What you need to consider legally when buying a new home?
PUBLISHED: 10:45 30 April 2018 | UPDATED: 12:03 30 April 2018
What do you need to consider legally when buying a new home? Susan Ward, from Spire solicitors, discusses.
Who are the developers?
There are many different companies in the UK offering everything from affordable housing to luxury apartments. The choice might seem bewildering and so it is important to carry out some research to see which developer matches your requirements. Look online to see what other people are saying and visit the developer’s other sites to see the overall finish.
What guarantees do they offer?
The National House Building Council (NHBC) is the standard-setting body and leading warranty and insurance provider for new and newly converted homes in the UK. New home developers who are registered with the NHBC will provide a 10 year warranty which will protect you from having to pay to fix any major structural defects affecting your home. During the first two years from completion of your home, NHBC will step in if you make a claim against the developer and the developer fails to carry out the remedial work. It is also important to make sure there is a “snagging” provision in your contract to allow you to get little issues sorted easily.
What information does the developer provide?
When purchasing a newly built home you will want to get as much information as possible about the property you are buying. The developer should provide: a general description of the property and who is selling it; a copy of the title deeds; information about the property held by local authorities; information on water, drainage and the environment and copies of any planning documents.
How much say do you have in the building process?
If you commit early enough in the development, you may be able to customise certain aspects such as the decoration, fixtures and fittings and flooring.
What costs are involved?
The costs can vary between each developer and whilst some developers may be able to negotiate on price, others may look to offer more incentives or financial assistance. These can include free furnishings, or paying your legal fees or stamp duty.
If you would like to discuss any points in this article further, please contact Spire Solicitors LLP on 01603 677077 for all your legal needs. This is not a complete statement of the law and you should always seek comprehensive legal advice. Spire Solicitors has sponsored this column.