Our Residential Property team act for a large number of buyers of new build homes. We are recommended by house builders on sites across the South of England.
In addition to the usual considerations that apply to any house purchase, there are further issues which have to be considered when buying a new home and our team can advise you on these:
Exchange deadlines – most house builders will set a deadline for exchange of Contracts, usually 28 days from the date that you reserve the plot. By this date, you will need to have your offer of mortgage. If you have a property to sell, your purchaser (and the rest of the chain below) will also need to be ready to exchange by the date specified.
Deposit – check at an early stage the minimum deposit the builder will require on exchange. Many will insist on a 10% deposit. Others will accept 5%, particularly where the property is some way from physical completion.
Extras – check carefully exactly what is included in the agreed purchase price. In particular, ask what equipment is included in the kitchen, whether carpets are included, whether the garden will be turffed and boundary fences erected.
Restrictive covenants – restrictions are usually imposed on each plot owner on a new development. They will usually include restrictions against extending or altering the external appearance of the property, carrying on a business from the property and parking commercial vehicles and caravans outside.
Completion date – unless the property is close to physical completion, few builders will agree a fixed completion date. Although it will give an estimated date, it will not commit itself to a fixed date where adverse weather may prevent it from finishing the property in time. You will normally be required to complete on two weeks notice.
Defects – before completion, carry out an inspection of the property and prepare a written list of any defects of unfinished items. Hand this list to the site office. Although you will not be able to delay completion if the defects are minor, the contract should require the builder to remedy the defects as soon as possible after completion.