New build easy mover scheme vs private sale

Corbula

Yorkie1 said:

OP, given the uncertainty attached to the requirements of the developer, and also given the new build premium that is included in the sale price of many new builds, are you absolutely sold on it being a brand new property? Are there any recent developments, which would give a similar property, without you being tied into a developer who won't do part exchange? You would have more control over dates then (subject to the standard vagaries of a house chain). Or are there any local new build developments with a developer who would do part exchange?

Anything else we've found that gives a similar space, are £40k or more than this one, new build and older. It has everything we need, it's in a great location and gives options for the future so don't see us needing to move away from it for a long time.

It's not about it being new build it's the fact it has everything for us.

Just to be clear, there's a chance they will do part exchange on it but not until the roof goes on so anyone else can take it before the. It so means you can't pick anything in it by that stage. We're tempting just going for the scheme to sell ours and hope we can reserve this one and whoever buys ours is hopefully a first time buyer or something that can work with us.

I've always preferred older, they're built better, tend to get bigger rooms and on bigger plots. The amount of work they require and money to do it and with the kids we just wouldn't get anywhere with it at this stage of our family life.

At what stage during this process will my current mortgage end? Upon exchanging contract with the people buying my house or exchange of contracts on the new build? There's a fee to get out of my mortgage until the first of Jan. 

eddddy

Corbula said:

At what stage during this process will my current mortgage end? Upon exchanging contract with the people buying my house or exchange of contracts on the new build? There's a fee to get out of my mortgage until the first of Jan. 

Your current mortgage would end when you complete the sale of your current house - not on exchange of contracts.

You would exchange contracts on your sale and purchase on the same day - otherwise you could end up homeless or face (potentially huge) financial losses.

Corbula

eddddy said:

Corbula said:

At what stage during this process will my current mortgage end? Upon exchanging contract with the people buying my house or exchange of contracts on the new build? There's a fee to get out of my mortgage until the first of Jan. 

Your current mortgage would end when you complete the sale of your current house - not on exchange of contracts.

You would exchange contracts on your sale and purchase on the same day - otherwise you could end up homeless or face (potentially huge) financial losses.

Thank you. Because there could be quite a gap between the sale of mine and the new one being finished, maybe a few months. Does the money from the sale of mine sit with the solicitor until the new house is ready or would it come to me? 

eddddy

Corbula said:

Thank you. Because there could be quite a gap between the sale of mine and the new one being finished, maybe a few months. Does the money from the sale of mine sit with the solicitor until the new house is ready or would it come to me? 

Let's say...

• you complete the sale of your current property on 1st August 2025 - so you have to move out of your current property on 1st August 2025. (and move into rented accommodation or stay with friends, etc)

• you complete the purchase of the new house on 1st Feb 2026 - so you are allowed to move into your new house on 1st Feb 2026

So you would have the money from the sale of your house in your bank account from 1st August 2025 until 1st Feb 2026 (less a few days at each end)

But I think you said earlier in the thread that you didn't want to move into rented / temporary accommodation.

Corbula

eddddy said:

Corbula said:

Thank you. Because there could be quite a gap between the sale of mine and the new one being finished, maybe a few months. Does the money from the sale of mine sit with the solicitor until the new house is ready or would it come to me? 

Let's say...

• you complete the sale of your current property on 1st August 2025 - so you have to move out of your current property on 1st August 2025. (and move into rented accommodation or stay with friends, etc)

• you complete the purchase of the new house on 1st Feb 2026 - so you are allowed to move into your new house on 1st Feb 2026

So you would have the money from the sale of your house in your bank account from 1st August 2025 until 1st Feb 2026 (less a few days at each end)

But I think you said earlier in the thread that you didn't want to move into rented / temporary accommodation.

OK thank you. 
That's right we don't want to have to find somewhere temporary with both the kids, and for it to be suitable as my daughter has a lot of mobility needs. 

We're hoping we can work something out with them but so far they seemingly don't want to hear it. We know the house is the best thing for our family though.