Finally got one!

Firsttimebuyer2021

Hi everyone, After asking for advise over the past few month while looking at houses and dealing with several different closing dates and making numerous offers we have finally agreed on a new build due to be completed for Mar 2022. We have managed to secure it at a price we are happy with and they are even throwing in incentives for upgrades which we will happily spend! For the extras we need to pay for when do we have to pay them? Finally can sit back and start looking at furniture! Thank you all again.

dimbo61

It's not over till the keys are in your hands and you have completed !
Try not to order any new expensive furniture or take out ANY credit till you have the mortgage sorted and OWN the property.
PS:  AO and lots of other companies do next day delivery. 
IKEA have flat pack you can pick up most days.

csgohan4

dimbo61 said:

It's not over till the keys are in your hands and you have completed !
Try not to order any new expensive furniture or take out ANY credit till you have the mortgage sorted and OWN the property.
PS:  AO and lots of other companies do next day delivery. 
IKEA have flat pack you can pick up most days.

+! AO, got my fridge from them. I also used Marks electricals as well

Firsttimebuyer2021

@dimbo61 Definitely not taking out any new credit for sure, we’re lucky we already renewed a lot of things a few years ago so have got a lot of stuff off credit files and cleared credit cards during lockdown. Have already warned family camping chairs will be necessary the first few weeks

We have picked some extras with the builder at a reasonable cost do you know when these would be due for payment? We have a meeting on Wednesday to go over paperwork but I like being ready in advance! Thank you

stressedout45

I don’t know if it is the same with all developers, but at our “options meeting” (after reserving the plot), which is the appointment to choose your kitchen worktops and cupboards etc, we chose a couple of extras and had to pay 25% deposit.  I think we have to pay the rest at any time before completion.  

I know it is a very exciting time, but I cannot stress it enough… Don’t make any major purchases until you have exchanged contracts! Both from the point of getting anything anything on credit, for the reasons others have mentioned, but also because newbuild conveyancing is quite a, how should I say this, fragile process…  Some developers are extremely pushy and ruthless and will sell your plot to somebody else if you don’t comply with their exact deadlines.  

Firsttimebuyer2021

@stressedout45 Iv sent them an email asking about the payment dates, so hopefully will hear back soon. 

Yeah definitely we’ve already talked that we will not be buying large purchases until we have the keys in hand and can wait delivery time for the rest. We’re lucky that most stuff we can already take from home and have got the kitchen already coming with the appliances in the “upgrade” option

JJR45

2 things to be careful of.
1)You have to pay for your extras up front.
2) You usually have to exchange within 30 days with a big builder, your completion is over 6 months away. You will need to make sure your mortgage offer is going to last over 6 months or you could ende up needing a new mortgage offer before completing.

purplebutterfly

If I have learned anything about new builds from this forum, it is to make sure you know EXACTLY what size garden you are getting and where your boundaries lie!  

Otherwise you'll be back here in 2 years asking how to stop the developer moving your fence and taking back half of "your" garden 

london21

Congratulations on finding the property.

All the best to exchange and completion. 

Read all the small prints and know exactly what you are getting for your money. 

RoseGold2021

So glad to hear you have secured a property. I’ve not looked into new builds but have heard a lot about them inc boundary lines, drains, manholes! Read every detail closely, and make sure you know what you’re getting. 

JJR45

RoseGold2021 said:

but have heard a lot about them inc boundary lines, drains, manholes! Read every detail closely, and make sure you know what you’re getting. 

To be fair that is the same for all property transaction, you will most probably find newbuilds have less boundary issues (as a percentage of sales) than an established properties.
As someone (should) have worked from the plan. Where as in an established property people have a habit of gaining a bit of land here and there when they replace a fence.
But yes as with any property transaction, treat it as the multi £100,000s transaction it is, it is not all down to the solicitor. They will not be going out to the site and checking things