the show flat was the last to be sold - that was 3 years later! It would suggest you need to monitor the progress of the builds over the coming months.