Question re "new build" home buying?

[speedy_gonzales]

A friend/colleague of mines is looking to buy a new build house that will be getting released in the next few weeks with completion estimated May 2019. The builder is insisting the sale of his current house is completed before he buys the new build.
Is this normal practice?
The buyer has a sound credit rating, has a mortgage (in principal) for the new house and enough equity in his current house (if sold at market price) to put down somewhere between 25-30% deposit.
The house builder (Bellway) will not move on the rule that his house needs to be marketed first, but this means he'll have to either rent a flat between selling his current and moving in to the new (and that's assuming they're aren't the inevitable delays) or he has to live with family/friends.
Has anyone came across this before, and if so, how did they get some it?
My unprofessional and inexperienced opinion was to not tell the builder his status and let his solicitor deal with theirs, as soon as missives have been signed the liability falls on the buyer, no?

[calumhibee1]

A friend/colleague of mines is looking to buy a new build house that will be getting released in the next few weeks with completion estimated May 2019. The builder is insisting the sale of his current house is completed before he buys the new build.
Is this normal practice?
The buyer has a sound credit rating, has a mortgage (in principal) for the new house and enough equity in his current house (if sold at market price) to put down somewhere between 25-30% deposit.
The house builder (Bellway) will not move on the rule that his house needs to be marketed first, but this means he'll have to either rent a flat between selling his current and moving in to the new (and that's assuming they're aren't the inevitable delays) or he has to live with family/friends.
Has anyone came across this before, and if so, how did they get some it?
My unprofessional and inexperienced opinion was to not tell the builder his status and let his solicitor deal with theirs, as soon as missives have been signed the liability falls on the buyer, no?

I can’t help you whatsoever other than I know that my mate has bought one of the new Barratt homes at Portobello and he had to do the exact same thing.

Another one of my mates has bought a new build out at Dalkeith and has sold his flat and is living with family but I’m not sure if he’s in the same situation. I’d suspect he might well be though so it may well be quite common?

Infact come to think of it I know a third person who is currently doing it so it must be very common :greengrin

[Moulin Yarns]

After a wee bit of research


If you are selling your home and buying a new home, it is your solicitor's responsibility to ensure that both sets of contracts – i.e. the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day agreed. It is not always possible to co-ordinate the sale of your existing property and the completion on your new Bellway Home and if this is the case you may have to consider some form of temporary accommodation until your new Bellway Home is ready. (England only)


If you are reliant on the sale of your home to finance your new Bellway home, you must have sold your property before you reserve a new Bellway home. This is to ensure that contracts can be exchanged 28 days after reservation. (England only) If you have not sold your house and wish to buy a Bellway home, we offer a Part Exchange Scheme (http://www.bellway.co.uk/special-offers/part-exchange) and Express Mover Scheme (http://www.bellway.co.uk/special-offers/express-mover) both of which are available to help make your move as hassle free as possible.

http://www.bellway.co.uk/faqs

[Jay]

My friend had to sell his flat before he could buy the new build hes soon moving into. Dont know the reason behind it though.

[speedy_gonzales]

Thanks peeps, it would seem Bellway don't trust their delivery date, that's why contracts can't be exchanged simultaneously. It makes the whole moving home thing that little bit more expensive and time consuming!
So the only way to go forward it seems is for my bud to sell his current house and rent or sofa surf,,,, shocking state of affairs!

[Moulin Yarns]

Thanks peeps, it would seem Bellway don't trust their delivery date, that's why contracts can't be exchanged simultaneously. It makes the whole moving home thing that little bit more expensive and time consuming!
So the only way to go forward it seems is for my bud to sell his current house and rent or sofa surf,,,, shocking state of affairs!

I haven't looked at the part exchange thing but it might be worth considering.

Seems it's not available everywhere.

[speedy_gonzales]

I haven't looked at the part exchange thing but it might be worth considering.

Seems it's not available everywhere.
According to my mate (whom I'm asking advice on behalf of ), Bellway don't offer part exchange on new releases,,,, only plots they're finding hard to shift.
I find it mind boggling, how are folk meant to buy a new house when build dates are a guesstimate and you're expected to sell your house in advance of exchange contracts.
Luckily, this guy doesn't have a young family but it's still helluva inconvenient!