Redrow New Build

richtips86

We’re looking to purchase a new build with Redrow in the East Cheshire area. Allegedly the housing market in our area is buoyant and Redrow have advised that we can only make an offer once we have an offer on our house, exchange within 6wks but probably not complete until August 21. Realistically I can’t see a buyer for our house agreeing to the impact this would have on them. They’ve advised this is national company policy.

We’re not quite in the position to be able to start the process to test it due to personal circumstances, so have other people found they’ve been able to negotiate around these timeframes? Have people been able to part exchange their house?

I’m sceptical the housing market is as buoyant as believed due to a number of other new builds from other developers that have sat empty for months and I was talking to a friend who is a joiner who suggested these developers aren’t building until they’ve got offers on a plot.

What are other people’s experiences?

FinallyStoppedLurking

The situation with new builds and exchange dates seems to be a nightmare. 

I don;t think you will find any buyers willing to wait that long. Could you sell and then go into rented/move in with relatives?

richtips86

Unfortunately not as the closest family is over 250 miles away and I’m not prepared to go into rented accommodation. We may have to adjust our expectations and look for a newish build

Vestraun

This is fairly standard with new builds, you will need to either consider moving into temporary housing (renting or living with parents etc) until your build is complete unless you can find a buyer who would agree to such a long timeline. 

FinallyStoppedLurking

richtips86 said:

Unfortunately not as the closest family is over 250 miles away and I’m not prepared to go into rented accommodation. We may have to adjust our expectations and look for a newish build

Sounds like that's your only option unfortunately. 

princeofpounds

Doubt you're missing out on much by not buying a Skidrow newbuild.

AdrianC

It's entirely their prerogative to say "Not taking a reservation from a non-proceedable buyer".
Equally, you're right that few buyers are going to want to commit to similar timescales to an off-plan new-build.

So, yes, that does mean you have several choices...
Renting. You don't want to. Your choice.
PX. Do they offer a PX package? Yes, it might involve a slight price hit, but...
Parallel. Can you fund owning both simultaneously, hopefully only for a short period?
Simply waiting. Perhaps these new-builds won't all fly off the blocks as the developer is clearly hoping. Perhaps as build goes on and actual physical completion draws near, a normal chain timescale might become practical.

richtips86

AdrianC said:

It's entirely their prerogative to say "Not taking a reservation from a non-proceedable buyer".
Equally, you're right that few buyers are going to want to commit to similar timescales to an off-plan new-build.

So, yes, that does mean you have several choices...
Renting. You don't want to. Your choice.
PX. Do they offer a PX package? Yes, it might involve a slight price hit, but...
Parallel. Can you fund owning both simultaneously, hopefully only for a short period?
Simply waiting. Perhaps these new-builds won't all fly off the blocks as the developer is clearly hoping. Perhaps as build goes on and actual physical completion draws near, a normal chain timescale might become practical.

Thanks - yes completely understand their processes are their’s to decide and enforce. I was more trying to get a feel for if people have been able to negotiate purely because I don’t think the situation is as rosy as is portrayed at present.

RelievedSheff

We part exchanged our old house against a David Wilson new build last year and found the whole process to be very straight forward and we got a cracking deal.

We got 90% of the open market value for our old property but then got £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring on the new build we reserved which had already been heavily discounted as it was a finished plot that they wanted off their books. When you factor in that we had no legal costs or estate agents fees for our old property it was a deal we could not refuse.

From reserving our plot to moving in was 3.5 weeks in our case as the plot was built and finished.

If we ever did move again, which we don't plan in doing, then we would certainly consider doing a part exchange again.

AdrianC

richtips86 said:

AdrianC said:

It's entirely their prerogative to say "Not taking a reservation from a non-proceedable buyer".
Equally, you're right that few buyers are going to want to commit to similar timescales to an off-plan new-build.

So, yes, that does mean you have several choices...
Renting. You don't want to. Your choice.
PX. Do they offer a PX package? Yes, it might involve a slight price hit, but...
Parallel. Can you fund owning both simultaneously, hopefully only for a short period?
Simply waiting. Perhaps these new-builds won't all fly off the blocks as the developer is clearly hoping. Perhaps as build goes on and actual physical completion draws near, a normal chain timescale might become practical.

Thanks - yes completely understand their processes are their’s to decide and enforce. I was more trying to get a feel for if people have been able to negotiate purely because I don’t think the situation is as rosy as is portrayed at present.

Whether they're willing to negotiate will depend entirely on how well those properties on that plot are selling in November 2020.

Racky_Roo

Also, new builds are almost never ready when they say they will be - lots of threads on this issue. Add at least 2 months onto the expected build date