New build 6 week exchange - possible?

Golden_Glow90

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Slithery

You made a huge mistake by attempting to buy a new-build when you also had a property of your own to sell.
Developers timescales will never usually align with that of your buyers. This is why if you want to purchase a new build you should always either part-exchange with the developer or sell your property and move into rented accomodation first before reserving a property.

Golden_Glow90

Slithery said:

You made a huge mistake by attempting to buy a new-build when you also had a property of your own to sell.
Developers timescales will never usually align with that of your buyers. This is why if you want to purchase a new build you should always either part-exchange with the developer or sell your property and move into rented accomodation first before reserving a property.

We couldn’t afford to move into rented and our house was worth almost the same as the new house we bought so couldn’t part ex. We actually asked about the chain before reserving and it only came to light last week that there was something missing when we were almost ready to exchange. It happened because one of our buyers solicitors went awol and another had to pick up the pieces. Had it been noticed before hand we would have waited. It’s not a huge mistake as the house originally wasn’t likely to be ready until July or august and it’s only due to their half year targets that they were threatening to pull out as up to that point they were very relaxed about it.

Also, even if I was buying some someone else, they could still pull out at the last minute before exchanging so it’s not necessarily any more secure

Wilt

I'd be asking the developers if they think anybody else they can find would be in a position to complete before you, even if you don't make the 30th. I bet they'd struggle even if somebody turned up to the sales office with a suitcase full of cash.

They're a business at the end of the day and they want to get houses off their hands as quickly as possible, they're unlikely to cut their nose off to spite their face.

Golden_Glow90

Wilt said:

I'd be asking the developers if they think anybody else they can find would be in a position to complete before you, even if you don't make the 30th. I bet they'd struggle even if somebody turned up to the sales office with a suitcase full of cash.

They're a business at the end of the day and they want to get houses off their hands as quickly as possible, they're unlikely to cut their nose off to spite their face.

I know but the other plots that were released later are £10k more so I think they will follow through and relist it for £10k more (or even more than that as we had a lot of incentives and a better garden than the other plots).  If they know they're not going to sell it this half of the year then they might not be too bothered about a quick sale, rather make more money so it's a huge risk for us. 

TripleH

Are there many unsold plots or are they still on site building?

If yours is one of the last left to sell it could be an idle threat. They may get £10k more but that's still a few hundred thousand tied up on a site for an unknown period of time.

If they are still building / have scope for further development in a new phase on site then it maybe that they can afford to wait.

GDB2222

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

Golden_Glow90

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

GDB2222

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Regardless of the rights and wrongs, it matters what the other people in the chain want. They are currently expecting to complete in a week or two. If you are going to go for the other place, the whole chain will be held up for six weeks, and it may fall apart. 

Golden_Glow90

GDB2222 said:

Golden_Glow90 said:

GDB2222 said:

Golden_Glow90 said:

Hippycamper said:

It’s a conundrum isn’t it.

which house do u prefer?

Both have different pros and cons, but equally so. Obviously I prefer the first one more because we’ve chosen everything inside but I’d also be gutted if we hung on until next week, been more out of pocket and potentially this other house could be gone by then. But I’m also starting to feel that if I have been treated poorly before I’ve even exchanged and move in, what are they going to be like if I have any problems. The other developer is the same developer we bought from 8 years ago and they weren’t the most responsive but they did fix all our problems and was always polite 

Whilst I sympathise with your problems, can you please stop blaming the developers. You agreed a low price on the basis that you would complete by 30June.  You are the ones letting them down, not the other way round. They've not treated you poorly at all, as far as I can see. 

If you must blame anyone, blame your buyers.  

You can only switch to the other purchase if everyone else in your chain is happy with that. Have you asked them yet? 

I'm not blaming the developers and I didn't agree to purchase based on a June completions as the completion window was June-August with a 2 week notice to complete.  They gave use less than 2 weeks notice as they told us on Friday so only 13 days.  I was simply asking for advice on the possibility of purchasing another new build and making sure I wasn't going to be in the same situation again.

Regardless of the rights and wrongs, it matters what the other people in the chain want. They are currently expecting to complete in a week or two. If you are going to go for the other place, the whole chain will be held up for six weeks, and it may fall apart. 

The others in the chain are aware of what is going on, if the developer pulls out next week then they'll have to wait for us to find another property.  They don't mind waiting as they know it was their solicitors that messed up.