Negotiate price on new build

ramellous1

We have just negotiated with Wimpey. Off a 195k property, 5%deposit paid + stamp duty paid. So about 12k off.

Is_You

Was that with PX as well?

carpmaster

djdaface wrote: »

the area i live in isnt due to drop much at all.

Funny how everyone thinks their area is somehow different / special and thus immune to any price drops!

Magic_Dragon

We are looking at buying a New build soon too. Looking at a few small developments built by reputable local builders in Dorset

Our house in Warwickshire is going on the market next week

Obviuosly house prices in Dorset are considerabley higher and some of the New Build we are are looking at are just out of reach - however with a 10 - 15% discount we could afford a house we really like. sounds like we would be in a better postion waitng until we have exchanged on our current property

I would be very interested to see what happened to the OP

Chris2000

My interpretation of what the A&L are saying:

"We are aware that developers have been offering massive discounts on New Build Flats, in the form of 15%+ buy-to-let deposit paid and other cashback deals. However the value of such incentives has not always reflected in the purchase price declared to ourselves and to the Land Registry, despite our best efforts to obtain all information about such incentives.

As such, we no longer have any confidence that the purchase price declared to us for a New Build Flat bears any relation to the true price being paid, net of incentives. Therefore, in order to protect ourselves, we are reducing our LTV on New Build Flats."

Just my own interpretation, of course.

narced

The.Real.Me wrote: »

Can you do this...

On Saturday we looked at a new build on the market for £199950, what would be the best form of attack to get this price down and get 'extras' added into the price?

Do take the advice from lessonslearned. New build homes have a premium built into them, there is always room for negotiation. Don't fall for the extras, cash is what counts.

As an example, some new builds round our way went onto the market at the end of 2004. No. 4 in the development sold for £450K on 6/1/2005. It was sold by the buyer on 4/6/2007 for £440K (figures from land registry). Now the market was not tanking last June, so what does that tell you? To me it would seem that the original buyer paid maybe 20% over its real value.[FONT=Arial,Helvetica,sans-serif][/FONT]

djdaface

carpmaster wrote: »

Funny how everyone thinks their area is somehow different / special and thus immune to any price drops!

I dont really know much about it i am just going on what i read on the bbc site quotes from halifax nationwide and the department of local government statistics

They haven't been wrong about figures in my area in the past year, so i think ill carry on trusting what they say over a random forum post ta.

The.Real.Me

Sorry for the delay in getting back to everyone...

We went to see the salesperson on the Saturday as arranged to find she was off sick and someone who knew nothing about the development was 'allocated' to chat to us.

Thsi guy was from another development and just standing in, he told us that we should not purchase from this development but to visit his development during the week when he would be back there, we had a look and decided not to proceed with him.

Went back to the original to find original contact had left and they were using temp staff who did not want to negotiate so we left (in a bit of a huff)

Then over Christmas I was taken into hospital with chest pains and further tests are now pending, thus we have decided to stay where we are and have removed our current property from sale, we reimbursed our purchaser their out of pocket costs because it was hardley their fault and we are now almost 2 grand poorer, but at the end of the day it was important we did the right thing, both for my health and our purchasers.

Thanks again everyone, all advice is/was appreciated...

dolce_vita

Best wishes to you.

caringnurse

I have a house worth approx. £110,000.3 bed semi, large well-kept gardens, seperate brick built large garage, quality house. The low valuation is due to location...it's on a council estate. The estate agents tell me whatever I do to upgrade the house, the ceiling price will remain.
I'm looking at a 4 bedroomed new build, £199,000. I'd prefer part exchange with the builders (Miller Homes) to guarantee a sale and avoid hassle with chains. I'm now a single, divorced, mum to 2 children and have 2 jobs, I prefer less stress! My lovely mum passed away last year, leaving me her estate. If Miller Homes offer me at least £100,000 could I offer them £59,000 cash for the new build or is that too cheeky? I have no other relatives to ask for advice and my friends don't know about property. I sold my mums house last year but I've never bought one myself and don't want to mess it up. £59,000 is my limit, so if they offer me less for my house, I'd be forced to offer even less. Can I do that??
Any help would be gratefully received!!