In any purchase of a property situations arise that you may not have considered. With a new build property, they are often quite specific.
The following points may help you to prepare for your conveyancing journey.
Some benefits of buying a new build:
- A 10 year guarantee covering the structural element of the property. Some familiar providers are NHBC, Premier Guarantee, CRL New Build 10 Year Structural Defects Insurance.
- Developers may offer incentives as part of your purchase. Those incentives can include all white goods, carpeting and payment of stamp duty.
- Some larger Developers offer part exchange deals where they purchase your property in order for you to purchase your new build home.
- If you are a first time buyer you may be eligible for a Help to Buy ISA to assist with the purchase of your new home.
- If you are a first time buyer or upsizing you may qualify for a Help to Buy Equity Loan.
Some considerations when buying a new build:
- The Developer will require you to exchange contracts 28 days after having your offer accepted with a 10% deposit but completion may be many months later.
- If you agree to purchase the property "off plan" before the build has begun, the design and materials of the property may change during the build
- The access roads to the property may remain private and incur you additional cost in the future.
- Even if the property is Freehold you should ask if there will be a Management Company involved in the estate to manage any un-adopted open spaces, play areas and roads so you are aware of the potential future cost to you after completion.
To save time in the all important 28 days from your offer, we can set your file up ready for the contracts to arrive even before you have found your new home!
Due to the current housing shortage more first time buyers are taking advantage of the Government Help to Buy schemes, see our article for more information.
If you are looking to buy a new property, call for a free quotation or to speak to one of our experts.