The National House Building Council (the NHBC) have recorded a 14% rise in new properties being built in the West Midlands in the first 9 months of this year. Buying a new build property rather than one already owned can be an attractive option for some property buyers. New build properties give buyers a fresh canvas and buyers can make personal choices on the design and finishings of their new home. They are built to the latest standards and so can be cheaper to run. There will be no chain involved when purchasing from a builder and there are some government backed purchase schemes to assist first time buyers.
With new build homes in the region on the rise the need to ensure that your house builder offers a valid new home warranty is paramount. There are numerous providers and a list of those accepted by mortgage lenders can be found on the Council of Mortgage Lenders’ Handbook website – a must view for those looking to buy a new build property with the benefit of a mortgage.
The new home warranty will provide up to 10 years’ protection should there be issues with the property following completion. Some providers offer insurance before completion should the builder not complete the property and the buyer has paid a deposit for example. Others offer contaminated land cover.
Whichever provide your builder registers with a prudent buyer will always check the terms of the warranty cover being offered with the property they are looking to buy.
Amanda Holden, Head of Residential Conveyancing at The Wilkes Partnership LLP, says “Whether you are a cash buyer or you are buying with the benefit of a mortgage, the terms of the new build warranty should be checked carefully so that you fully understand what the builders are responsible to rectify following completion and what they are not.”
For further information and a conveyancing estimate please contact Amanda Holden at The Wilkes Partnership Stanton House 54 Stratford Road Shirley Solihull B90 3LS on 0121 733 8000 or firstname.lastname@example.org.