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New Build Conveyancing Process
The new build conveyancing process can be complicated. If you are buying a newly built house or apartment, then our team at AWH can help you.
The benefits of buying a new build
As a buyer, there are a great number of benefits to a newly built property. You would expect them to be decorated and built to a standard that they will last for a good number of year, and new build homes also come with a 10-year warranty that covers any structural defects for that initial period.
The disadvantages of buying a new build
One of the disadvantages of buying a new build is that you will most likely exchange contracts months before the completion date.. If you decide that you want to pull out during the ‘waiting period’, then you will have to lose your deposit and all other fees that you have paid.
Both these advantages and disadvantages of purchasing a new build are worth considering in order to work out what is the best option for you.
Help to Buy Equity Loans and new build mortgages
If you decide that you would like to purchase a new build, then you may be able to benefit from the government’s Help to Buy Equity Loans Scheme, which is exclusively available to new build buyers.
Mortgage lenders often apply stricter rules to purchasing new build property. In general, when buying a new build property your mortgage lender will only let you loan up to 85% of the value of a house, and 75% of the value of a flat.
If you can’t put a deposit down of 15% for a house, or 25% for a flat, this is when you can apply for a Help to Buy Equity loan. You can combine the amount you loan with your deposit and the mortgage to be able to afford your property. This will allow you to buy a property with a smaller deposit.
The amount you can loan under this scheme is dependent on where you are buying. In London you can loan up to 40% of the property value, but anywhere else in England and Wales you can loan up to 20% of the property value.
We understand that buying a new house can sometimes seem confusing, but we can help you understand what will work best for your situation and help you to achieve what’s best for you.
To instruct us to act on your behalf when buying property, or to request a quote from our conveyancing solicitors, then get started by calling us on 01254 274000, or by completing the below contact form today. Our conveyancing solicitors are based in Blackburn and Manchester and can help clients across England and Wales.