AH Stocking Lane and Mortgage issues

T

tinasparkles

Guest
Hi,

I was wondering if anyone has purchased an AH apartment in Stocking Row? I have paid 3k of a deposit, however the builder is looking for the remainder of the 10% which amounts to almost 20k. Has anyone paid the the builders the full amount? I think its quite alot for AH an deposit.
Also are all AH mortgages only available for 3months? I have got a mortgage with Haven however it is only vaild for 3months, and I think it will be another 3-4 before the apartment is ready.

The builder is looking for me to sign the contract, however I am nervous that I may not get a mortgage in 3-4 months, or that the valuation goes decreases.

Any advice would be grateful.

Thanks
 
hi i'd probably ring SDCC and ask about the deposit. It's only supposed to be 3% of sale price, which on an ave cost apartment is about 7k.
with regards to Haven- if the time runs out on the offer, then it will usually go back to the underwriters. As long as your situation hasn't changed and market value hasn't decreased then you should be fine for mortgage (although I am no expert in the field so open to correction!).
If you have to pay 10% then why buy on AH? The prices in alot of cases are similar to open market... I pulled out of my AH offer as I reckon with a bit more saving I'll have a full deposit so may as well buy privately.
Best of luck anyway :)
 
hi
i am buying in stocking lane. when my solicitor got contracts they were looking for 10% deposit so I rang Deane Homes to see what the story was - Niall O'Boyle is the guy I have been dealing with and he said not to worry about that - that is only if I was buying on open market. I only had to pay the 3% deposit. Signed contracts with solicitor last week and got a call yesterday to arrange my snag for next week. Things seem to be moving on up there and they said they would hope to have everyone in by the end of June so I reckon you should be ok with the mortgage approval you have if everything goes to plan.
 
Hi Hil,

Thank you so much. this is really interesting, can I ask what block you are in? Its good news that snagging will start soon for you. Its really strange that he hasn't requested the deposit, as they are pushing me to sign. Niall won't give me a date for snagging. Let me know if we can have an offline chat on this. Thanks
 
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