Published on December 23rd, 2019
Buying a new home is very exciting. Perhaps even more so when buying a new build property. It’s brand new and you will be the first to live in it.
There are some differences in processes between buying new and buying second hand. Conveyancing processes also differ between Scotland and England. Here is a brief guide to buying a new build home in Scotland.
1. Organising Your Mortgage
Knowing what you can borrow and how much it will cost is one of the first things you should do. Many builders will not allow you to reserve a property until they know that you can obtain the necessary funding.
Using online tools like Habito’s comparison generator will give you a good overview of the mortgage products which may be available as well as current rates and terms.
An approval in principle can be obtained fairly quickly with a full offer of loan being issued once further details have been ingathered.
2. Choose The Property That Is Right For You
Many builders may be developing in the same area, sometimes right next door to each other. You must take the time to choose the property that is right for you.
Specifications can differ so be sure to establish what is standard and what needs to be paid for in addition to the basic purchase price.
Take time over your decision. Plot location, garden orientation, parking, and accommodation should all be given consideration.
Once you have decided which property you want to buy, you will be asked to complete a reservation form and pay a reservation fee.
You should also be given information about the Code of Conduct for New Home Builders. This is a set of guidelines that every builder must adhere to.
3. What’s Next
Your solicitor will be sent a set of missives from the builders’ solicitor. This is effectively the contract between you.
You usually have between 14 and 28 days to agree on its terms. Once missives are concluded the purchase becomes legal and binding.
During the construction process, you will be contacted to make your colour selections. This is the exciting part! You will usually have the choice of different kitchen units, worktops, and tiles.
Your builder should keep you informed of the indicative date of entry throughout the process.
4. The Final Stages
As the property nears its final construction stages and once deemed safe to do so, you will be asked to make an appointment to see your new home for the first time.
This is a good time to take some measurements and decide where your furniture and belongings are going to go.
Once the property is fully complete you will be invited to carry out a pre-handover inspection. During this, the sales advisor will show you how your appliances work, how to programme the heating and answer any questions you may have.
Your solicitor will keep you informed of legal progress throughout. Once the property is paid for you can collect your keys. Your new home is officially yours!