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Advice on purchase price


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Hi All,

I purchased my own 1 bed apartment earlier this year, I had originally offered £225k on the £240k list price of the new build apartment however this was declined on the basis that they don’t give discounts because the price isn’t inflated to do this and it’s high spec is taken into account.

As well as this I was told (in writing) that they had “taken reservations at the advertised cost on all apartments”. All of this was fine with me so I completed at 240 however I’ve noticed on the land registry that the apartments above mine were sold with a 10% discount and the one next door was sold with 5k off.

Am I missing something here or do I have a leg to stand on to question this with the developer now that we’ve already completed?

Thanks,

Elliot

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I could be wrong but if you have completed then I think there is not much you can do.  You have already agreed the price.

It is possible they could have been spinning you a line or some buyers might have dropped out and they then dropped the price in order to sell them on ASAP. 

I'm currently negotiating a £10k reduction on an off plan apt.  Its a very long story though as i have a lot of history with this developer.    But I do know that it is possible do negiotiate on price but it depends on the Developer, the stage of the development, the time of year and what you can give to them in return e.g. bigger deposit, cash buyer, buying more than one apt etc.

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Yeah I think you may be right - probably better not to dwell on it.

After a bit of research it turns out it was a sole buyer for the whole top floor so a 5% discount is understandable like you say but some of the other flats were still below the advertised price.

I bought mine off plan at a point where the foundations and framework were there but that was it.

 

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