I have a new build. Please please do your research on the developer. I would never have bought a persimmons home had I checked first. We have been quite lucky in that we didn't have a lot to fix, but we have had a fair few problems develop a lot sooner than you would expect. Also if you buy a house in the early stages of a development you won't have a proper road for months or even years, there will be lots of noise 7 days a week starting at 7am and everything will be covered in dust. I may still buy a new build again though as I do like the idea of being the first owner and picking options before it's built. Just will be going with a different developer. Great vid as always Michael.
Hi I’m worried about my mortgage offer being pulled after exchange of contract due to uncertain times ahead. I exchange soon and the house is not ready until February 2023. Would you recommend I get something in writing for protection against losing my deposit if the lender does pull the mortgage offer?
Not sure what you could get in writing tbh, you will be fine as long as it doesn’t expire but once it does there are no guarantees although extensions are possible
Not sure what you could get in writing tbh, you will be fine as long as it doesn’t expire but once it does there are no guarantees although extensions are possible
What am I concerned about? I can’t even get a sniff of being able to reserve one! I have a newly renovated house in a sought after location. I’m prepared to part exchange or let-to-buy. I’ve an excellent credit score, cash savings, AiP, had mortgage advice with deals ready to go…. but the developer doesn’t seem interested! Keeps banging on about “first right of refusal”, points out release of sale dates and is reluctant to let me put my name down for a phase 1 plot. I’ve told him I’ve been interested in the one plot for a couple of months now…. told it won’t be released until September and so I can’t put my make down for it…. Next thing he’s told me it’s not available anymore….well before release! What’s going on??
@@Progressfs good plan…. Thought about doing that now the last couple of days. I just thought due to it being phase 1 of the development that it was routine. Now I’m thinking I’m being mugged off! Is it because I’m not a full cash buyer? Is it because I’m not an investor? We’re parents with 2 young kids looking for more space! I thought I was going mad so thank you for your swift reply. I’ll look into it and keep you updated!
Great video. I am in the very early stages of purchasing a new build. It’s a small local developer I have seen some of their previous developments and have heard good things. I’ve also got my own solicitor and mortgage adviser like you have suggested. My only question so far is instead of the £500 reservation deposit I have been asked to pay £3000. Does this work in the same way like it gets taken off the actual deposit? Ps your videos are so informative
It should do yes. I would be very wary though of paying that much of a deposit. Seek advice from your solicitor first. Also is it help to buy? If it is then they are only allowed to charge a maximum of £500 on reservation
@Syed Razu Not sure why i am just seeing this reply now! But I did buy the new build its not ready yet. Will be ready in Feb 2022 but so far so good. Will let you know what its like when I get the keys
Hello, Great video but I am a little concerned. I have put down my £500 reservation fee and have 42 days to have the missives signed. From my understanding in the video, you mention it is best to have the mortgage offer 3-4 months before the build is complete. The estimated date for move in for me is October-March. Can you sign the missives without a mortgage offer? I have a decision in principle however my solicitor has advised they cannot move forward with the application until we have the mortgage offer. I am worried in case there is delays and it may be next year before completion. Ad a mortgage advisor(in your experience), is there any issues/complications exceeding the 6 months and having to re-submit a mortgage application, i.e. it has been approved now then 6 months later when you re-apply, this is not approved? Thanks in advance.
My advise is do not exchange contracts until you have seen the property in it’s completed state. They will push you and push you but don’t. Once you do they have you and there’s nothing you can do
Let m know your thoughts on New Builds and the experiances you have had buying them?
I have a new build. Please please do your research on the developer. I would never have bought a persimmons home had I checked first.
We have been quite lucky in that we didn't have a lot to fix, but we have had a fair few problems develop a lot sooner than you would expect.
Also if you buy a house in the early stages of a development you won't have a proper road for months or even years, there will be lots of noise 7 days a week starting at 7am and everything will be covered in dust.
