New Build / Selling House dilemma

HouseMartin567

The added complication is that the new build company will likely pressure your daughter into exchanging in 4-8 weeks - without a fixed completion date (only long-stop). It sounds like your daughter will also want her buyer to be willing to exchange without a fixed completion date, but knowing that is likely to be at least 4 months away. It isn’t an attractive proposition for the buyer unless your daughter is selling at a ‘cheap’ price.

Buying a new build whilst trying to incorporate your own sale into the chain is a nightmare. Does the house builder offer part exchange?

kingstreet

Offer a discount?

BungalowBel

I too think your daughter should just sell her house and go into rented or stay with yourself/relatives/lodgings until her new build is ready.

My friend had to do that to get the house she wanted (not a new build) - she put her furniture into storage and stayed with a friend.  She was 70 at the time!

Yorkie1

HouseMartin567 said:

The added complication is that the new build company will likely pressure your daughter into exchanging in 4-8 weeks - without a fixed completion date (only long-stop). It sounds like your daughter will also want her buyer to be willing to exchange without a fixed completion date, but knowing that is likely to be at least 4 months away. It isn’t an attractive proposition for the buyer unless your daughter is selling at a ‘cheap’ price.

Buying a new build whilst trying to incorporate your own sale into the chain is a nightmare. Does the house builder offer part exchange?

I was going to add this. The risk is that your daughter is contractually obliged to buy the new build property, but has not exchanged contracts for the sale of her property.  Then her buyer pulls out at some point nearer the likely completion date, she cannot find a new buyer in time to re-do the chain, and she can no longer afford to buy the new build which she is contracted to buy. 

I agree with the others that if your daugher is unable, or unwilling, to move in with friends / family / to rental, then seeking to buy a new build does look like trying to have her cake and eat it, at quite significant risk of her plans falling through anyway at some financial risk.

Chief_of_Staffy

The chances of your daughter 'manipulating' the situation and ending up with a good outcome is as close to zero as makes no difference. There is only one option: explain the situation to the buyer, honestly and in full. The buyer will then make their decision. Simple as that.

Albermarle

OP - Did the developer not have an option, where they buy your house from her?
The price might be marginally lower than she would get on the open market, but it stops all this timing hassle.

robatwork

Get her to move in with you while she waits for the NB. They are notoriously loose for "completion" and then snagging

DE_612183

swingaloo said:

It seems that she will have to compromise on what is an option and what is not. 

From reading your opening posts it seems that she is not bothered about inconveniencing the buyer or being fair with him as in 'Tell him where to go' and 'string him along till February which is a mere month away then hope its too late for him to pull out'.

So she is willing to string him along until hopefully its too late for him to back out? What about his life and the lives of those who may be in the chain behind him

It's highly unlikely that the new build will be ready when they say it will, has she thought that the builders may be doing exactly the same thing to her and using delaying tactics.

Its fine saying every suggestion is 'Not an option'  but something has to give.  Selling a house needs co-operation and fairness from all those involved, she cant be expecting the rest of the chain to be happy to wait for her convenient moment.

The bottom line is that she has no confirmed date for the new build to be ready.

There is no chain behind him - he's in rented - I have suggested she perhaps offers him the equivalent of a couple of months rental off the sale price - he'd also save a bit on stamp then as well...

DE_612183

HouseMartin567 said:

The added complication is that the new build company will likely pressure your daughter into exchanging in 4-8 weeks - without a fixed completion date (only long-stop). It sounds like your daughter will also want her buyer to be willing to exchange without a fixed completion date, but knowing that is likely to be at least 4 months away. It isn’t an attractive proposition for the buyer unless your daughter is selling at a ‘cheap’ price.

Buying a new build whilst trying to incorporate your own sale into the chain is a nightmare. Does the house builder offer part exchange?

she's downsizing

DE_612183

robatwork said:

Get her to move in with you while she waits for the NB. They are notoriously loose for "completion" and then snagging

If that was an option we'd do it - but it's not unfortunately.