Could someone decipher this email please.

YoungBlueEyes · 16 July 2018 at 9:16PM

Evening folks, I need a bit of help please.

My sister has had an offer accepted on a house today, and got this email late this afternoon. She's asked me if I think it's alright, but I've never dealt with anything like this before, so could someone please tell me what it says, in plain english!

The people that live there now have part ex'd it for a new build.

Good afternoon,

Thank you for speaking with me today.

I am pleased to confirm that your offer of £a bunch of money has been accepted on your new house, congratulations!

As discussed, your offer is accepted subject to a 28 day exchange and completion anticipated September / October 2018. Please note that if the new build is not ready you will be asked to exchange contracts with completion on notice, this means you will not get a fixed completion date until the new build is complete. Once it is complete your solicitor will advise you and will offer completion in 10 days!!!8217; time. Linden Homes also require £250.00 reservation fee which is to be paid once the property is removed from the market, this then them removed from the total amount on completion.

I understand you have sold your current house with your sister, meaning you will both get an equal share of 50% of the sale price. Can you confirm whether your sister is tying in her own purchase and if she has any objections to the above time scales.

If you haven!!!8217;t already done so please kindly confirm, full names of all buyers for the property, any agreement in principle that you may have, evidence of your deposit and certified ID for any buyers for the property so passport / driving licence and proof of address !!!8211; we require this to be compliant with Anti-Money Laundering Regulations.

Your Sales Progression Manager, Katie, will be speaking with PLS on a daily basis to ensure everything is moving forward and being dealt with swiftly for you. We also have a very good relationship with PLS due to the amount of work we do with them, so this tends help the whole process go very smoothly. Should you not use PLS and do not meet the deadlines as a result, the property would be remarketed.

PLS are a company that specialise in the purchase of properties from Housebuilders and have been recognised within the industry winning several awards in 2016.

Further to this they have just launched a fully interactive website enabling you to be in control of you purchase and freeing up time without the need to visit a solicitor.

The estimated cost for their service will be £805 plus vat and any stamp duty for the purchase and £595 plus vat for you sale.

If you would like to use PLS please let me know an I will instruct them for you.

As soon as you have confirmed you will be proceeding with our recommended solicitors and have sent the requested paperwork, PLS will send you an instruction pack within 24 hours. We request that this is completed and returned as soon as possible.

Congratulations again !!!8211; so pleased for you !!!8211; let me know if you have any questions

Kind Regards

Mrs Woman | Sales Executive
[TNHG Logo]<https://www.thenewhomesgroup.co.uk/>

Wicked_Lady · 16 July 2018 at 9:26PM

I'm confused. I read it as the OP's sister has had an offer accepted but then it goes on to say that the people living there at the moment have part exchanged it for a new build.

Have I misread something?

ThePants999 · 16 July 2018 at 9:31PM

It's all pretty standard. Breaks down as follows. (I'm using "you" for your sister here.)

1. You need to reach exchange of contracts within 28 days. Developers always say this, but they're usually flexible if something that isn't you is holding things up.

2. They're expecting to finish building the house in September or October, but unlike buying a house that's already built, your contract won't specify an actual completion date. You'll have to wait until they finish building, at which point they'll tell you to complete the purchase.

3. You need to pay them £250 to reserve the house, which counts as part of the price so you don't pay any extra as long as the purchase goes through.

4. They want to know whether your sister's sister (you?) are buying a property with the 50% funds from sale of current house, because that then becomes part of the overall chain and they'll want to keep an eye on it.

5. They want a bunch of info / documentation for anti money laundering reasons - really this ought to be covered by your solicitor, but everyone's pretty overzealous about this so it's pretty normal.

6. They want you to use their preferred solicitor. Don't. But do instruct another solicitor and give them the details ASAP.

ThePants999 · 16 July 2018 at 9:36PM

Oh, wait, I'd missed that - so if I understand rightly:
- your sister is buying house A
- the owners of house A are buying a new build house B
- they've part exchanged with the developer, so the developer is handling the market sale of house A.

