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Found 2 results

  1. Hello, I am currently in the process of buying a new build house. We Exchanged contracts with the builder in November 19 with the estimated completion date being 28/02/20. This was then delayed to 28/03/20 because of bad weather. Then it was delayed to 24/04/20 because of health and safety reasons (reason being the scaffolding on the house next door needs to be completely down before they can allow us to move in). Then on the 24/03/20 Covid 19 happened and the builder shut. No work on site or anything. We had a mortgage offer granted in October 19 in which it would expire 6mnths time - 17/04/20. We contacted the lender March 09/03/20 to put in place an extension as we knew that the mortgage offer would expire before the delayed anticipated completion date of 24/04/20. A mortgage extension was given to the 24/04/20 which we had to pay a fee for. Due to Covid 19 and the builder shutting we now have no idea when the house will be finished .. they are starting a phased return this week however they are not giving any dates for completion or any indication of how long it will be. Our mortgage lender will only grant a mortgage offer extension a month at a time. Therefore we are having to apply for another extension on the 17/05/20 for another month for just in case the builder decides they want to finish house/build. Having been to the development for a look, the house is no way near complete and it will most likely be July before it is ready. My question is.. What happens if the lender decides they do not want to grant two further extension and we are left without a mortgage.? would we be able to withdraw our purchase of the property without loosing our deposit/ life savings we have worked hard to get. What happens if we are unable to secure another mortgage with a new lender What happens if the house is valued less to what we originally agreed to pay, due to covid 19 crashing the market. If we have to re-apply for another mortgage we will be subject to more fees from solicitors, lenders etc.... would we be able to recoup these fees from the builder. The builder has delayed the completion of the house 3 x times prior to Covid 19. This has left me and my other half in a very vulnerable position financially and it has been extremely stressful. Are there any other people going through the same thing...that have exchanged contracts and have no idea what is happening.
  2. HI All, Really going through a dilemma now, so would appreciate any advice. I've heard good things about this forum from friends, so decided to give this a go. We're currently in the process of buying a house in Maidenhead. To give some context first, the house is in a great location (close to centre, outstanding catchment etc.) and M'head is on the crossrail route with a town centre regeneration due in the next 3 years or so. So all in all, sounds good you'd think! However, Crossrail appreciation has already been baked into prices across the town so prices are quite steep already! So back to my own conundrum. We've got 8% off the asking price for this house, which I thought was quite high in the first place. However, there's another property within the same estate of houses, now being listed at 4% cheaper, and is highly likely to eventually go for even cheaper. This is reflective of the downturn in the market and the inflated prices in Maidenhead not holding up as much anymore. We've already gone back and forth on this property a couple of time to get to the 8% discount, and now we're less than 4 weeks from potential completion. We like the house, and do think it works for us (location + size) for the next 5 to 10 years. The intention is to stay here for that long at least. But we're really worried that we're paying more than we should, and if the other house gets sold for a lot cheaper, then we're going to see our house value fall straightaway once we've moved in! We're talking at least 25k-50k range potentially, depending on the price it gets sold at. The only difference between both houses is that ours has a garage and a slightly longer garden, but the other house has a extra en-suite (not room, just the ensuite). Floor space is pretty comparable. Apologies for the long post, but any advice would be hugely appreciated! Many thanks P
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