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    • Ebany
    • By Ebany 5th Mar 18, 5:41 PM
    • 245Posts
    • 201Thanks
    Ebany
    How does anyone in a chain buy a new build?
    • #1
    • 5th Mar 18, 5:41 PM
    How does anyone in a chain buy a new build? 5th Mar 18 at 5:41 PM
    We are looking at some new build houses going up locally to us, and have been waiting for them to release plots we are interested in. However it seems they want us to have a buyer lined up for our property before we can even reserve a plot (once they release it for sale). It seems unfair for us to expect a buyer to make an offer and then hang around for months waiting for our new house to get built, given the developers won't give us any sort of timeline until they release the plots for sale.

    How are we supposed to get round this? I don't want to market my house when we may not have a house to move into until late this year, but we don't want to miss out on the specific plots we like. It seems insane that we need an offer accepted to even reserve a plot.

    Also, even if we do get round that hurdle, if they then want us to exchange within a month or so (so potentially still some 4-6 months before they will finish building the house) are we supposed to expect our buyer to allow that long a gap between exchange and completion? That seems insane!

    Am I misunderstanding something about the process? We had thought we would reserve a plot then put our place on the market, given things move pretty fast round here and the 4 months or so for them to build the house would give time to sort all that out, but now it seems thats not the way they expect things to work?
Page 1
    • ashe
    • By ashe 5th Mar 18, 5:43 PM
    • 530 Posts
    • 367 Thanks
    ashe
    • #2
    • 5th Mar 18, 5:43 PM
    • #2
    • 5th Mar 18, 5:43 PM
    Short term rent, move in with parents
    • kingstreet
    • By kingstreet 5th Mar 18, 5:45 PM
    • 33,338 Posts
    • 18,030 Thanks
    kingstreet
    • #3
    • 5th Mar 18, 5:45 PM
    • #3
    • 5th Mar 18, 5:45 PM
    You are misunderstanding nothing.

    You have to have an acceptable offer to be proceedable and if you aren't prepared to move out and break your chain, your purchaser has to be prepared to wait for your newbuild to be ready after exchanging contracts within 28 days.

    You could always buy a newbuild on a site where it's already built, perhaps to someone else's spec who was unable to continue. You'll perhaps grab a bargain that way too...
    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.
    • harz99
    • By harz99 5th Mar 18, 5:53 PM
    • 2,664 Posts
    • 2,591 Thanks
    harz99
    • #4
    • 5th Mar 18, 5:53 PM
    • #4
    • 5th Mar 18, 5:53 PM
    A way round this maybe to partex your house with the builder IF they offer this facility. However that might not get you the price you expect for your current property, nor allow you any wriggle room in negotiating.
    • Thrugelmir
    • By Thrugelmir 5th Mar 18, 6:07 PM
    • 58,442 Posts
    • 51,813 Thanks
    Thrugelmir
    • #5
    • 5th Mar 18, 6:07 PM
    • #5
    • 5th Mar 18, 6:07 PM

    How are we supposed to get round this?
    Originally posted by Ebany
    Does the developer offer part exchange on your existing property?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Ebany
    • By Ebany 5th Mar 18, 8:43 PM
    • 245 Posts
    • 201 Thanks
    Ebany
    • #6
    • 5th Mar 18, 8:43 PM
    • #6
    • 5th Mar 18, 8:43 PM
    I don't know yet, the developer is a small one and I'm not too hopeful. Moving into rented isn't really plausible as I wouldn't expect it to take more than the time it takes us to sell this house plus 6 months for a minimum rental term (to say nothing of the hassle of moving twice with a toddler), and family live too far away.

    Looks like we will have to hope we can find a very patient buyer...
    • flashg67
    • By flashg67 5th Mar 18, 10:00 PM
    • 2,457 Posts
    • 1,609 Thanks
    flashg67
    • #7
    • 5th Mar 18, 10:00 PM
    • #7
    • 5th Mar 18, 10:00 PM
    I ended up renting for 6 months. Not ideal, but breaks the chain.
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