Help To Buy & Conveyancing
Buying a New Build property is extremely exciting because it is BRAND NEW! Nobody else has lived there before you. Quite often you can be involved very early on in the decision making process, choosing how your new home will be finished with colours, kitchens, bathrooms and tiling amongst other details. You might even be lucky enough to see the plot being built from the start.
We understand that as it’s one of the most important decisions of your life you want it to be hassle and stress free. You also don’t want the legal essentials to break the bank – you’re already spending a large amount of money on the property!
With us you’ll have a dedicated New Build Lawyer who has been acting for purchasers buying New Build properties for years. It’s likely that we may know the construction company too. We can act under the tight deadlines often imposed by developers and we promise to keep you informed at every stage of your transaction. Our team will deliver a top quality professional service that is individually right for you and your needs. We’ll provide you with copies of all the relevant documentation while advising you on planning, building regulations, the adoption of the roads and sewers, the access rights for other services and on the new build warranty provided.
If you’re funding your purchase with the aid of a mortgage we will deal with your lenders requirements and with all post-completion formalities for you ensuring that the property is registered in your name or joint names.
The Government created a Help to Buy scheme in 2013 to help people get on the housing ladder and buy their own homes.
Equity loans are open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000. With an equity loan you’ll need to contribute at least 5% of the property price as a deposit, the government will give you a loan for up to 20% of the price and you’ll need a mortgage of up to 75% to cover the rest.
Mortgage guarantees helps people who fit the criteria buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK with a purchase price up to £600,000. The mortgage guarantee works in the same way as any other mortgage agreement, except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans. Because of this support, mortgage lenders are able to offer home buyers more high-loan-to-value mortgages of between 80-95%.
As always in any property purchase, you will still be fully responsible for your mortgage repayments, so with a 5% deposit, you will need to take out and pay back a 95% mortgage.