Here is a solution that would help our family.
Just not sure if the builder (Barratt Homes) would accept.
The house that is being bought back has a market value of around £360,000.
This is estimated from the selling prices of equivalent new homes within our catchement area. This does not include the additional cost of flooring, carpets, lino, window blinds etc and the fitting out of the garage into a workshop.
I don't really want to buy a new build again - too disappointed from this experience and I purchased this house with a help to buy loan as well. Again another potential headache as I am still trying to find out if the HTB loan repayement will be based upon the actual value of the property as it now stands, the value at which I purchased it or the value it would have if it was in perfect condition - which it obviously isn't!
I have seen a lovely house on the market for £340,000. Can I say to Barratts buy this house for me - pay all fees etc and then swap it for the new build which I assume will have to be knocked down anyway. They can then pay legal fees, stamp duty etc. I will essentialluy take the house for my existing mortgage and deposit (but without the HTB loan.) In essence I will pay £269,000 for the house - Barratt will pay all the diference and settle the HTB scheme. That way I have the house I want, Barratt can have their house back and all is clean and tidy. Thoughts?
Just saves them buying their house back - paying me and then me billing them for all the costs of buying another property.