Buying a New Build House with Strata Homes

09 December

When you’re hoping to get on the property ladder or relocate, new build homes are a great choice. Why? Well, get to move in once the development is finished and enjoy making it your own.

We’re sure that after taking a look at our full range of contemporary homes and our handy local area guides, you’ll find a new build property that suits your every requirement. But you might be unsure of the buying process as a whole, and feel a little lost with how to navigate your way through the new-build buying process, especially the legalities involved.

So, we’ve provided a go-to guide for you to digest and take notes from, to help you prepare for buying the perfect abode with Strata. Just read on to learn a whole wealth of knowledge.

Sort your finances first

Before arranging a property viewing, you’ll need to get your finances in order, which is pretty simple to manage. But which finances will you need to organise before buying a new build from us?

Assess your savings – How much do you have? How much is tangible to use towards a house?
What does your credit score look like? Are there ways you can improve your credit score beforehand, such as ensuring your electoral address matches your current address, for example? After all, a good credit score makes you more credible to a mortgage lender.
Is buying a new build home the right choice at the moment? Do you have the money for more than just the deposit, such as fees and furniture you’ll need for the interior? Being realistic about your expectations is really important before you start your search; if you need to save a little longer, there’s no harm in doing so!
Consider how stamp duty will affect your house-buying process and what costs will come with this, so you’re fully prepared for what you need to save up and what money you can spend.

Let’s jump to the legal side of things…

The process of buying a new build house takes a little bit of extra knowledge and some common sense, but the legal side of things doesn’t always come so easily. The legality of buying a property isn’t common practice, so we’re here to tell you exactly what you need to know about legal requirements and more.

What does the legal process entail?

To give you step-by-step advice to make the home-buying process much simpler and easy to digest, here’s a quick round-up of what the legal process will entail when buying a new build from Strata.

1. You’ll lay the money out for your new home

To complete the sale, your mortgage lender will release the money you need to pay for your new home. It’s only solicitors fees and stamp duty that are your responsibility to organise.

2. Transferred ownership

Next, your solicitor and or conveyancer will receive the title deeds for the new build property you’re buying. Following this, they’ll register the transfer of ownership with the Land Registry, which relates to the record of information about interests in/ownership affecting property and land.

3. Move in!

When the transfer of ownership has been completed, it’s time to move in and make your new house a home! Just pick up the keys and start moving in your belongings.

Do I need to use a solicitor?

It’s always advised to use a solicitor or conveyancer when you’re buying a new build home from us. Much like being able to do your own tax return, you can sort the legalities yourself, but this can be quite complicated. Plus, there’s always a higher risk of something going wrong. Whereas paying a conveyancer and or solicitor means all of the correct checks are taken out, and there are no worries along the way.

Your solicitor/conveyancer will help with the following processes:

Arranging important property surveys (but your mortgage lender could do this for you, so it’s worth checking first).
Organising and carrying out Land Registry and local authority searches.
Exchanging contracts.
Legally completing the sale of your new build home.

Your solicitor will draft contracts

A solicitor is beneficial to both you and the seller, as the role of the solicitor for the seller is to draft up a contract. Then, your solicitor will check the following:

- The title deeds in the contract (referring to the registered ownership and property details).

- The set price of the property and review it to check it meets expectations.

After this, they’ll send you a copy of the draft contract to read, review and analyse yourself, which will include a fitting and contents form, copies of prior ownership documents and a property information form.

Your solicitor will conduct searches

To ensure there are no problems associated with ownership of your new home, alongside factors like accessing the property, your solicitor will carry out several standard searches.

The role of a solicitor is to do local authority searches, too, plus they’ll be able to check certain aspects of your property, like if it’s registered as a listed building, for example. This is beneficial because listed buildings typically have rules around changing certain aspects of the home, so you’ll be aware of factors like this from the start.

Essentially, your solicitor will use standard searches to ensure you have every piece of information about your exciting new home.

What do I need to organise myself when buying a new build?

Solicitors, conveyancers and your mortgage lender can help you in the process of buying a new build house, but you’ll need to organise some factors yourself.

1. Pay your deposit on time!

One major responsibility of yours is to pay the house deposit on time, to ensure the sale goes through smoothly, and without any hiccups. To exchange contracts, you’ll need to organise paying the deposit beforehand, which is typically around 10% of the property’s purchase price. Although this can depend on the mortgage you’re opting for and the lender.

2. Stay in contact with your solicitor

If you’re buying one of our new build homes, we’ll assist you with everything you need along the way, but you’ll need to keep in contact with your solicitor. They will help you deal with any incoming issues or queries you have easily and efficiently.

3. Organise getting the right insurance

When you’re buying a new build home from us, getting the right insurance is really important. You don’t want to be in a position where your belongings or the home itself is not protected, so it’s up to you to organise getting the right insurance for your move.

This includes the following:

Building insurance - You’ll need to arrange to take out buildings insurance, and your mortgage lender will remind you of this since it covers your new home against potential damage.
Contents insurance – The belongings you’ll be keeping in your home need to be insured when you buy a new build home, so look into the best deals on the gadgets and organise this nice and early.

The new build buying process with Strata