Things to consider when buying a new home

Buying a new build home is a very exciting time, but can also be very daunting too, particularly given the timescales involved and the mountain of paperwork that comes as part of the purchase process.  It is essential that you seek expert help and advice to make your purchase as smooth and stress-free as possible. To help you, here are a few key things to consider to ensure that you get expert help and advice:

Legal Matters

Most Developers will have Law Firms that they recommend, although you do not have to use the “preferred” Lawyer recommendation. We would advise that when looking for legal representation that you look for a Law Firm who have a specialist new homes department, such as ours, as we are familiar with the deadlines involved and know how to deal with the extensive development documentation supplied.

Financial Matters

Again, most Developers will have Mortgage Advisors/Financial Advisors that they recommend, although you do not have to use the “preferred” advisor, but it may be beneficial to do so, as they will know what additional information is required to support a new build mortgage application.

Stamp Duty

For information on Stamp Duty and the latest rates to help you budget for the costs of your purchase look at: www.gov.uk/stamp-duty-land-tax-rates. Even if your purchase does not attract a payment, it will still be necessary for a return to be lodged with HMRC on completion of the purchase – your Lawyer will attend to this on your behalf.

Arranging a Survey

Even through the Property you are purchasing may be newly built, you may also want to have your own survey carried out. Where you are purchasing with a mortgage, the mortgage lender will carry out their own valuation for lending purposes only – the lender valuation is not intended to be relied upon by any third party and is not a thorough survey of the Property. In addition, your own survey will look at the surrounding area in the vicinity of the Property, not just the Property itself. To find a surveyor in the area where your new property is, please go to www.ricsfirms.com and www.rics.org/usefulguides.

Buying a Leasehold Property

Your Lawyer will provide you with a full report and advice in regards to the Lease relating to your specific property and will be able to answer any questions you have. If you are seeking more general information before deciding whether to purchase a Leasehold Property, The Leasehold Advisory Service is government funded to provide free advice on the law affecting residential leasehold property – www.lease-advice.org

For help and advice in purchasing a new build property, call our New Homes Teams on 01604 828219 and ask for Kris Raca or email newhomes@franklins-sols.co.uk.