New Build FTB - When to negotiate and reserve

Overdash

Hi all, theres a next phase of a development happening that I'm keen on buying at. I'm sure I want to buy one of their homes using London's HTB but obviously want to secure the best deal. I've been vetted by their independent Mortgage adviser and can afford their most "most expensive" property. They're opening reservations in just over a weeks time and I've booked an appointment to discuss and take a look. I already have a list of extras which I'd like.

So here are the questions I have:
How would I go about haggling for extras (or price reduction)? I have no experience of this.
I want to reserve - should I reserve straight on that day?
Would I negotiate for extras before or after I reserve?
Would be ok to do back home, have a think and contact back later and discuss (to look less desperate)?
How would I go about adding extras which I wouldn't mind paying for (e.g. Cat6 Cabling if it's not already included)?
Should I find a conveyancer before going in, or would it be ok to find one after reserving?
What would you guys suggest?

As you can see from all the questions, I'm a tad nervous and would love some good help .
Thanks in advance

RelievedSheff

Calm down first and foremost and stop overthinking things.

If there is a specific plot that you have in mind then go and reserve it. Depending on the build stage you will have plenty of time to decide what extras you want. If there are certain things you want the developer to throw in then you negotiate these at the time you reserve the plot.

You don't need to appoint a solicitor until you have the plot reserved. Use your own though not the developer recommended solicitor.

GixerKate

Have a chat during your appointment to find out what the process usually is, it can differ slightly developer to developer.  You can ask most of your questions to the sales agent who will be able to advise.

We reserved the plot we wanted and it was only later once we had sold our current house that we then negotiated the price and extra's.  We then appointed a solicitor (NOT recommended by the developer though they did push) who specialises in new builds and we don't pay until completion, if we don't complete then we don't pay them so no up-front costs except for searches.

You'll need a mortgage broker who is experienced with HTB too.

staceyb1712

Me and my partner are viewing a property tomorrow. The listing price is 290,000 but we’re hoping to negotiate a discount to 260,000 starting at 235,000 as well as 5% towards upgrades. Do you  think this is reasonable? 

hazyjo

staceyb1712 said:

Me and my partner are viewing a property tomorrow. The listing price is 290,000 but we’re hoping to negotiate a discount to 260,000 starting at 235,000 as well as 5% towards upgrades. Do you  think this is reasonable? 

Just replied on the other thread you said this on.

To be honest, they'll prob try to get you out the office asap.

Very unlikely they'll take you seriously.

Overdash

RelievedSheff said:

Calm down first and foremost and stop overthinking things.

If there is a specific plot that you have in mind then go and reserve it. Depending on the build stage you will have plenty of time to decide what extras you want. If there are certain things you want the developer to throw in then you negotiate these at the time you reserve the plot.

You don't need to appoint a solicitor until you have the plot reserved. Use your own though not the developer recommended solicitor.

Thanks - quite hard not to overthink haha. I'll try go in with the extras I have in mind. Perhaps try to get them down by 5k (the plot I'm looking at is going for 470k)

Overdash

GixerKate said:

Have a chat during your appointment to find out what the process usually is, it can differ slightly developer to developer.  You can ask most of your questions to the sales agent who will be able to advise.

We reserved the plot we wanted and it was only later once we had sold our current house that we then negotiated the price and extra's.  We then appointed a solicitor (NOT recommended by the developer though they did push) who specialises in new builds and we don't pay until completion, if we don't complete then we don't pay them so no up-front costs except for searches.

You'll need a mortgage broker who is experienced with HTB too.

Thanks, I was scared to ask them too many questions about the process as I fear they'll be like "Ah, this guy doesn't know much, let's swindle him". But I guess it's best to ask in this case

Thanks for sharing your experience, t'was very helpful! Hopefully I can find a similar conveyancer. Your right about the process being different, because from some others on this forum has claimed to have negotiated the price and extras before reserving. Apparently reserving then having the price change voids the reservation or something like that - but I'm no professional :P