New home by express delivery

David Spittles5 April 2012
The Weekender

Sign up to our free weekly newsletter for exclusive competitions, offers and theatre ticket deals

I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice.

Buying a home can be one of the most emotionally draining experiences in life. Apart from the legwork of finding a suitable property, purchasers have to contend with a system that seems calculated to trigger delays and upsets. Such are the pitfalls that one in three deals falls through before exchange of contracts. It usually takes 12 weeks between having an offer accepted and "completion". But sometimes it can take more than six months, thanks to what appears to be endless last-minute snags.

What if you really need to buy in a hurry, because of a new job or the arrival of a baby? Well, there is much that you can do to speed the process up.

PART EXCHANGE

Trading in your old house for a brand-new one is a quick and convenient solution for many people in a hurry, especially for growing families, and often means far less hassle than dealing with estate agents.

Most big housebuilders offer part exchange schemes. Some even offer "seven-day move-in" deals. The developer buys your present home at an agreed price - usually 95 per cent of its market value, though some companies offer the full price. As this removes the risk of a chain forming, contracts can be exchanged quickly and the new home is ready to move into straight away.

Developers will consider "buying in" most types of property if a new sale depends on it, although you are usually expected to trade up (perhaps 30 per cent more) to a larger property, which is why families benefit from such deals.

"Basically, we are looking for a home that we can sell within a reasonable timescale, about 12 weeks," explains a Barratt spokesman. "For us, part exchange is a service; the cost represents a fairly modest overhead."

Fairview (020 8366 1271) is offering partexchange deals to buyers at several schemes in London, including Enfield, Thames Ditton, Greenwich, Docklands and at Hemel Hempstead in Hertfordshire. Bellway is offering a similar package at developments in Dulwich, Limehouse and Croydon.

PUT IN A BID

Auctions can provide a shortcut because it is more certain than using an estate agent: you can't get gazumped. Successful bidders pay a 10 per cent deposit and exchange on the day, with completion following a month later. But you may forfeit that deposit if you change your mind.

BUY A SHOW HOME

The show home is the first property everyone wants to buy and the last one the builder wants to release. But there comes a time when it has to be sold. The bonus for the buyer is that you can move into a fully dressed home, perhaps one that's a higher standard than others at the development.

Developers commonly spend up to 20 per cent of the purchase price doing up show houses.

"You cannot skimp on such things as interior furnishings otherwise buyers assume the construction is shoddy as well," says one developer.

Not only do you get an individuallydesigned home, often you can also pick up extra fixtures and fittings at a heavily discounted price.

At Kew Riverside, developer St James (020 8878 9140) employed fashion designer Bruce Oldfield to do the show homes. These are now up for sale, priced from £975,000 to £2 million.

In Weybridge, Try Homes is selling the show apartment at a scheme called Belvedere. The price, including furnishings, is £510,000. And at Chatham Dockyard, the same developer is selling a three-bedroom show house for £210,000. Call 01932 855525.

At Post Office Square, Royal Tunbridge Wells, a show apartment is selling for £685,000. Call 01892 523836.

BUILD IT YOURSELF

It can be quicker to build a house than buy one. Kit companies, such as Potton, can supply a timber-frame house and complete the inside and outside in a few weeks.

Paul Chable, 32, built his first house in only 14 weeks while working a 10-hour day in the City. The 1,700sq ft house is on the site of a demolished chapel in Essex. It cost him £185,000, including the plot, and is now worth £310,000.

Chable project-managed the entire build over the phone and spent his weekends onsite helping the contractors.

Potton (01480 401401) says most buyers prefer a traditional-looking home but it offers four ranges and 57 designs.

Packages cost from £13,000 to £78,000, though you still have to buy the land.

LET THE SELLER PAY THE STAMP DUTY

Developers suspect that high administrative costs put some buyers off, so some are willing to offer special deals.

According to the developer Countryside, someone buying a £400,000 property may need to pay an extra 12.5 per cent (around £50,000) thanks to all the additional costs which have to be taken into account. Apart from the estate agent's fees for the seller, the buyer has mortgage charges, legal and survey fees, stamp duty, removal expenses and new furnishings to pay for.

At two central-London schemes, Berkeley Homes (01732 227600) has been offering to pay buyers' stamp duty if contracts are exchanged early.

The Parliamentarian, SW1, is tucked away close to Westminster Abbey. Prices there are from £600,000. Number 9 Albert Embankment, on the south side of the Thames, has views across the river to Parliament and Tate Britain. Prices for apartments start at around £320,000.

At Tate Gardens, Streatham, Barratt is offering to pay the mortgages of buyers until January 2004.

Four-bedroom town houses are being sold at the site, a former convent that is only a few yards from Streatham Common. Prices range from £475,000 to £525,000. Call 020 8696 7543.

SELL FIRST AND BECOME A CASH BUYER

For most people, buying and selling a home are two challenges they have to face in tandem, but, it you can arrange to sell your home first, this can make you a cash buyer. This means you can drive a harder bargain and move more quickly when you find the right place as there will be no chain.

On the other hand, it is quite dangerous to buy a property before you have begun selling your existing home. Do that, and you could find yourself servicing two mortgages instead of one.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in