New Build Property Buyer’s Guide

New Build Property Buyer’s Guide

Considering a new build? There’s never been a better time. With stricter regulations in place, buying a newly constructed home is now more protected than ever. Let’s break down what you need to know.

Codes of Conduct:

Most developers adhere to a code of conduct that outlines best practices for marketing, building, and selling new homes. This ensures accountability and provides a framework for addressing any issues that may arise. Look for developers who are members of organizations like the New Homes Quality Board (NHQB).

Transparency and Consumer Protection:

  • Clarity: Developers must provide clear information about the property, including any changes made during construction.
  • Deposit Protection: Deposits are safeguarded to protect buyers’ interests.
  • Fair Sales Practices: High-pressure sales tactics are prohibited, ensuring a stress-free buying experience.
  • After-Sales Support: Developers are obligated to provide after-sales service for up to two years.

Snagging and Quality Checks:

  • Snagging Inspections: Before moving in, consider hiring a professional snagging company to identify any defects.
  • NHQB Responsibilities: Developers registered with the NHQB are required to address snags within 30 days.

Complaints and Dispute Resolution:

  • Ombudsman Services: If you encounter issues, you can utilize services like the New Homes Ombudsman to resolve disputes.
  • Independent Dispute Resolution: For developers signed up to older codes, independent dispute resolution schemes are available.

By understanding these key points, you can make an informed decision and enjoy a smooth new build experience.

Need a Mortgage? Modern Mortgage Experts can guide you through the entire process, from finding the right mortgage to navigating the intricacies of buying a new build or any other property. Our expert team will ensure you make informed decisions and secure the best financing options available.

Contact us today to schedule a consultation and get started on your homeownership journey.

Remember: A mortgage is secured against your property. It’s essential to make timely repayments to avoid repossession.

Modern Mortgage Experts Limited trading as Modern Mortgage Experts is an Appointed Representative of Dragon Brokers Limited t/as The Dragon Network which is authorised and regulated by the Financial Conduct Authority under registration number 599430. Registered office: 3 Friendship Walk, Northolt, London, UB5 6EY. Registered in England.

Modern Mortgage Experts Limited is a credit broker and you can confirm our registration on the FCA’s website www.fca.org.uk
The actual APRC you are eligible for depends on individual circumstances.

If you are thinking about consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON A MORTGAGE.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

The Financial Ombudsman Service (FOS) is an agency for arbitrating of unresolved complaints between regulated firms and their clients. Further details of the FOS can be found on its website: www.financial-ombudsman.org.uk