how long to complete on new build

smnb08

How long does it roughly take to part exchnge your property against a new build?
My mortgage fixed rate ends on the 20th of june so i would not want to complete before then as i would have to pay a redemtion on my current mortgage of £6000.
So when is a good time to start the ball rolling as in to get redrow to value mine for part exchange.
I allready have a mortgage in principle from a new mortgage company so porting my existing mortgage to avoid payin the redemption is not an option as the new mortgage is much better.
I really want this house and feel that if i dont get a move on the house will sell but on the other hand dont want to risk having to pay the redemption just for the sake of a couple of weeks.
Anyone got any ides!!!!

Jorgan_2

Timescales will depend on what stage of construction the property you are looking to buy is at. The good news for you is that Redrow's year end is the end of June so you can often get a better deal if you can complete before the end of June.

Best to speak to the site office to see what deals/plots are available for June completion.

smnb08

Thanks jorgan!!
Trouble is the house is completed now!!

Jorgan_2

How long has it been completed? It may be what is known as a stock plot, one that has been built but with no buyer lined up, the builder will want to get this sold before their year end.

A few years back, one of my vendors was interested in a 3 bedroom Redrow property, but when they got a buyer, there were no 3 beds left available. The site agent kept on pushing them to view a 4 bed, which they couldn't afford, which they explained to the site agent. They did view the property, which they loved, but said they couldn't afford it. A few days later they got a phone call from the site agent offerering them a deal, the 4 bed for £3k (once vendor gifted deposit & incentives were taken into account) more than they would have paid for the 3 bed, as long as they completed by the end of June.

As I said, go and speak to the site agent, tell them that you can not complete before 20th June and find out what the best deal they can offer you.

smnb08

jargon Thanks So Much For Replying To My Post And Giving Me A Push To Speak To The Sales Team.
i Have Just Spoken To The Sales Lady And Explained My Situation And She Says We Can Reserve Now And Just Complete When My Fixed Rate Ends As Long As Its Before The End Of There Year(27th June)my Fixed Rate Ends On 21st June.
i Have Made An Appointment To Go And Speak To Her Further On Friday.

does Anyone Know How Much It Costs You To Reserve Your Chosen Home Once You Have Agreed On A Price???not Much Me Hopes Lol!

Jorgan_2

Different builders ask for different amounts, £250-500 seems to be the norm. I would be tempted not to make an offer, but ask the builder whats the best deal that can be done on that plot for completion by the 27th June, although that maybe difficult as you want to part ex.