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  • FIRST POST
    • DJP1987
    • By DJP1987 7th Feb 18, 10:17 PM
    • 4Posts
    • 3Thanks
    DJP1987
    New Build - Paid SUBSTANTIALLY more than neighbour
    • #1
    • 7th Feb 18, 10:17 PM
    New Build - Paid SUBSTANTIALLY more than neighbour 7th Feb 18 at 10:17 PM
    Hifirst time poster and I'm hoping you can help.

    I've recently gone through a first time buyer process and have just exchanged contracts today, YAY, etc. Now, we've gone through everything including valuation and all of the formalities and the reality is we were overpaying for our house by approximately 7,000 but given I got around 5,000 worth of extras, I was willing to overlook and also it seems to be how new builds are marketed.

    Now, after exchanging contracts (completing in around 2 weeks) I've just found out our plot 2 doors along (exact same house type, build, just a very minorly smaller back garden) has been sold for 30,000 less (236k down to 205k).

    Now, I'd haggled, tried to get incentives, etc including paying stamp duty (wife isn't a first time buyer so we didn't qualify for the relief) and I was flat turned down after I'd gotten the other bits included. Now imagining I take into account the garden and the 5,000 extras, I make this out to be around 23,000 difference in cost (approx 10% of the value of the house).

    Is there anything I can do on this, do I have a leg to stand on from a legal viewpoint? I have a feeling this is chalking it down to really poor negotiating by me but this amount feels far too large to just let it lie.

    Thanks guys (and gals),
Page 1
    • JoJo1978
    • By JoJo1978 7th Feb 18, 10:24 PM
    • 342 Posts
    • 423 Thanks
    JoJo1978
    • #2
    • 7th Feb 18, 10:24 PM
    • #2
    • 7th Feb 18, 10:24 PM
    No, there's nothing that you can do. Enjoy your home, be nice to those neighbours who paid less, you might need their help one day! Assuming that you're buying with a mortgage, that difference in price makes very little odds in the long run.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
    • DJP1987
    • By DJP1987 7th Feb 18, 10:34 PM
    • 4 Posts
    • 3 Thanks
    DJP1987
    • #3
    • 7th Feb 18, 10:34 PM
    • #3
    • 7th Feb 18, 10:34 PM
    Not going to lie, kind of what I expected.

    In general, I'm good at stuff like this but I know very little about houses. This is more a dented pride piece than financial frustration.
    • Cakeguts
    • By Cakeguts 7th Feb 18, 10:39 PM
    • 4,168 Posts
    • 5,838 Thanks
    Cakeguts
    • #4
    • 7th Feb 18, 10:39 PM
    • #4
    • 7th Feb 18, 10:39 PM
    The price differences on new houses is normal.
    • luis1988
    • By luis1988 8th Feb 18, 8:36 AM
    • 57 Posts
    • 24 Thanks
    luis1988
    • #5
    • 8th Feb 18, 8:36 AM
    • #5
    • 8th Feb 18, 8:36 AM
    Similar with our development where we bought nearly 2 years ago. Fortunately for us we bought at the lowest price of everyone. There are 5 houses exactly the same (one with slightly larger garden) and the prices ranged from 279,000 to just over 300,000.

    You never know until you get in unfortunately.
    • ACG
    • By ACG 8th Feb 18, 8:42 AM
    • 16,704 Posts
    • 8,684 Thanks
    ACG
    • #6
    • 8th Feb 18, 8:42 AM
    • #6
    • 8th Feb 18, 8:42 AM
    Was the one over the road the last one or 2 on the plot? It could just be the developers trying to shift them.

    I would be a little miffed also, but I can not really see you having any come back now you have exchanged contracts.
    I am a Mortgage Adviser
    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.
    • AdrianC
    • By AdrianC 8th Feb 18, 8:57 AM
    • 17,195 Posts
    • 15,498 Thanks
    AdrianC
    • #7
    • 8th Feb 18, 8:57 AM
    • #7
    • 8th Feb 18, 8:57 AM
    It's a bit like talking to the guy in the seat next to you on a Ryanair flight...

    Simple answer is that if you'd waited until the developer got desperate to shift the last few plots, you may have found there were none left. You got in early, you got the full choice.
    • scaredofdebt
    • By scaredofdebt 8th Feb 18, 9:01 AM
    • 979 Posts
    • 401 Thanks
    scaredofdebt
    • #8
    • 8th Feb 18, 9:01 AM
    • #8
    • 8th Feb 18, 9:01 AM
    Don't stress too much about it. Assuming you and the neighbour are both on mortgages, if you have a better mortgage deal you could easily end up paying less over the term. Make sure you've got the best mortgage you can and review it every couple of years.
    Make 2018 in 2018 Challenge - Total to date 1,049
    • seven-day-weekend
    • By seven-day-weekend 8th Feb 18, 9:51 AM
    • 30,504 Posts
    • 57,480 Thanks
    seven-day-weekend
    • #9
    • 8th Feb 18, 9:51 AM
    • #9
    • 8th Feb 18, 9:51 AM
    You paid what you agreed for the house. Don't fret about what others paid.

    We bought a static caravan in 2016. It was nine years old. We knew we could get a brand new one for just a little more from someone else, sited somewhere else, , but this one was exactly what we wanted, where we wanted and also had some very expensive upvc decking. So we agreed that price.

