When you make the decision to buy a property there are many factors to consider but one of the first things to decide upon is whether to buy a new build property or whether to buy a ‘second hand’ home.
There are various things to consider when you decide to buy a new build property and these include:
The majority of developers no longer build houses that are identical and look like ‘lego style’ houses as in previous years.
Now, most reputable developers take great care to provide a number of varying house types and sizes on a new development.
Much thought is now put into the providing a variety of house styles and also making outdoor space in the form of parking spaces and also recreational parks and green spaces for residents to enjoy.
People will always say that if you want features like high ceilings, period fireplaces and multiple reception rooms then stay clear of new build. However, developers are now listening to what house buyers want when they are choosing a property and starting to try and give people what they want in other forms, such as number of bedrooms, bathrooms, garden space and on the larger developments, a village feel to the community.
New build properties are built to be more energy efficient and modern construction prevents damp, together with cavity wall insulation, double glazing and also improved insulation within the walls, lofts and floors providing long term energy savings.
Newly built properties will always be more energy efficient than older properties which can have such issues as damp, draughts and condensation.
There is a certain attraction to owning a new build, much like when buying a brand-new car. The feeling that no-one else has lived in the property before has a certain appeal and some people buy new build every time they move to a new house because of this attraction.
All developers offer a variety of internal fitting packages to buyers when they purchase the properties ‘off plan’.
These can include selected carpets, floor tiling, kitchens, bathrooms and white goods. Often these items are offered at very competitive rates and take the hassle out of making sure that everything is fitted into the property ready for the day that you move in.
New Build Warranty
Most new homes come with an NHBC warranty.
This warranty offers protection for house-buyers for up to ten years following the completion of the purchase.
During the first two years the property is covered for failure by the builder to meet the warranty providers requirements when building your home or preparing the land on which the property stands. During the following seven years the property is covered for any structural damage that may occur.
Here are our top tips when buying a new build:-
- Check that the builders are members of National House Building Council (NHBC) or offer similar warranty such as Zurich or Premier.
- Search the internet for information on the builder and visit other completed sites to see the standards applied. Also check if they have won any industry awards.
- Check the site and house plans carefully. Artists impressions may have been used in marketing materials and therefore should be disregarded.
- Measure your property carefully, all floor space, including the height of the ceiling, to make sure your furniture fits.
New Build Property Lawyers and Conveyancers
We aim to make the whole experience as smooth and stress free as possible.
We are beside you from day one and here to guide you through the whole of the process involved, from the moment that you sign the reservation form on site to the day that you collect your keys to your new dream home.
First Time Buyers – Are you purchasing a property for the first time? Gaddes Noble Property Lawyers are here to guide you through the conveyancing process step by step.
Quotation and Instruction
Your first step will be obtaining a quotation from us. You can do this by telephoning the office or by sending us an email, we also have an option for first time buyers on our website www.gaddesnoble.co.uk so that you can obtain a quotation online.
Whatever method you choose, you can be assured to receive a fixed quote allowing you to budget for the other things you will need to pay out for including your valuation fee to your lender, removal services and items for your new home.
Unlike many other first time buyers conveyancing service providers in the market, we do not add-on extras to your quote at the end of the process. The quote you receive will be the price that you pay.
First Time Buyers – The First Steps
Once you have instructed us we will open your new purchase file and we will make initial contact with the seller’s solicitors.
We will request that they send to us an initial contract documentation pack which will include the Contracts, a Fittings and Contents Form, a Seller’s Property Information Form and the Title Deeds. They will also send to us any warranties and guarantees that the property comes with.
Once we have the pack we will review this in detail on your behalf and raise enquires with the seller’s solicitors for clarification on any of the documents that need further explanation, any missing items and for items of title. At that point, we will report to you on the information provided so far sending you copies of the documents that we have received so that you can review these in your own time together with a copy of the Land Registry title plan which identifies the legal boundaries to the property.
We will ask you to review the information provided and ask you to contact us with any questions, your comments and if you would like us to raise any specific enquiries of your own with the seller’s solicitors.
We will also send you a copy of our enquires for your records and let you know when we receive a reply, together with additional information that we receive.
We will also submit property specific searches on your behalf.
The searches are essential to tell you and us about any issues to do with the property that we cannot see from the information provided, your own inspection of the property and that your surveyor cannot see.
We usually submit a bundle of three searches on your behalf:
1. Local Authority Search
This search reports on essential information held by the Local Authority.
A search of the local Land Charges register shows matters such as compulsory purchase orders, tree preservation orders, planning enforcement notices and financial charges registered against a property.
A Local Authority search reveals important information about a property, such as planning permissions and building regulation consents, proposals for road schemes, environmental and pollution notices and whether any part of the property is registered as common land or as a town or village green. A local authority search will only reveal matters that affect the property being searched against. It will not disclose matters that affect neighbouring properties.
