The housing market has seen substantial growth when purchasing a new build property due to the pandemic and rising utility costs. Buying a new build property can come with many benefits that buying a pre-owned property may not. At HB 121 Solicitors in Wolverhampton, Kidderminster and Stourport-on-Severn our specialist property solicitors are experienced in all property matters and can guide you through this process and minimise stress.
New build properties can alleviate stress for purchasers especially first-timebuyers. Generally new build Properties do not require the same level of maintenance you would find in a pre-owned property. New build properties can see teething issues and disruption especially when houses are being built around you however new build homes oftenhave a 10-year NHBC warranty (or similar) that covers all main structural defects a new build property may face. Due to the ongoing energy crisis new builds also offer greater insulation and potentially cheaper energy bills due to the building rules and regulationsrising thestandards developers must reach for more highly efficient properties.
There can be difficulty when getting a mortgage for a property however the government have provided many schemes to help buyers and first-timebuyers with the finances involved in purchasing a property these include:
Is a type of savings account that the government tops up with a 25% bonus, if you meet certain savings targets.
Enables servicemen and servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property.
Depending on where you live the government may offer an equity loan for a percentage of a new buildproperty price. You must place at least 5% deposit for a property, the government will then provide a loan of 15%-40% of the property price which the remainder would need to be covered by a mortgage.
This scheme offers at least 30% discount for first time Buyers purchasing a new build however this scheme is not available for all new builds.
It is possible to purchase a percentage of a new build property. In the case of shared ownership, a buyer would only take a mortgage for the price of their share and then would pay a percentage of rent for the remaining share of that property. You can increase your share in a property all the way to 100%.
At HB 121 solicitorsour property solicitors in Wolverhampton, Kidderminster and Stourport-on-Severn our team of highly qualified conveyancing solicitors are dedicated with dealing with your transection to make sure thatthe process is smooth and easy to understand.
Please contact HB 121 Solicitors by email: info@hb121solicitors.co.uk or call our offices: 01562 702655 or make and online enquiry and one of our team will be in touch.
