New Home Owners And Snagging Forum
Advice on buying a brand new home => House Builders => David Wilson Homes => Topic started by: ChelseaStroller on July 02, 2023, 10:36:26 am
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Greetings
I'm about to complete on the sale of my house and will be moving into rented until November which is the proposed completion date of my DWH new build.
I've reserved the house and DWH are very aggressive and are pressing me to exchange on the purchase and pay the 10% deposit even though it's completion is months away.
They made it their business to find out the schedule of my sale which strictly speaking was none of their business because the chain ended with my sale.
So I'm about to become a cash buyer but I'm not sure that I want to exchange on the purchase until nearer the completion date but I'm wondering if DWH will cancel the reservation agreement and put it back on the market. Has anyone else had a similar experience?
I want the house but the whole thing is so one sided.
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All property transactions mean that the seller must obtain proof that funds are available for the purcahse to proceed.
Mortgage agreement, existing house valuation, savings and proof of income. Most of this crap is to do with Anti Monet Laundering.
Most housebuilder's require exchange of contracts in 28 days which means you find and pay the 10% deposit to your solicitor.
DO NOT USE DAVID WILSON HOMES suggested or recommended solicitor(s).
It may seem one-sided, which it is, but it is normal.
You run the risk that by the time you legally complete the house is valued less due to a housing market crash.
Conversely, if may (unlikely at the moment) be worth more by the time you complete.
You will have at least the benefit of the New Homes Ombudsman Service.
Ask them about this and please post their reaction.