New Build Buyer - FAQs

A new build property is a home that has recently been built and has not previously been lived in. They often come with modern layouts, energy-efficient features and a structural warranty.

Developers often work to sales targets and build schedules. Reserving a plot removes it from the market while you progress your mortgage and legal work. Reservation periods vary between developers.

A reservation fee is paid to secure your chosen plot. The amount varies between developers and the terms of the reservation will be explained before you proceed.

Yes. Many developers recommend solicitors who are familiar with the development, but you’re usually free to choose your own legal representative.

Developers may offer incentives such as contributions towards legal fees, flooring packages, upgraded kitchens or deposit contributions. The availability of incentives depends on the development and your purchase.

They can. Mortgage lenders usually need to know about any incentives being provided because they may affect how the property is valued. Your adviser will make sure these are declared correctly.

Many buyers reserve properties before construction has been completed. You’ll normally exchange contracts before the home is ready, with completion taking place once the property has been signed off and is ready to occupy.

A long-stop date is the latest date by which the developer agrees the property should be completed. If this date isn’t met, your reservation agreement may explain the options available to you.

Snagging refers to identifying minor defects or cosmetic issues after your new home has been completed. These are normally reported to the developer, who will arrange for them to be rectified in accordance with their process.

Most new build homes include a structural warranty provided by an approved warranty provider. The exact cover and duration will depend on the warranty provider and the terms of the policy.

Yes. If construction takes longer than expected, your mortgage adviser will monitor your mortgage offer and discuss the options available if an extension or new application becomes necessary.

Yes. Mortgage rates can move up or down. Where possible, your adviser will review your mortgage before completion and discuss whether switching to another suitable product is an option.

Exchange often takes place before the property has been completed. Your solicitor will explain the timescales and ensure you’re ready before exchange takes place.

Your completion date is usually confirmed once the property is ready and all legal requirements have been satisfied. Your solicitor and the developer will keep you updated throughout the process.

Yes, it’s worth reviewing your protection whenever you take on a mortgage, regardless of whether the property is new or previously owned.