Why should I buy a new build?
When looking for your new home it can be a daunting and challenging experience. Looking at buying a new build property can help ease these challenges as it offers a number of practical and money-saving benefits.
One of the biggest challenges in any property transaction is that the chain can be a complex, often causing delays. When buying a new build, even if you have a sale attached to your purchase, there is no onward chain on the developer’s side making the process a lot quicker and easier.
First Time Buyers
If you are a First Time Buyer, then with a new build, you benefit from being chain free, transactions for first time buyers have known to be turned around in as little as 2 weeks!
On top of this there are several schemes out there to assist you purchasing your first property such as the shared ownership scheme and discount market scheme. A developer may also include incentives to assist with the purchase of your dream home!
New Build Warranty
Each property is sold with a new build warranty through the likes of NHBC, Premier Guarantee, LABC and ICW all of which provide a range of protection after completion for the first 10 years as well as protecting your deposit at the point of the exchange of contracts. For the first two years the guarantee, offered by the builder, requires them to fix any defects and faults with the property and after this time, the guarantee covers any major structural defects only.
Many new builds now are a lot more energy efficient with 85% of new homes having an Energy Performance Certificate rating of A or B. This is because they include advanced heating systems, efficient insulation, smart technology, and brand-new appliances. This is not only better for the environment, but it also helps to reduce the cost of your bills.
Upgrades to the Properties
You might wonder if you should buy a new build property off-plan where the property has not yet been built, however this will allow you to personalize the property to your taste and needs. Often you will get to choose if you want to upgrade your kitchen, bathrooms and even flooring and add any extras that aren’t included in the standard specification. If extras are chosen or ordered through the developers, their builders will install these for you so once you are handed the keys all you need to do is unpack leaving you more time to enjoy your new home.
The customer care does not stop at completion. If you notice any small snags or have had a snagging survey, the developer will take care of this and liaise with you to arrange for any problems to be rectified at a time that suits you.
Most developers will have a panel of recommended solicitors. The recommended solicitors are experts at the sites they are paneled on which enables smooth and quick transactions. The sites are set up at the start of the site launching, meaning they can turn transactions where required as quick as possible. They are also able to offer reduced fees compared to open market transactions.
Herrington Carmichael are paneled with developers such as, Barratts, Cala, Vistry, David Wilson Homes, Bloor, Elivia, Berkley, Bellway and Redrow. Our expert new build team offer free quotes personalised to your transaction, please contact us to start the process and ask any queries you may have.
This reflects the law and market position at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought in relation to a specific matter.
Latest News & Insights
Having been dismissed due to allegations of ‘repeated inappropriate conduct’, a scientist at...
Having been accused of antisemitic comments, a sociology professor, David Miller at the University...
The Employment (Allocation of Tips) Bill is set to come into force on 1 July 2024. The new...
All in a Day’s Work: Employment Podcast Series
Our Employment team bring you a monthly podcast covering all aspects of Employment law for businesses and individuals. You can browse our podcasts below…
In this episode of Herrington Carmichael’s All in a Day’s Work Employment and Immigration Law podcast, we are discussing post termination restrictions.
In the month of new year’s resolutions, this episode will cover an introduction into what a philosophical belief actually is at work.
In this month’s episode, Claire Helling from our Employment team will cover an introduction into managing a redundancy process.
Top Legal Insights
Award winning legal advice
Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2024’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023 & 2024’. Herrington Carmichael has offices in London, Farnborough, Reading, and Ascot.