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    • dannyjebb
    • By dannyjebb 14th Oct 16, 10:27 AM
    • 383Posts
    • 82Thanks
    New build
    • #1
    • 14th Oct 16, 10:27 AM
    New build 14th Oct 16 at 10:27 AM
    Hi all,

    I have posted before about new builds, but after looking at older houses we have decided we want a new build. The original development we were looking at is finally opening the show home tomorrow!! (6 weeks later than planned) not a great sign but we aren't in a real rush to move. We have just put ours (owned by my partner, I'm a ftb) on the market and Bellway want us to have sold stc before we can reserve. Do Bellway ask for evidence of selling yours? We don't need to rely on selling ours to pay deposit, which we would need to pay within 28 days of reserving, they have estimated about 6 'moths before the house would be ready to complete on. We are confident we can sell ours quickly(shared ownership) , next door sold last month within a few weeks and had 3 other people offering full price on it. If the worst came to the worst I could get a mortgage in my own name for the full amount although we want it in joint names.

    Anyway my question was would we be able to reserve if one is available for us to reserve without showing them evidence of ours being sold?

Page 1
    • kingstreet
    • By kingstreet 14th Oct 16, 11:14 AM
    • 33,341 Posts
    • 18,031 Thanks
    • #2
    • 14th Oct 16, 11:14 AM
    • #2
    • 14th Oct 16, 11:14 AM
    They will chain check with the selling agent, so you have to at least have accepted an offer and have a sale proceeding.

    They don't expect a sale to have completed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • geek1981
    • By geek1981 14th Oct 16, 12:33 PM
    • 177 Posts
    • 32 Thanks
    • #3
    • 14th Oct 16, 12:33 PM
    • #3
    • 14th Oct 16, 12:33 PM
    See how much they offer if you do part exchange? We are part exchanging for a new build and they offered 10k over market rate on ours and 5k off the house price. On top of that i saved around 8k on estate agent fees (1.8% commision). It all depends on how desperate they are, the demand on the plot you're looking at etc though.
    • teddysmum
    • By teddysmum 14th Oct 16, 12:56 PM
    • 9,037 Posts
    • 5,386 Thanks
    • #4
    • 14th Oct 16, 12:56 PM
    • #4
    • 14th Oct 16, 12:56 PM
    I wouldn't expect a builder do a part exchange on a shared ownership property as it wouldn't be entirely theirs after the sale.
    • noseylurker
    • By noseylurker 14th Oct 16, 1:56 PM
    • 5 Posts
    • 3 Thanks
    • #5
    • 14th Oct 16, 1:56 PM
    • #5
    • 14th Oct 16, 1:56 PM
    You'll need to have a sale subject to contract to be able to reserve usually. This is because, once you have reserved (regardless of how far the build is from completion), they'll expect you to exchange contracts within 28 days (although there's usually a little flexibility). If you don't, or can't, you'll lose your reservation fee (which they might tell you is refundable, but check, because the non-refundable 'admin fee' on our 500 reservation fee would have been 250 if we hadn't been able to go ahead. If you can exchange contracts without selling your house (basically you can demonstrate, with evidence, you have enough money to buy the new house without selling yours) then this might be different.
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