Buying a new build

Cheeseplant

Can people with recent experience of buying new builds tell me if they had to be sale agreed or have sold their house when booking a new build at a launch day?
We are interested in a few new builds to be launched in Spring but will only put ours on the market in the New Year.

Some of these new builds won't be ready until end of 2020.. I don't really see how we can line up the buying and selling. Can anyone advise how they balanced this?

Gumbo

Cheeseplant wrote: »

Can people with recent experience of buying new builds tell me if they had to be sale agreed or have sold their house when booking a new build at a launch day?
We are interested in a few new builds to be launched in Spring but will only put ours on the market in the New Year.

Some of these new builds won't be ready until end of 2020.. I don't really see how we can line up the buying and selling. Can anyone advise how they balanced this?

Once you have your booking deposit it won’t matter. They may ask your current housing position so tell them you are currently selling.

gandalf

It depends are you funding your deposit from the sale funds? If not you should be fine. We are hoping to move in within the next two weeks. We were supposed to move in around Sept/Oct on the original timeline, just bear that in mind with any dates they give you. You'll probably need to add 3 months to the timeline the developers have stated.

Cheeseplant

gandalf wrote: »

It depends are you funding your deposit from the sale funds? If not you should be fine. We are hoping to move in within the next two weeks. We were supposed to move in around Sept/Oct on the original timeline, just bear that in mind with any dates they give you. You'll probably need to add 3 months to the timeline the developers have stated.

We would have our booking deposit but the remainder of the 20% would be in the sale proceeds.
Yes I would be concerned about matching up the timing. Are you renting?

Cheeseplant

kceire wrote: »

Once you have your booking deposit it won’t matter. They may ask your current housing position so tell them you are currently selling.

Really? In 2016 we tried to buy a new house while ours was on the market and they wouldn't accept our booking deposit unless we could sign contracts within 21 days. We had thought this was 21 days from issue and we probably had tons of time but they insisted the contracts would be out very soon after launch so we obviously couldn't sign as own house not sold. I really can't figure out how other movers do it!

Dolbhad

It depends on the builder and how flexible they are. I have had family members who have told auctioneers/builders that they had to sell a house and have been passed over for FTBs and some builders have been understanding with it. And even when there was delays in selling their house, builder had been fine with it (however thats rare)

The biggest factor at play is your bank- what does your bank say in loan offer. Most of the time it will say you have to sell your house and clear that mortgage before you drawdown the buy the new house.

It’s very important a subject to loan clause goes into then contract in case you have issues selling the house. You may need a clause in specifically for the sale of your house if builder allows it.

Best thing is to chat to your solicitor and see what they say. They may have dealt with the builder before and know are they open to it.

Also a good tip is to use the auctioneer for the new build to sell your house. They will have a vested interest as they will have two bills being paid. But also can keep builder and your purchasers informed of the timeline and what’s happening. Will save you a whole lot of hassle.

gandalf

Cheeseplant wrote: »

We would have our booking deposit but the remainder of the 20% would be in the sale proceeds.
Yes I would be concerned about matching up the timing. Are you renting?

Like us so, we paid the booking deposit but we got them to wave the rest of the deposit because we are funding this from the sale proceeds.

We had to show the builder that we had the Apartment on the market and then let them know when we went Sale Agreed.

No we aren't renting we are still in the Apartment, we told the buyers that we were waiting on a new build and that they'd have to wait. Tbh they are getting really pissed atm as they were expecting to be in by the end of Oct.

Sophia Petrillo

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