Buying a new build house in TelfordCategories: Conveyancing, New Build, Property
Buying a house is always an exciting stage of many people’s lives especially when it is a new-build property since you can personalise it to your taste and style. Depending on the builder, you may have the option of different flooring, tiling and bathroom fittings. As a young family, it also helps alleviate stress as the house may be ready and designed how you want it as soon as you move in so you do not have to worry about decorating straight-away.
However, as exciting as the build process is, there are some essential factors that you should bear in mind when buying a new build house in Telford or around the country.
1. Plot Plan
It is always important to view the developer’s plan of the estate and specifically for your plot. It would help you to identify and be familiar with the boundaries that you are responsible for and the ones that you share maintenance with your neighbours. Often times, new-build properties have a management company responsible for the maintaing the common parts of the estate. A good plan will show you the areas that are maintained by the management company. Where there are privates roads and accesses it is particularly important you are aware of whether the owners and users of them are responsible for maintaining them, or whether they are maintained by the management company. You should also check the plot plan to ensure that it has a north point, scale and is based on the Ordnance Survey. If you are unsure whether your plot plan is compliant with the Land Registry guidelines, then it is worth discussing with your conveyancer.
2. Rent and Service Charges
Most new-build properties will have a management company who is responsible for the maintenance of the common parts of the estate and potentially any private roads and drainage systems. In return, the management company will require payment of a service charge from each plot owner for their share of the expense incurred. If your new-build property is a shared ownership, then you will also have to pay a shared ownership rent to the landlord in addition to the mortgage payments to your lender. Any new leases, which are not shared ownership leases, must by law have only a peppercorn or nominal ground rent. When buying a new build home in Telford you should always ensure to check the exact amount of any rent or service charge payable for your property before you decide to proceed.
3. New-build guarantee scheme
All new-build properties must be accompanied with a 10 years new build guarantee scheme from an authorised insurance provider or signed off by a reputable architect’s certificate. If you are purchasing the property with a mortgage, then your lender will have specific requirements for the architect providing the certificate and a list of the approved insurance providers. If you are buying a new build house in Telford, then be confident that our expert property solicitors will be aware of the guarantee providers and whether they are compliant with the relevant mortgage lender.
Though, the above list provides comprehensive details about issues that you should be aware of, it is not an exhaustive list and if you have any questions during the conveyancing process, then you should speak to your conveyancer directly. If you are buying a new build house in Telford, then our experienced property solicitors would be more than happy to help answer any queries you have.
If you have any questions or simply wish to discuss anything, then please do not hesitate to contact us.