Thinking about buying a new build property?

UK buyers have traditionally favoured old over new when it comes to property, but things are changing; especially when new homes are often proving to be economically and financially friendly and the benefit of a minimal chain (or lack of one altogether for first-time buyers) can be appealing in an overstretched housing market.

If you are considering buying a new build property here are our 'top tips'.

1. At Evolve we work with a number or reputable housebuilders, but we would always recommend reviewing the builder's track record before you commit to one of their properties. This can be especially important if you are buying ‘Off plan’ (before the house has been built) and previous developments can be a good indication of what to expect.

2. Research the area and the local facilities – are there good transport links? Schools? Shops and amenities? What are the future plans for the area? Be sure that you are happy before you commit.

3. Find out what you are buying – you can ask to see a detailed specification list that will include materials fixtures and fittings for your new build property. This is also a good time to ask for a clear indication of what will and won’t be included in the cost. Some developers will pay Stamp Duty and/or legal fees and this is also information that lenders will need to know.

4. There are usually two key dates when it comes to new-build developments – the short-stop date and the long-stop date.

The SHORT STOP DATE is the date when they are aiming to have your build completed

The LONG STOP DATE is when they must have finished by, otherwise you would be entitled to compensation.

Be sure to get these agreed and committed to writing.

Once you have found the right property in the right area and know that the specification and timescales meet your needs speak to Evolve about arranging a mortgage in principle. As a whole of market provider, we can find the right mortgage provider to meet your needs.

When the finances are in place you will usually need to pay a deposit (a reservation fee) to reserve the property. This then starts a 28-day period in which you will be expected to exchange contracts. If you don’t exchange in this 28-day window means you will forfeit your reservation fee (usually between £500 and £2000).

5. The next stage is to appoint a Conveyancing Solicitor. We would recommend looking around and finding someone you will be happy to work with. Ask for recommendations and reviews.

In order to secure your mortgage Evolve will arrange a valuation survey to make sure that the numbers add up and that amount being loaned is in line with the value of the property. 10% of the property will need to be transferred to your conveyancing solicitor for them to pay to the developers solicitor as a deposit.

After the exchange of contracts and before completion is the perfect time to make a snagging list. This will mean that nothing can be blamed on ‘wear and tear’ once you have moved in.