Purchase of New Build Property

Are you a first-time buyer taking that cautious, yet exciting, first step up the property ladder? Maybe you own a home already, but you are looking to buy a brand new home. Thanks to lower deposits resulting from the Help To Buy Scheme, new build homes are becoming a more popular choice and are more affordable than ever before.

Here at hpjv solicitors, our new build conveyancing solicitors understand that, for many of us, the home buying process can seem a little daunting and complicated. Indeed, it is true to say that buying a new build is quite different, and a little more complex, than buying an established property.

Often our clients will only have seen the show home. Construction of your new home may not yet be completed, or even have started.  It will often be difficult for the seller to give anything more than an approximate completion date, due to factors such as weather conditions and availability of materials to finish the house. Yet you, the purchaser, will normally be given no more than 28 days to exchange contracts after reserving the property. If you fail to do so, could lose the reservation fee and lose the property to another buyer.

For advice about conveyancing for new build properties, get in touch with our solicitors in Cardiff, Newport or Chepstow by giving us a call or emailing enquiries@hpjv.co.uk.

How our new build conveyancing solicitors can help

At hpjv solicitors, we have a track record of helping our clients to buy their new dream home. We have worked with, and built a rapport with, estate agents, developers, and builders across South Wales and we understand completely the complexities and tight timescales of a new build purchase.

New build developments where we have helped our clients to purchase their new homes include: Loftus Garden Village, Lysaghts Village, Monks Meadow, St Modwen Homes and North Haven.

If you are looking to buy a new build property, time is of the essence in instructing a solicitor to guide you through the process and for you to make inquiries as to the availability of a mortgage, if one is needed.

We can help you by guiding you through each stage of the buying process with a view to ensuring that the purchase of your new build home runs smoothly and with as little stress as possible. Along the way, we will undertake such work as:

  • Liaising with the developer’s site team and the developer’s solicitors
  • Ensuring the build complies with planning permission
  • Ensuring building regulations consent is complied with
  • Ensuring there is an adequate structural guarantee for your home (normally NHBC)
  • Ensuring there is a proper agreement in place for new road developments on the site
  • Ensuring there is a proper agreement for maintenance of drains & sewers
  • Checking rights of way, rights to use drains and sewers, pipes and cables and rights of access to these services
  • Ensuring that, once the property is structurally complete, completion of your purchase takes place within the tight time schedule set by the contract

If you decide to instruct us, you will benefit from:

  • Competitive fixed fees with no hidden costs
  • Our extensive experience of helping clients with new-build purchases
  • Our working relationship with local developers, agents and with mortgage lenders
  • Our access to cutting edge software to progress your matter efficiently
  • Clear jargon-free advice
  • Regular updates by phone or e-mail
  • A friendly, professional, and, reliable service
  • We are accredited members of the Law Society’s Quality Conveyancing Scheme

Contact our new build conveyancing solicitors today and we will be happy to speak to you about how we can help you to become the proud owner of your dream home.

New build conveyancing FAQs

Is buying a new build a good investment?

You may have heard people say that buying an old property is better than buying a new build, but this isn’t necessarily the case. While your new build might not have the original ‘period features’ that some older properties have, there are many benefits to buying a new build:

  • You can work with the developer to choose your preferred fixtures and fitting, saving you time and money on decorating
  • The property is likely to come with a 10-year warranty and protection scheme, saving you the costs of maintenance and protecting you from any unforeseen issues
  • If you buy off plan, you may be able to get a discount
  • New build properties are usually more energy efficient than older buildings, saving you money on your bills

How does Help to Buy work?

We are Help to Buy – Wales accredited solicitors meaning we can help you buy a new build home with the assistance of the Welsh Government.

Under the Help to Buy equity loan scheme, the Welsh Government will lend you up to 20% of the purchase price of a home worth up to £300,000. You will be required to provide a 5% deposit and you will need to take out a mortgage to cover the rest.

The scheme is open to all home buyers (not just first time buyers) so long as you are able to take out and repay the required mortgage.

If you are looking to buy in England, there is a similar equity loan scheme. However, to be eligible you must be a first time buyer or have previously owned a home but are now unable to afford one.

There is also a UK-wide Help to Buy ISA scheme. You can no longer open a new ISA, but if you already have one, you can continue paying in until November 2029. Under the scheme, the Government will provide a 25% bonus (up to £6,000) on the savings you deposit, subject to the money being put towards the purchase of a new build property.  

Do I have to pay Land Transaction Tax on a new build property?

You must pay Land Transaction Tax on any home purchase costing more than £180,000 in Wales, including new build properties.

If you are buying in England, you must pay Stamp Duty Land Tax on home purchases costing more than £125,000, including new build properties. However, if you are a first time buyer, you can get Stamp Duty relief, meaning you will not have to pay anything for a home worth up to £300,000.

What is a snagging survey?

Even the highest quality new build homes are likely to come with a few snagging issues requiring repair.

Snagging surveys are designed specifically to check for issues in new build properties. The best time to get a snagging survey is after the building is completed but before you complete on the purchase. This gives the developer time to fix the issues before you move in.

The survey can pick up even the most minor of issues, such as poorly finished work surfaces, bad paintwork, or uneven plastering. It can also detect more serious issues, such as cracks in the brick mortar, incorrectly installed plumbing, and structural deficiencies.

What does new build warranty cover?

New build warranties are guarantees by the developer to repair defects in your new home. Typically, they last for 10 years and cover things like:

  • Your deposit after you exchange contracts – if the developer goes bust or otherwise does not finish building the property, the warranty will ensure you get your deposit back
  • Defects – for the first 2 years of home ownership, you should be able to get your developer to cover issues with the building work, for example, if the bathroom is poorly tiled or the seals around the windows are letting in moisture
  • Structural issues – after 2 years until year 10, your developer will still be responsible for major issues with the property, for example, problems with the foundations, roof, or chimney

Your warranty will not cover natural wear and tear. For example, damp may only be covered if it is the result of poor work by the builders.

Purchasing a new build property? Get expert advice from our conveyancing solicitors

For advice about conveyancing for new build properties, get in touch with our solicitors in CardiffNewport or Chepstow by giving us a call or emailing enquiries@hpjv.co.uk.

Or, to see how much your conveyancing might cost, feel use our free conveyancing calculator.