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

Crashy_Time

Very likely that all non-essential building trade work will have to stop in the next couple of days IMO.

flimdar

UPDATE: Gleesons have offered to take only £3k for the deposit at this time...

hazyjo

Still means you're legally committed to buy at the agreed price...

flimdar

hazyjo said:

Still means you're legally committed to buy at the agreed price...

I know. But to be fair that price for a 3-bed semi-detached in the area is currently about £25-£35k more than the current price of our new build.

pinkteapot

flimdar said:

UPDATE: Gleesons have offered to take only £3k for the deposit at this time...

They'll be losing sales right now. They're desperate to keep you. 

It's a personal decision and based on your risk attitude but I'd be cautious too. We bought a house in November and have a mortgage again - we'd been renting for a year with our house equity sat in the bank following a relocation. Right now, I wish we were still in our rental, with a lot more cash in the bank and the freedom to move area if we lose jobs and have to find new ones. We left ourselves some emergency savings when we moved, but the bottom end of what we're comfortable with. The year after you buy a house is one of the weakest points in life financially. I wouldn't voluntarily go into that right now, as no-one knows yet just how bad the economic impact is going to be. 

flimdar

pinkteapot said:

flimdar said:

UPDATE: Gleesons have offered to take only £3k for the deposit at this time...

They'll be losing sales right now. They're desperate to keep you. 

It's a personal decision and based on your risk attitude but I'd be cautious too. We bought a house in November and have a mortgage again - we'd been renting for a year with our house equity sat in the bank following a relocation. Right now, I wish we were still in our rental, with a lot more cash in the bank and the freedom to move area if we lose jobs and have to find new ones. We left ourselves some emergency savings when we moved, but the bottom end of what we're comfortable with. The year after you buy a house is one of the weakest points in life financially. I wouldn't voluntarily go into that right now, as no-one knows yet just how bad the economic impact is going to be. 

That's exactly my thinking. Having a chunk of cash in savings at this point in time feels better/more secure than sinking some of it into a house that's only half-finished.

flimdar

Well this is where we stand right now (from our solicitor):

"In terms of not exchanging, this is entirely up to yourself. If you decide you wish to hold off, please let Gleesons know, as they are chasing exchange of contract. I obviously understand your concerns and the current situation will no doubt delay structural completion. That said, Gleesons inability to build, does not effect the legal side of matters and prevent contracts being exchanged."

RelievedSheff

flimdar said:

Well this is where we stand right now (from our solicitor):

"In terms of not exchanging, this is entirely up to yourself. If you decide you wish to hold off, please let Gleesons know, as they are chasing exchange of contract. I obviously understand your concerns and the current situation will no doubt delay structural completion. That said, Gleesons inability to build, does not effect the legal side of matters and prevent contracts being exchanged."

It is entirely up to yourselves if you exchange contracts or not. Gleesons are unlikely to be able to sell the property to anyone else at this time so will want to keep you as a buyer. Once exchanged though you are legally required to complete, just bear that in mind.

In the current situation I would be surprised if Gleesons will not allow a delay in exchanging contracts.

flimdar

RelievedSheff said:

flimdar said:

Well this is where we stand right now (from our solicitor):

"In terms of not exchanging, this is entirely up to yourself. If you decide you wish to hold off, please let Gleesons know, as they are chasing exchange of contract. I obviously understand your concerns and the current situation will no doubt delay structural completion. That said, Gleesons inability to build, does not effect the legal side of matters and prevent contracts being exchanged."

It is entirely up to yourselves if you exchange contracts or not. Gleesons are unlikely to be able to sell the property to anyone else at this time so will want to keep you as a buyer. Once exchanged though you are legally required to complete, just bear that in mind.

In the current situation I would be surprised if Gleesons will not allow a delay in exchanging contracts.

Our solicitor has stated Gleesons are currently chasing the deposit to complete the exchange. And is being incredibly vague when answering any questions. I'm now more worried that should we pay the reduced deposit and the house is NOT built before the mortgage offer expires, the the lender (Halifax) will not extend the offer given the fallout of Covid-19 on the market.

Thrugelmir

flimdar said:

RelievedSheff said:

flimdar said:

Well this is where we stand right now (from our solicitor):

"In terms of not exchanging, this is entirely up to yourself. If you decide you wish to hold off, please let Gleesons know, as they are chasing exchange of contract. I obviously understand your concerns and the current situation will no doubt delay structural completion. That said, Gleesons inability to build, does not effect the legal side of matters and prevent contracts being exchanged."

It is entirely up to yourselves if you exchange contracts or not. Gleesons are unlikely to be able to sell the property to anyone else at this time so will want to keep you as a buyer. Once exchanged though you are legally required to complete, just bear that in mind.

In the current situation I would be surprised if Gleesons will not allow a delay in exchanging contracts.

Our solicitor has stated Gleesons are currently chasing the deposit to complete the exchange. And is being incredibly vague when answering any questions. I'm now more worried that should we pay the reduced deposit and the house is NOT built before the mortgage offer expires, the the lender (Halifax) will not extend the offer given the fallout of Covid-19 on the market.

Bottom line is that it's your decision to make. Incredibly difficult given the uncertainty. Get a piece of paper and list the pro's and con's. May help you to make an informed decision rationally rather than lots of thoughts spinning around your head.