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  • FIRST POST
    • xthrash
    • By xthrash 14th Jan 20, 1:44 PM
    • 5Posts
    • 1Thanks
    xthrash
    Buying a new build in a chain
    • #1
    • 14th Jan 20, 1:44 PM
    Buying a new build in a chain 14th Jan 20 at 1:44 PM
    Hi all

    My partner and I have been looking at moving from our new build into another new build due to a change in circumstances. We've found a few developments in the locations we'd consider and they seem to be struggling to sell - there are quite a few which have had their prices reduced already.

    My main concern is having to be SSTC before we can reserve - we bought our current house as FTBs and a plot that was already built which we preferred. If we could do that again, then great, otherwise it seems to very reliant on luck.

    We would be using HTB again, so can't use a developers part exchange scheme (which says 30% increase in value which the houses we're looking at aren't anyway) but can use one of their "assisted" moving packages where they pay fees, etc. But even using these schemes, nothing is reserved or held.

    We are looking to port our mortgage due to high ERCs but apparently moving into rented to break the chain would mean paying the ERC and according to our adviser, not many lenders let you have a grace period these days.

    Like I say, it seems like all of this just comes down to luck but surely this can't be the case? I see people moving into new builds up and down the country and not everyone is a FTB. So I'm wondering what the best way to proceed is? Do we just get ours up on the market ASAP and hope ones we like currently are still available? Or do we wait until we know one is coming up soon in the next 6 months or so and then hope it's completed on time?

    Any advice?
    Thanks in advance!
Page 1
    • foxy-stoat
    • By foxy-stoat 14th Jan 20, 1:57 PM
    • 5,696 Posts
    • 3,533 Thanks
    foxy-stoat
    • #2
    • 14th Jan 20, 1:57 PM
    • #2
    • 14th Jan 20, 1:57 PM
    You will need your house SSTC before you can reserve for the developer to consider you proceedable.

    Luck will place a part but if its a small chain, ie 1 person, and the development isn't selling well then you will be ok.
    • ethank
    • By ethank 14th Jan 20, 11:25 PM
    • 2,173 Posts
    • 1,154 Thanks
    ethank
    • #3
    • 14th Jan 20, 11:25 PM
    • #3
    • 14th Jan 20, 11:25 PM
    Find a site and ask what they have. If you are not on the market, many will offer an assisted house sale scheme and pay your sale costs, or part exchange (note you cannot Part Exchange and do HTB). Lots of sites have stock houses at the moment due to Brexit situation slowing down the market.
    • AdrianC
    • By AdrianC 15th Jan 20, 8:13 AM
    • 27,546 Posts
    • 27,721 Thanks
    AdrianC
    • #4
    • 15th Jan 20, 8:13 AM
    • #4
    • 15th Jan 20, 8:13 AM
    Is the place you're buying still being built? What's the estimated date for it being ready?
    • xthrash
    • By xthrash 15th Jan 20, 2:19 PM
    • 5 Posts
    • 1 Thanks
    xthrash
    • #5
    • 15th Jan 20, 2:19 PM
    • #5
    • 15th Jan 20, 2:19 PM
    Is the place you're buying still being built? What's the estimated date for it being ready?
    Originally posted by AdrianC
    We don't know yet - we have our eye on a few different plots at different developments. One will be ready to move in next month apparently, the others have been released and can be reserved. Having looked at the others from the outside, they look ready but apparently not finished inside yet (as we wanted to have a look inside but we were told we can't until the end of the month).

    We don't want to rush to get ours on the market, sell up and then be in a position whereby all of the plots we liked have gone and we have to sit around waiting for a new plot to be released which then may not be ready for a good few months - I don't know what most builders timelines are in terms of when they're released and when they're completed.
    • AdrianC
    • By AdrianC 15th Jan 20, 2:25 PM
    • 27,546 Posts
    • 27,721 Thanks
    AdrianC
    • #6
    • 15th Jan 20, 2:25 PM
    • #6
    • 15th Jan 20, 2:25 PM
    We don't know yet - we have our eye on a few different plots at different developments. One will be ready to move in next month apparently, the others have been released and can be reserved. Having looked at the others from the outside, they look ready but apparently not finished inside yet (as we wanted to have a look inside but we were told we can't until the end of the month).

    We don't want to rush to get ours on the market, sell up and then be in a position whereby all of the plots we liked have gone and we have to sit around waiting for a new plot to be released which then may not be ready for a good few months - I don't know what most builders timelines are in terms of when they're released and when they're completed.
    Originally posted by xthrash
    If they're onto internals, then they'll probably be ready by the time the chain's all complete and the legals have progressed.

    Anything that's not yet weathertight, though...
    • HanPop
    • By HanPop 15th Jan 20, 4:02 PM
    • 93 Posts
    • 50 Thanks
    HanPop
    • #7
    • 15th Jan 20, 4:02 PM
    • #7
    • 15th Jan 20, 4:02 PM
    We were in this position a year ago and I also wondered how people managed. I think most people do not know that you can use the help to buy equity loan even if you are not a first time buyer (well that’s what I encountered) so lots of them part exchange which makes the process much easier. With our house I knew the plot I wanted would be released around April time so we decided to put our house up for sale last February as I didn’t know how quickly we’d sell. We actually sold in 6 days so I went to the developer to ask about the plot I wanted but they actually had another that was built and when we looked at it the plot was really good so we reserved that one. So basically it was luck that someone else’s sale had just fallen through and that the built plot was available. To be honest I’d just get your house up for sale as soon as you can and then go and enquire at the developments you like once you’re SSTC and see what is available at that time.
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