New Build purchase - still proceed with all current construction talk?

flimdar

Back in Feb we put down a reservation on a brand-new build property, which technically was off plan as at the time they'd only built as far as the ground floor windowsill. It's a HTB property, we got approved for HTB straight away and got approved for a mortgage - first time we've been approved having been declined 5 or so years ago - soon after. Proceeded with signing paperwork with solicitor HOWEVER... build was pushed back due to recent bad weather, and pushed back again when the weather kept coming So now the build can proceed and here come that virus... We've paid for extras (carpets and other customisations) so the property will be move in ready on completion. This week we got a contract to sign - but told not to date, partially because that's standard and partially because of the virus - however we haven't paid the deposit... YET. It needs to be paid into the solicitors account by Friday.

Getting a little worried that a) construction will be stopped totally, especially given all the discussions going on and the announcements that some firms are stopping therefore we won't be going anywhere for months. And... my job, whilst seemingly safe, relies on the company I work for supplying companies with stuff to sell. In shops. Which are closed. I'm worried that by paying the deposit we're also losing a possible nest-egg should everything go belly up at my work. My wife's company are key workers so she's safe. For me having £10k as a nest egg right now sounds better than only having £3k (deposit is £7k). Not sure how to proceed really  

Hence this rambling post...

hazyjo

Is it one of the big builders/developers? Most are closing for the foreseeable.

Personally, with such a small deposit, I'd put it on hold. Especially with a HTB property which, to the best of my knowledge, are often overpriced.

newbridge

 3 builders near me have stopped the site work completely from yesterday.

Thrugelmir

Have you spoken to your solicitor? 

flimdar

hazyjo said:

Is it one of the big builders/developers? Most are closing for the foreseeable.

Personally, with such a small deposit, I'd put it on hold. Especially with a HTB property which, to the best of my knowledge, are often overpriced.

It's Gleesons. Who are apparently staying open for the forseeable.

flimdar

Thrugelmir said:

Have you spoken to your solicitor? 

Yep. Zero help, just kept insisting I paid it ASAP as I have no legal recourse not to - and no legal recourse if it goes belly up thanks to a clause in the contract. It's all because there's no officlal, confirmed end date for the build. Only esitimates which have already been put back due to weather.

hazyjo

Was it an independently sourced solicitor, or one recommended or associated/linked with Gleesons?

Gleeson's website says this, so be very careful with what you decide!

Updated: Wednesday, 25th March, 2020

 

Following the Government’s guidance issued on Monday (23 March), which included the closure of all non-essential sales outlets, we immediately closed temporarily all our sales offices but have continued to serve our customers, handling enquiries as well as taking reservations over the phone, by email and online.

 

Whilst the Government has advised that construction and housebuilding sites can remain open at the current time, Gleeson has decided that it will pause temporarily activity on all our sites. It supports the Government’s key message of Staying at Home, Protecting the NHS and Saving Lives: we all have an obligation to do this where we can.

flimdar

hazyjo said:

Was it an independently sourced solicitor, or one recommended or associated/linked with Gleesons?

Gleeson's website says this, so be very careful with what you decide!

Updated: Wednesday, 25th March, 2020

 

Following the Government’s guidance issued on Monday (23 March), which included the closure of all non-essential sales outlets, we immediately closed temporarily all our sales offices but have continued to serve our customers, handling enquiries as well as taking reservations over the phone, by email and online.

 

Whilst the Government has advised that construction and housebuilding sites can remain open at the current time, Gleeson has decided that it will pause temporarily activity on all our sites. It supports the Government’s key message of Staying at Home, Protecting the NHS and Saving Lives: we all have an obligation to do this where we can.

That's new. Kept checking the site for an update, In fact spoke to someone earlier at Gleesons who said the opposite of that!

hazyjo

https://www.gleeson-homes.co.uk/

It continues with this:

Over the course of the next few days, we will be carrying out the essential work of making our sites both safe and secure and prepared for when we are able to return.

 

We will be working in collaboration with our customers and sub-contractors to ensure that these plans will be carried out with the least of disruption where possible.

 

As soon as we can return safely, we will be back building low-cost quality homes for first time buyers, many of whom are the key-workers currently working for all of our benefit in the fight against the pandemic.  We are hugely grateful to them and we want to play our part.

 

flimdar

hazyjo said:

It continues with this:

Over the course of the next few days, we will be carrying out the essential work of making our sites both safe and secure and prepared for when we are able to return.

 

We will be working in collaboration with our customers and sub-contractors to ensure that these plans will be carried out with the least of disruption where possible.

 

As soon as we can return safely, we will be back building low-cost quality homes for first time buyers, many of whom are the key-workers currently working for all of our benefit in the fight against the pandemic.  We are hugely grateful to them and we want to play our part.

 

Gleeson's rep said they were keeping sites open to at least finish to the roofline on current builds. Although they could not complete interiors as suppliers have closed. That was just over an hour ago.

hazyjo

Like I say, just be careful. It sounds like they're just making their sites secure and properties watertight (maybe their rep was saying that in different words to sound like they were building). Doesn't sound like any actual building will be taking place. None of us know how the building trade (or any other trade!) will be affected or how long this may last. Tread carefully.