We’ve highlighted a number of important things that you may need to consider when buying your new build property here for you.
We have experienced teams that can assist you with any of these points, should you need any advice or help at all.
All new developments must comply with stringent modern building standards and regulations for quality, energy efficiency and sound insulation. They most likely include a comprehensive insurance warranty (typically 10 years), covering major faults in design, materials or workmanship, giving you peace of mind that your new home has been built to the highest standards and will be covered for any problems.
The process for buying a new build home is similar to buying an older property; however, it is more structured and subject to defined deadlines to exchange contracts, and of course there’s the benefit of no buying chain.
A few key points you’ll need to consider when buying your new build property – if you need any advice on any of these points, get in touch and we’ll be happy to help out.
You will need to liaise with your financial advisor as to when is best to apply for your mortgage. If you’re looking for a perfect, made-to-measure mortgage – our independent, in-house team of financial advisors can help find the right mortgage for you, including great buy-to-let deals for landlords or guidance with help to buy for first time buyers. Even if you have a mortgage in principle, we can help check that it’s right for you, and maybe find you a deal that’s even better – and the best part, our service is absolutely free.
Appointing a solicitor to take care of all the legal paperwork (conveyancing) should be done within 2 working days of reservation to ensure a quick and smooth purchase process. We have our own super-efficient and hugely experienced conveyancing team, who work seamlessly with our sales team to make sure everybody knows what’s going on and exactly what’s needed to get the deal done. Ask for a no obligation quote or advice on choosing a solicitor.
After you sign and exchange contracts with the developer your solicitor will receive a Notice to Complete, which will give you the date that you must complete the purchase by, typically 10 working days. If you’re buying your new home “off-plan” and the building is yet to be completed, the time between exchange and notice to complete being issued may be significant. It is important to be aware of the timescales and plan your accommodation to allow for this. In particular we advise that you do not give notice on rented accommodation until you are certain of a completion date for your new home, and you have liaised with your solicitor.
Opportunities for you to view the progress of the development will be arranged when the site manager advises it is safe to do so and will typically be when your property is near completion.
Your insurance requirements will be different depending on whether you intend to live in the property or let it. You must ensure that your insurance provides sufficient cover for your new property as part of your mortgage agreement. If you’re letting your property you will require specialist landlord insurance.
Whether you’re a seasoned professional landlord adding to your portfolio, or you’re buying a one off investment, we can help you let your property with the minimum of fuss. Ocean lettings & management offer three levels of service: Just letting (finding you the perfect tenant), Complete letting (the perfect tenant and the paperwork sorted), and Complete management (we take care of everything) – and whatever you decide you want from us, the standard of warm, personal and highly efficient service we provide is always sky high. Important: If you’re letting your property you need permission from your mortgage lender, usually this will involve taking out a specific “Buy-to-Let” mortgage – Ocean financial services can advise on the best solution for you.
You may be purchasing your new build property “off plan” – effectively buying it before it’s been built. This is not as daunting as it may seem and with guidance from our expert team, you should soon be able to visualise how your new build home will look, even if a show home or opportunity to visit site are not available.
Help to Buy is a Government scheme designed to help people who may not have a large deposit buy a new home or move up the property ladder. It is only available to those that are purchasing a property for themselves to live in as their only property. There are several Help to Buy Schemes, more information can be found at www.helptobuy.gov.uk
Many properties within the South West are leasehold, this is most commonly found with apartments. Ground rent is the money that you pay as a leaseholder to the Landlord or Freeholder for effectively renting the land that the leasehold property sits on. This is usually a fixed sum which is paid annually. Your solicitor will confirm details of this during the conveyancing process.
With leasehold properties, there is commonly a service charge payment. This is usually for services that you as a leaseholder will use but not be specifically responsible for (i.e. maintenance of communal areas within a building such as shared hallways, lifts, fire alarms and so on). This is often collected through a management company on behalf of the Landlord or Freeholder. Under the terms of the lease you will be responsible for paying these amounts. Your solicitor will investigate this during the conveyancing process.
Click here for our 'Glossary of terms', clarification of some jargon.