2. Coal Authority Mining Search
A coal mining search provides details of past, present and future coal mining activity at a property. The search also indicates if there are mine shafts on the property and whether any mining activities may cause subsidence.
3. Water and Drainage Search
The replies to drainage and water enquiries show whether a property is connected to the mains water supply and mains drainage. The replies may also show the location of public sewers within the boundary of a property and other such matters that may restrict development.
We also recommend that you carry out an Environmental Search on the property and any other relevant searches dependent on the area in which you are purchasing the property.
An example of this would be if you were looking to purchase a property in Cheshire, then we would recommend that you carry out a Cheshire Brine Search and if you were looking to purchase a property in Devon, Cornwall or Somerset we would recommend that you carry out a Tin Mining search.
A further example of recommended searches is a flood risk search which gives a high-level assessment of the risk to the Property from the four main types of flooding (river, coastal, groundwater and surface water).
It is important to know this information before committing to buy a property, as it can affect the value of the Property and the terms of your future buildings insurance.
We report to you by email on the results of your searches, attaching copies of the searches for your information and reporting to you any issues and the next steps.
First Time Buyers – Mortgage and Help to Buy ISA
We act on behalf of your mortgage lender when we act for you. We’ll interpret the mortgage offer on your behalf and ensure that it matches your requirements as first time buyers. We also provide your lender with a Certificate of Title when we request your mortgage funds from them for completion.
We are authorised and registered with the Help to Buy Scheme and can apply for your bonus through the government portal on your behalf.
Meeting and Signing
We prefer a face to face meeting with our client. At this meeting we can explain the documents that you are signing and we can answer any further questions that you may have.
You will sign, a Contract to purchase the property, a Transfer Deed to transfer the legal title on the title deeds into your name, a Mortgage Deed to secure your Mortgage advance and, where applicable, a Help to Buy Isa First Time Buyer Declaration. However, if it is more convenient for you, we can report on everything to you by post or email and ask you to return your signed documents by post.
Once you have signed we can arrange a Completion Date on your behalf. We ask you for your deposit and your authority to exchange contracts and arrange a fixed completion date when you can collect your keys.
Completion and Keys
On the day of completion your file will be set up and ready to complete in the morning. Your keys will usually be released between 12 and 2 pm and we will call you to confirm this.
We will write to you at your new property to confirm legal completion and that we will then be attending to post completion formalities and registering you on the Title Deeds with Land Registry.
We will look after you and guide you through each step of the process. You are encouraged to ask us any questions and ensure you are fully informed and in control throughout the process.
Are you thinking of getting a foot on the property ladder or wanting to ‘upgrade’ your present home?
Are you finding it difficult due to money constraints?
If so, the Government’s Help to Buy Scheme may be just what you need to help achieve your dream home.
The scheme, first launched in its present form in April 2013, has so far helped over 183,000 people to get on, or up the housing ladder.
In fact 81% of people who have benefited from the scheme have been first time buyers. Proof indeed that the scheme is helping those that need it the most in these trying times.
There are two parts to the Help to Buy scheme – Equity Loan and Mortgage Guarantee.
Equity Loans are open to both first time buyers and home movers on properties within England. The maximum purchase price is £600,000 and the property being purchased must be a new build.
With an Equity Loan, you will only need a 5% deposit. The Government may also give you a loan of up to 20% of the purchase price. This means that you would only need a mortgage for 75% of the purchase price of the property. The Equity loan, if paid back within the first five years of the loan, is interest free. If paid back after the first five years, then the interest rate applicable will be dependent on the prevailing interest rates at that time.
You can pay back part or your entire loan at any time with no additional fees incurred. The minimum percentage you can pay back is 10% of the market value of your home. The amount you pay will depend on the market value of the property at that time.
The Mortgage Guarantee scheme, as with the equity loan, is open to both first time buyers and people moving up the property ladder. The mortgage guarantee is available for properties throughout the UK and is also offered on ‘second hand’ homes. The maximum purchase price is still £600,000 and you only need a 5% deposit.
Under both the above schemes the property upon which the loan is secured must be your only residence. The property cannot be rented out either.
Help to Buy, as easy as 1, 2, 3
There are a lot of builders both locally and nationally who participate in the Help to Buy scheme. Here at Gaddes Noble Property Lawyers we guide you through whole process from start to finish. We aim to try and take the stress out of moving home. We also work with you in achieving a swift conclusion to the house buying process and you getting the keys to your dream home.
Once you have found the home that you are looking for, contact your financial advisor and they will be able to advise you as to whether you would qualify for the scheme or not. Don’t think that the schemes are only for people on low incomes as this is not the case. The scheme is open to everyone to apply for and the property, if a new build, is bought through an approved Help to Buy builder thus giving you the peace of mind that the property is backed by an approved new build guarantee scheme such as NHBC, Zurich or similar.
Get a Quote
Would you like more information or a quote for residential conveyancing?