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| Buyers' Guide - New Homes |
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There’s always been something special about having something brand new. A new home is no different. And there are many reasons why buying one makes good sense. Click here to search for New Homes. |
| Choice and variety |
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You get a blank canvas. No one else has lived in the property; you can design it how you like and don’t have to worry about having to paint over garish colours or patch up bad DIY. There is variety in the design of your home and there is a broad range of new properties to choose from. A new home provides you with the opportunity to reflect your own taste, personality and needs. |
| Cost effective |
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New homes are around four times more energy efficient than older or period properties which means your heating bills will be lower and, with new building regulations, sound proofing in new homes is far superior to that of older properties. With a new home you can save thousands of pounds on modern appliances such as refitting kitchens and bathrooms. Security features such as modern locks and alarms fitted in new homes also mean better house and contents insurance premiums. |
| Convienience |
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With a new home, there are no chains involved, so you can move in whenever you like. A new home can be ideal for buyers who don't want the expense and hassle of renovating and modernising an older property. |
| Assurance |
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Most new homes come with a ten year warranty, giving you assurance on the quality of your home.
Building regulations are increasingly stringent, which is good for you. It means that new developments are built to high safety standards with quality materials. The regulations also ensure that the latest energy management devices are installed in new properties, saving you money on your fuel bills, while being more environmentally friendly. Building regulations ensure that fire resistant materials are used in construction and all new build homes have circuit breakers and fire and smoke alarms fitted as standard. |
| Environmentally friendly |
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Like new cars, new homes are far more environmentally friendly than older homes. For starters they have lower running costs due to better insulation and energy efficiency. In addition, many new homes are built on recycled land and are much more water efficient than second hand homes. |
| Having made the decision to purchase a new home, the process is slightly different to buying an older property. We have broken down this process below, helping you to understand exactly what happens at each stage. |
| Mortgages |
| It makes sense to have a mortgage agreed in principle before you start your search. This will help you define your options, and put you in a stronger position when you make an offer. To find the mortgage best suited to your individual circumstances we recommend speaking to an independent mortgage broker. However, developers frequently offer significant incentives and these can make new homes a more financially attractive prospect. |
| Buying "off plan" |
| Developers sometimes offer the opportunity to buy a property "off plan", giving you the oppourtunity to create your own space, to your own specification. |
| Viewings |
| Viewings can be conducted by appointment between 9am – 6.30pm Monday to Friday and 10am - 4pm on Saturdays. |
| Making an offer |
| Once you have found the right property, we will put your offer forward to the seller, both verbally and in writing. This is an initial statement of interest and is not legally binding at this stage. We are always on hand to guide you through the negotiating process. |
| Draft contract |
| A draft contract will be drawn up by the seller's solicitor and sent to your solicitor. Your solicitor will examine the details of the property to be purchased, request a local authority search and documentation relating to the terms and responsibilities of ownership; such as management of the building, restrictive covenants and planning permissions. |
| Survey |
| A survey is carried out on the property by a surveyor on behalf of the mortgage lender to identify any structural problems and confirm the property's value. |
| Contract approval |
| Once these preliminary enquiries are satisfied the draft contract is approved by your solicitor, providing there are no further issues to be agreed. |
| Mortgage offer |
| A formal mortgage offer will be sent to your solicitor for you to sign. Once signed and returned your mortgage is in place and you are now in a position to exchange contracts. |
| Exchange of contracts |
| The contract is signed by you and the seller and the deposit (usually 10% of the purchase price) is transferred or paid as a banker’s draft by the you solicitor to the seller’s solicitor. At this point the final completion date is also set. |
| Completion |
| Completion can be set anytime from a few day to a few weeks few after exchange of contracts, depending on personal circumstances. Upon completion the remaining funds are transferred from your solicitor to the seller's solicitor's account. Once received the sale is complete, and you are now the new legal owner of the property. |
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Home information packs (Hips) will be required for all properties being sold in England and Wales from 14 December, the government has announced. | |
| Find out more... |