That doesn't change a great deal - you're still tied to the construction timescale of house B, because otherwise the current owners of house A would have nowhere to live. I am a bit surprised, though, that they want a reservation fee for a part exchange house - I'm not sure whether that's normal.

diggingdude · 16 July 2018 at 9:46PM

I would email them back and ask how much commission they get if you use their solicitor and if they are prepared to share it to help ensure you can use their choice and meet contract expectations

I am of course kidding but I would be tempted

G_M · 16 July 2018 at 9:56PM

I'm also confused.Please confirm/clarify:

ThePants999 wrote: »

- your sister is buying house A
- the owners of house A are buying a new build house B
- they've part exchanged with the developer, so the developer is handling the market sale of house A.
- your sister and her sister (you?) already jointly own a property which they/you are both selling
- the money sister receives from the sale will go towards buying house A
- the money sister' sister (you?) receives from the sale will go towards..... what? purchase of house C?

Personally I'd refuse these terms and insist on Exchangs contracts in the normal way, with a fixed Completion date. The seller (of A) then finds temporary accommodation till their New Build (B) is ready.

YoungBlueEyes · 16 July 2018 at 10:20PM

Wicked Lady - that's exactly right.

Thanks ThePants99 and G_M, that's just what I was after

Yes developer is handling the sale, and "PLS" are their conveyancers.

To clarify. Sis and I own this house. We accepted an offer. Sis went house hunting and put an offer in on house A, which was accepted today. The people who currently live in house A are buying a new build B on the edge of our town (that estate is about half built I think).
Sis is buying house A with savings and money from this house + a little mortgage.
I've haven't got a bloody clue where I'm going, so no house C as yet. (I've got a friend in Cambridge who's offered to take me in while I get sorted), so I'm not tied in any way.

It has been mentioned by the EA (our house and house A are on with same agent), that house A people would move in with family if sis wanted in before they could get in to house B.

It all sounded a bit off to me. Can you say you want to exchange etc in the normal way with your own solic + conveyancers? Our family solic is both and I'd be far happier if she went with him.

TheBanker · 16 July 2018 at 10:26PM

I have just bought a house from a lady who was buying a new home.

Like your sister, I was contacted by The New Homes Group, and originally they wanted me to exchange without a completion date, and suggested I use their solicitors. They also suggested I use their mortgage adviser.

I declined their offers and used my own trusted advisers.

They initially wanted to exchange without a completion date - I was not keen. In the end we exchanged with a completion date because when we were ready to exchange, the new build was just about ready.

I assume they receive a large commission as they were calling me and my solicitors daily before we exchanged. Strangely since we exchanged I've not heard a peep from them...

I also assume they had a half year target as they seemed absolutely desperate for exchange to happen before the end of June.

To be fair I think they did a good job of chasing everyone up and saved me a bit of work

TheBanker · 16 July 2018 at 10:29PM

YoungBlueEyes wrote: »

W
It all sounded a bit off to me. Can you say you want to exchange etc in the normal way with your own solic + conveyancers? Our family solic is both and I'd be far happier if she went with him.

We cross posted. I would strongly suggest using your own trusted solicitors. I did and they were fine with it.

YoungBlueEyes · 16 July 2018 at 10:45PM

That's brilliant, thanks guys

AnotherJoe · 16 July 2018 at 11:17PM

It actually reads to me as if they've accidentally added a whole bunch of boilerplate that is only relevant to a person who is buying the new build. If it isnt, its taking a whole lot of things as assumptions, such as the "new build" (which really shouldn't be relevant to sister) , talks about "new house" rather than say "14 Acacia Avenue", the share sister gets of sale price of their current home (what business it it of theirs?).

It also "imposes" a 28 day exchange and completion , which is very unusual for a normal purchase (but not a new house), adds a reservation fee,which is very unusual for a normal purchase (but not a new house), and fails to say what happens if the 28 day period (highly ambitious) isnt reached (though they are seemingly happy to drag it out indefinitely on their end, with no backstop)

If i received this I'd send it back saying "you appear to have sent this to the wrong person"

PLEASE READ BEFORE POSTING

Could someone decipher this email please.

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