I may still buy a new build again though as I do like the idea of being the first owner and picking options before it's built. Just will be going with a different developer.
Great vid as always Michael.
great advice that Barry. It's all about doing your research.
Is there an opportunity to buy it cheaper than when it's completed and how is it best to ask sales
Hi I’m worried about my mortgage offer being pulled after exchange of contract due to uncertain times ahead. I exchange soon and the house is not ready until February 2023. Would you recommend I get something in writing for protection against losing my deposit if the lender does pull the mortgage offer?
Not sure what you could get in writing tbh, you will be fine as long as it doesn’t expire but once it does there are no guarantees although extensions are possible
Not sure what you could get in writing tbh, you will be fine as long as it doesn’t expire but once it does there are no guarantees although extensions are possible
What am I concerned about? I can’t even get a sniff of being able to reserve one! I have a newly renovated house in a sought after location. I’m prepared to part exchange or let-to-buy. I’ve an excellent credit score, cash savings, AiP, had mortgage advice with deals ready to go…. but the developer doesn’t seem interested! Keeps banging on about “first right of refusal”, points out release of sale dates and is reluctant to let me put my name down for a phase 1 plot. I’ve told him I’ve been interested in the one plot for a couple of months now…. told it won’t be released until September and so I can’t put my make down for it…. Next thing he’s told me it’s not available anymore….well before release! What’s going on??
That sound really strange! Maybe go over his head and a peach the management or even better company directors who own the building company
@@Progressfs good plan…. Thought about doing that now the last couple of days. I just thought due to it being phase 1 of the development that it was routine. Now I’m thinking I’m being mugged off! Is it because I’m not a full cash buyer? Is it because I’m not an investor? We’re parents with 2 young kids looking for more space! I thought I was going mad so thank you for your swift reply. I’ll look into it and keep you updated!
@@alexmurphy5888 difficult to say the reasons and come be any number of reasons but i would certainly be banging on doors!
@@Progressfs Banged on the door…. We got first refusal on a really nice plot! Cheers for the advice :)
Very informative, thanks .. At what stage do you have to pay stamp duty? And does the mortgage takes care of the extra cost for upgrades?
Right at the end when you pay your deposit money to solicitor. No extra and upgrades can’t be added to mortgage
Great video. I am in the very early stages of purchasing a new build. It’s a small local developer I have seen some of their previous developments and have heard good things. I’ve also got my own solicitor and mortgage adviser like you have suggested. My only question so far is instead of the £500 reservation deposit I have been asked to pay £3000. Does this work in the same way like it gets taken off the actual deposit?
Ps your videos are so informative
It should do yes. I would be very wary though of paying that much of a deposit. Seek advice from your solicitor first. Also is it help to buy? If it is then they are only allowed to charge a maximum of £500 on reservation
@@Progressfs I have ran all this past the solicitor. They say it’s because of the amount of customisation that we can do.
No this is not help to buy
You should be fine then if the solicitor is on board
@@Progressfs thank you 😊
@Syed Razu Not sure why i am just seeing this reply now! But I did buy the new build its not ready yet. Will be ready in Feb 2022 but so far so good. Will let you know what its like when I get the keys
Hello, Great video but I am a little concerned. I have put down my £500 reservation fee and have 42 days to have the missives signed. From my understanding in the video, you mention it is best to have the mortgage offer 3-4 months before the build is complete. The estimated date for move in for me is October-March. Can you sign the missives without a mortgage offer? I have a decision in principle however my solicitor has advised they cannot move forward with the application until we have the mortgage offer. I am worried in case there is delays and it may be next year before completion. Ad a mortgage advisor(in your experience), is there any issues/complications exceeding the 6 months and having to re-submit a mortgage application, i.e. it has been approved now then 6 months later when you re-apply, this is not approved? Thanks in advance.
My advise is do not exchange contracts until you have seen the property in it’s completed state. They will push you and push you but don’t. Once you do they have you and there’s nothing you can do