Process of Buying a New Build House
Buying a house is an exciting life event that takes careful consideration and many steps before you’ve got the keys to your dream property. New build properties are constructed with modern designs, the latest technology, and energy-efficient features, making them an attractive choice for many homebuyers. However, the process of buying a new build house can differ from purchasing a resale property. In this article, we’ll guide you through the steps to buying a house in the UK so that you can be prepared.
1. Find the Right Property
Before diving into buying a house, you’ll want to set your own expectations around price, location and any must-haves you’re looking for at your new home. This could be transportation links, supermarket proximity, or nearby schools.
The best way to get a feel for the design, layout, and quality of construction is to visit show homes and model properties. When you look around our new builds at County Town Homes, our friendly team are happy to answer any of your queries. Get in touch to find out how to see our homes in person.
2. Reserve Your New Home
If you’ve found the house you want to make a home, you’ll need to reserve it. Considering new properties are well sought after, you may want to take part in Early Bird Reservation, which allows you to reserve your dream property before it is released to general sale. At this point, you’ll want to review the reservation agreement and ensure that all the terms and conditions are understood. Once your offer is accepted, you’ll need to pay a reservation fee to secure your spot. After you’ve reserved your new home, you’ll be provided with an anticipated build completion date.
At County Town Homes, we offer our buyers the option to customise their homes with a wide range of kitchen styles and upgrades for you to choose from. With a new build house, you could have full control over creating your dream home interior, subject to build stage.
3. Secure a Mortgage
Most homeowners will need to secure a mortgage as part of the process when buying a house. By speaking to a mortgage advisor, you can compare possible options and determine the amount that you’re able to borrow and the associated rates. It is important at this point to ask when, or if, the mortgage offer will expire so that you can ensure the offer will still be available when your new build home is completed. You’ll then need to finalise your mortgage and choose a solicitor to meet legal requirements.
When looking at new build homes, you may have the ability to buy an off plan property, which means it hasn’t been built yet. In this instance, you’ll need to take into consideration timings for mortgage agreements as the offer may only be valid for a certain number of months.
4. Settle Legal Requirements
The legal process of buying a house includes conveyancing, which is the legal process of transferring property ownership. You’ll need a solicitor, or conveyancer, to handle the legal aspects of the purchase. Because of this, you’ll have to take into account solicitors fees for buying a house. Your solicitor will take care of explaining the contract to you and overall make the legal process simple. As part of their job, your solicitor will ask you to pay a search fee “on account” (which means at the beginning of the process) which is invaluable and details what is going on in the local area which could affect your purchase and is a requirement if you are buying with a mortgage.
5. Pay Your Deposit
Once the legal work is completed and your mortgage is approved, you’ll exchange contracts with the developer. This is a significant step, as it’s when the purchase becomes legally binding. You’ll pay a deposit, usually around 10% to 30% of the property price, at this stage. Your conveyancing solicitor will also transfer this deposit to the developer’s solicitor. The time between reserving your home and exchanging contracts is at most 42 days.
6. Complete Your New Home Purchase
The developer will provide you with a completion date, which is when you’ll receive the keys to your new home. Before completion, you’ll typically have the opportunity to conduct a final inspection to ensure everything is in order. The property should be in the condition agreed upon, and any snagging issues booked in to be addressed before or not long after you’ve moved in. We want you to be fully happy with your home, so be sure to let us know if there’s something that has been missed.
Our Moving House Checklist can be a helpful tool to ensure you have everything you need when moving into your new home. Your home comes with a 10-year new homes warranty, so you can be assured that if there are any structural issues these will be dealt with.
