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No More Vendor Gifted Deposits

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Looking over at MSE and it looks like Halifax will no longer offer vendor gifted deposits. This seems to be a common enough product in England offered by developers as an "incentive".

Anyone think it will have an impact on sales here? I think Halifax were the only ones left to offer this.

EDIT IT IS ONLY PRIVATE SALES. Will not affect developers.

Edited by 2buyornot2buy

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This was a big issue for developers too, mainly in England a few (probably 4 years ago). Some big names were working the prices to basically conseel the 'gifts' so the actual price recorded on land registry was higher. This had a knock on effect so the belovid RICSD valuers could draw on a pool of equally highly priced properties to justify their valuations. In my view it was all a cosy ring as everybods, except the bondsman knew what was going on.

Anyway this was all cut out out and a CML completion form, disclosing and incentives has to be submited. (lies on this is a criminal offence for the person signing). I am not aware of any similar schemes happening in NI (developers here are too tight anyway). At times, say a single parent was short a few grand for a deposit, some developers may have helped out. But the CML form put an end to that as the discount had to be taken off the valuers price whith practically eroded its benfit.

Im sory, I am making this complicated.

Anyway, I was not aware of a similar pratice in the resale market. Has anyone first hand experience of this?

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i've come across actual builders offering say £5k towards the deposit if you pay the asking price (old houses) , seen it on a few £80-£100k houses

Edited by shifty_FTB

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