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Original poster

Selling and buying a new build question

9 replies

orangepeelsz · 02/02/2022 19:27

We plan to sell our house and buy a new build. I just trying to work out the order that we do this.

Do we reserve the new home first? Or sell our house first?

If we reserve first they usually push for exchange quite soon after with a new build I think - but if we haven't sold ours at that point where does it leave us?

Or if we sell ours first what if we are waiting for the house we want to be released to reserve doesn't that hold up our buyers?! I'm so confused with it Confused

OP posts:
Flowersandthorns · 02/02/2022 20:03

We are buying a new build and couldn't reserve until we were in a completed chain. Lots of people have to go into a rented place/live with family as often the 2 houses don't tie together timewise.

FASDE1517 · 02/02/2022 20:19

We are in a new build as FTB so that was easy enough.
We've just had to scrap plans to buy a second new build as they insist on a complete chain and exchange within six weeks. This would have left us homeless whilst they actually built the house as there are no short term rentals for us (kids and dog and busy rental market). Sorry that's not better news but it was impossible for us.

Original poster
orangepeelsz · 02/02/2022 20:24

Oh no how does anyone do it?

We have nowhere we could stay as we're a large family with a dog.

OP posts:
Whitefire · 02/02/2022 20:37

Are they offering part exchange?

Dougieowner · 02/02/2022 20:53

We complete on our new build this Friday so feel your pain
.
Been a long process.
We could only reserve when we had a buyer for our old house (last April) and then we had to exchange in 42-days (some developers insist on 30-days) although this date did slip a bit. This of course means that you have to move out of your old home to allow the sale to complete and for most people this will mean renting, moving in with family etc and potentially putting your possessions into storage.
Of course, with the way developers move completion dates around this can get very sticky if you take a fixed term rent with no option to extend.
We were "fortunate" in as much as my late parents house became "available" so we moved into that (no rent, no fixed leaving date and it is so big we have no need to pay for storage) and it will be sold after we move out.

Not an easy process but then again it doesn't look to be any better for people moving into older properties.
We are now selling my late parents house and have the pick of the buyers, they are expected to do the same (be in rented with the finance in place) otherwise they don't even get to view or make an offer.

The least stressful ways are:-
Be a FTB.
Use a developer who will take your house as PX.
Have all the funds available to buy without having to sell your old house (like we all do!).

Haribosweets · 02/02/2022 22:14

My vendors were buying a new build and had to pay outright before their old house completed. But others have said you need to be FTB or rent, stay with family or pay in full if you have the funds!

Original poster
orangepeelsz · 03/02/2022 08:41

Oh wow I had no idea about this. The house we currently own is a new build but we were FTB.

There is no option to stay with anyone as our family is too large plus the dog and there are no short term rentals near us that take pets. I checked and the developer does do part exchange so I'd just hope that is on all plots and not just the ones they can't get rid of Confused it's putting me off a new build now to be honest! Sad

OP posts:
Dougieowner · 03/02/2022 08:50

Finding alternative accommodation aside (we had our own sad reasons why this wasn't an issue for us) I think a new build is easier in some ways.
No gazumping, sudden increase in price as you approach exchange, worry the previous owner doesn't move out in time, leaves the place in a dirty state or with loads of rubbish in the garage & loft, takes all the light-bulbs etc.

ItchyKondera · 03/02/2022 16:26

We've reserved our new build last week. They wouldn't even really entertain speaking to you until you at least had your house on the market, and won't let you reserve a plot until you had a memorandum of sale for the WHOLE CHAIN. So if you get lucky, you will have a FTB buy yours...

We had our house on the market for 3 months, but it hadn't sold. In the end we have decided to keep the house and rent it out which means we could reserve immediately. It meant we didn't have quite as much equity for new house but we needed to be on this specific development for various reasons so had to get moving

we got lucky that one of the original plots we had been looking at which had been reserved last year, was coming back on the market as the people who had reserved it had been given 8 / 9 weeks and hadn't secured a mortgage. So the developer cancelled the sale on them!! Was just pure luck we rang them up saying can we have first dibs on the next releases and he mentioned this one

We now have to exchange within 28 days.... give or take. I think as long as they can see things moving they are fine.

PX was capped at houses of up to £300k on this development (Buckinghamshire) and was only on plots that weren't shifting

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