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New build purchase- tips please

(12 Posts)
Shadowboy Tue 28-Mar-17 14:17:21

We are sort of being forced to purchase a new build (nothing available in the area we need to move to that's 4 bed and not on a main road/on the correct side of the river.) so we've gone for a new build.

What should I be looking out for in the contract?
Are there aspects we should be wary of?

We have picked a plot and it will be ready august/September.

What should we do with the snagging process?

Thanks!

Count2three Tue 28-Mar-17 20:07:49

We're shortly going to be exchanging contracts on a new build (fingers crossed) so my perspective is not of the whole process.
Firstly, you will probably be expected to sign a reservation form which commits you to exchanging contracts within 30 days. We are way past that date as it took us ages to get a mortgage approved, with DH being self employed. Fortunately the developer has been patient but I have heard of others being less so.
We have gone with a solicitor which has a new build department, would recommend this as the process is different and anticipated to be much quicker.
Check the developer is on schedule with plans. Usually the mortgage offer will only be valid for 6 months (you won't want it less than this) and if the house isn't ready before it expires, you will need to re-apply or ask for it to be extended. You will have exchanged contracts by this time and if you can't get another mortgage offer, you could lose your deposit and in theory be sued by the developer if you need to pull out.
I've looked into getting a professional snagger but the developer has succeeded in putting me off this. We have two years to report snags and apparently the builder is amenable and puts right any wrongs as and when.

Ours should be completed April/May and I've seen it once. It was still a shell and was very strange trying to imagine what it will look like.

Don't offer the asking price. We negotiated a much better deal, including payment of stamp duty. New build developers are more likely to give you extras than agree to a reduction in asking price, as other potential buyers will see the negotiated price and demand similar.

It's been stressful but I think some of this was self imposed over the mortgage offer. We're also not out of the woods yet!

Eve Tue 28-Mar-17 20:10:53

Get a survey from an independent surveyor! Our floor joists weren't done correctly and we had to move out for 14 months whilst repairs were done. They built it quicker than they repaired it.

Kiroro Wed 29-Mar-17 13:27:36

I've looked into getting a professional snagger but the developer has succeeded in putting me off this. We have two years to report snags and apparently the builder is amenable and puts right any wrongs as and when.

I would get a professional snagger and survey unless I was personally very, very au fait with house building.

dancingqueen345 Wed 29-Mar-17 17:18:37

Study the plan of the development to find out the obvious like where you'll get the sun, which houses overlook you, what parking arrangements there are etc.

If on a development that is likely to be part of a much bigger development try and find the master plan/check the planning website.

Ask how long the whole Development is expected to take to be developed out- some take years so you'll be living in a building site, likely to have unfinished roads etc.

Ask about service charge, if there is one, who manages it, what does it include.

Fluffyears Wed 29-Mar-17 23:55:56

In my 2nd new build. Get a professional snagging done so you are getting faults picked up you light not notice and they builders are usually good at fixing them. Don't be afraid to raise anything even if it seems minor. My wardrobe doors were squint which showed up a bigger issue. Have had no issues with both builders getting the snagging fixed when reported. The best part about living on the building site is that I can just pop out and talk to one of the builder blokes and 1/2 hour later they nip in and fix things.

specialsubject Thu 30-Mar-17 19:21:52

Make sure it will still get sun when the rest go up. Check flood issues, developers can and do build on flood plains. Think about parking if everyone has three cars.

FinallyDebtFree Thu 30-Mar-17 19:29:44

We've just exchanged contracts on a new build, ours isn't ready until July/August. I'll be getting a professional snagging inspection done as soon as it's finished.

MissDuke Fri 31-Mar-17 07:32:23

Check if it is freehold. If it isn't be very cautious and read the lease details very carefully. Have read a few recent horror stories about this.

abeandhalo Fri 31-Mar-17 07:37:28

I work for a new build developer. You are pretty well protected purchasing new but ensure the following:
- Comes with 10 Year NHBC Structural Warranty
- Freehold
- Cost of management charges after development is completed
- What are the restrictive covenants in the contract, e.g. No commercial vehicles allowed, no external changes made without consent of management company, etc.

user1499729352 Tue 11-Jul-17 00:57:26

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user1499729352 Tue 11-Jul-17 01:03:38

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