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Guide To Buying a New Build

We aim to make the process seamless and stress-free.

Buying a new build in the UK involves a specific set of considerations and processes. Here’s a guide to help you navigate the home-buying process for a new build, including the conveyancing aspects:

1. Research and Budget:
Research different developers and their projects.
Determine your budget, including additional costs such as legal fees, survey fees, and potential upgrades.

2. Choose a Developer:
Select a reputable developer with a good track record.
Visit their previous developments if possible to assess the quality of their work.

3. Reservation:
Once you’ve chosen a property, you may need to pay a reservation fee to secure it.
Review the reservation agreement carefully, understanding the terms and conditions.

4. Legal Representation:
Instruct a solicitor or licensed conveyancer experienced in new build transactions.
They will review the terms of the purchase, including the leasehold or freehold details.

5. Mortgage Agreement:
Get a mortgage agreement in principle if you’re financing the purchase.
Consult with a mortgage advisor to explore mortgage options tailored to new builds.

6. Legal Pack and Contract Review:
Your solicitor will review the legal pack provided by the developer.
This includes details about the property, development, and any applicable warranties.

7. Exchange of Contracts:
Once satisfied, your solicitor will exchange contracts with the developer.
You may need to pay a deposit at this stage (usually 5-10%).

8. Snagging Survey:
Before completion, conduct a snagging survey to identify and rectify any defects.
Provide the list of issues to the developer for resolution.

9. Completion:
Agree on a completion date with the developer.
On completion, pay the remaining balance, and legal ownership transfers to you.

10. Post-Completion:
Your solicitor will register your ownership with the Land Registry.
Check all warranties and guarantees provided by the developer.

Extra tips & additional considerations.

Tips:
New Build Warranty: Ensure the property comes with a warranty, usually provided by NHBC or another reputable warranty provider.
Completion Date: Be flexible with the completion date, as delays can occur in new build developments.
Incentives: Check if the developer offers any incentives, such as covering legal fees or providing appliances.

Legal Aspects:
Understand the leasehold or freehold terms.
Check for restrictive covenants or conditions that may affect you.

Important Contacts:
Developer: Liaise with the developer’s sales team.
Conveyancer: Handles legal aspects of the transaction.
Mortgage Advisor: Assists with mortgage arrangements.

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