    If you are happy with the price you have paid, just don't fret about it.

    Enjoy your new home xx
    Last edited by seven-day-weekend; 08-02-2018 at 9:56 AM.
    • PasturesNew
    • By PasturesNew 8th Feb 18, 9:53 AM
    • 62,178 Posts
    • 363,938 Thanks
    PasturesNew
    There could be something else going on, some part exchange deal, or a shared ownership, or just a typo on the form submitted.
    • Comms69
    • By Comms69 8th Feb 18, 10:12 AM
    • 2,970 Posts
    • 2,935 Thanks
    Comms69
    Hifirst time poster and I'm hoping you can help.

    I've recently gone through a first time buyer process and have just exchanged contracts today, YAY, etc. Now, we've gone through everything including valuation and all of the formalities and the reality is we were overpaying for our house by approximately 7,000 but given I got around 5,000 worth of extras, I was willing to overlook and also it seems to be how new builds are marketed.

    Now, after exchanging contracts (completing in around 2 weeks) I've just found out our plot 2 doors along (exact same house type, build, just a very minorly smaller back garden) has been sold for 30,000 less (236k down to 205k).

    Now, I'd haggled, tried to get incentives, etc including paying stamp duty (wife isn't a first time buyer so we didn't qualify for the relief) and I was flat turned down after I'd gotten the other bits included. Now imagining I take into account the garden and the 5,000 extras, I make this out to be around 23,000 difference in cost (approx 10% of the value of the house).

    Is there anything I can do on this, do I have a leg to stand on from a legal viewpoint? I have a feeling this is chalking it down to really poor negotiating by me but this amount feels far too large to just let it lie.

    Thanks guys (and gals),
    Originally posted by DJP1987
    Why do you think your entitled to the same as someone else?....
    • PokerPlayer111
    • By PokerPlayer111 8th Feb 18, 10:18 AM
    • 243 Posts
    • 85 Thanks
    PokerPlayer111
    This sucks i'd be pretty !!!!ed but you are alive so can make the money back elsewhere.

    Defo in future offer on the low side for property, you have to protect your finances.
    • theartfullodger
    • By theartfullodger 8th Feb 18, 10:21 AM
    • 9,454 Posts
    • 12,672 Thanks
    theartfullodger
    ...........Is there anything I can do on this, ..............
    Originally posted by DJP1987
    Congratulate your neighbour on their good fortune. If you had thought the price you were buying at was OK then fine.

    Or they could be winding you up: 'tis a game played, often of 'planes (.. my ticket was so cheap...) or on holiday (... we got this amazingly cheap deal.... family of 5 for 3:27!..)
    • ReadingTim
    • By ReadingTim 8th Feb 18, 11:07 AM
    • 2,554 Posts
    • 3,645 Thanks
    ReadingTim
    Get used to the feeling mate - you'll be just as hacked off when someone else sells for more than you too....
    • AnotherJoe
    • By AnotherJoe 8th Feb 18, 11:41 AM
    • 9,041 Posts
    • 9,938 Thanks
    AnotherJoe
    Near where i live (Reading) second tranches of houses are soemtimes going for lower, because they are finding it harder to shift houses. Bricklayers are being laid off / put on reduced hours.

    So this is apparently according to local mutterings on social media, a fairly common experience.
    • Crashy Time
    • By Crashy Time 8th Feb 18, 12:16 PM
    • 5,895 Posts
    • 2,324 Thanks
    Crashy Time
    Get used to the feeling mate - you'll be just as hacked off when someone else sells for more than you too....
    Originally posted by ReadingTim

    What are the chances of that happening though?
    • Crashy Time
    • By Crashy Time 8th Feb 18, 12:20 PM
    • 5,895 Posts
    • 2,324 Thanks
    Crashy Time
    It's a bit like talking to the guy in the seat next to you on a Ryanair flight...

    Simple answer is that if you'd waited until the developer got desperate to shift the last few plots, you may have found there were none left. You got in early, you got the full choice.
    Originally posted by AdrianC

    No it isn`t, it is 30k, and as rates rise he is paying interest on it, the sooner debt is priced at sensible rates again the sooner people will stop thinking that getting into a few 100k debt is like buying a fish supper up the road, and hopefully more over-charging developers will start going bust
    • ReadingTim
    • By ReadingTim 8th Feb 18, 1:07 PM
    • 2,554 Posts
    • 3,645 Thanks
    ReadingTim
    What are the chances of that happening though?
    Originally posted by Crashy Time
    How many years have you been saying that now Crashy? And have any of your hopes and dreams come true? Thought not.
    • Crashy Time
    • By Crashy Time 8th Feb 18, 1:42 PM
    • 5,895 Posts
    • 2,324 Thanks
    Crashy Time
    How many years have you been saying that now Crashy? And have any of your hopes and dreams come true? Thought not.
    Originally posted by ReadingTim

    Not sure how that explains the 30k drop in the OP`s street?
    • phill99
    • By phill99 8th Feb 18, 2:00 PM
    • 8,053 Posts
    • 7,287 Thanks
    phill99
    If you look at the whole street of identical houses, I can pretty much guarantee that each one sold for a different price. That is how new house sales work.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
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