Buying a shiny brand-new property can be very exciting, but what a lot of clients don’t realise is that the process of buying a new-build home can be a bit different to buying an existing or older home.
There are some considerations that you should keep in mind before purchasing, so here are some of our top tips for people that are considering purchasing a new-build property:
Getting a mortgage for a new build home
We find that a lot of our clients are worried that with new builds mortgage lenders will be stricter with how much they are willing to lend. In our experience, mortgage lenders are often more flexible with new builds due to incentive schemes.
New build completion dates can very often be delayed so you need to make sure your home is completed within the mortgage offer timeframe. Verify when your mortgage offer expires to make sure completion will take place before this date.
Top tip: Make sure to check your financial state including your savings, debt, and credit score and don’t forget the other costs of buying, including solicitor’s fees, moving costs, and potential stamp duty.
Visit the site
From our experience, we have found that sometimes developers’ promotional material can be misleading. If the new build you are interested in buying is located locally, we suggest you visit the site and get to meet the developers and neighbours.
We believe it’s essential to research online and learn as much as possible about the development, the area, and the company before making any decisions.
Top tip: If you are interested in purchasing ‘’off plan’’ make sure to check with your mortgage lender, as some lenders don’t lend for off-plan properties.
Work with experienced conveyancing solicitors.
Our conveyancing solicitors work independently for your case and only act for your best interests. Solicitors that have experience in new build purchasing will know useful tips and tricks to help you with the process, such as checking that the developer has been given proper planning permission and that the estate has access to all the appropriate services.
New build warranties
The new-build home warranty is meant to give new homeowners peace of mind for the first 10 years and cover any major structural defects.
However, resolving issues through this warranty can sometimes be a lengthy process. Because this is a known fact, many developers will give you a direct warranty for a shorter period, so make sure you have a clear idea of what is included or not included in your warranties.
Please get in touch to discuss buying a new-build property in more detail. We can talk through the financial help that is available for you such as the government’s First Homes scheme which is only available for new-builds and how to prepare for any challenges getting a mortgage.
Our team is ready and able to help you with all aspects of residential conveyancing including:
- Buying
- Selling
- Remortgages & additional mortgages
- Property transfers
- New build purchases
- Right to Buy purchases
- Lost title deeds
