Important Questions to Ask When Buying A New Build House

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The process of buying a new build house is incredibly exciting, especially if you’re a first-time buyer.

This is why we’ve put together a list of some of the most important things to consider when buying a new build house. Hopefully this will serve as a useful checklist for you when buying your new home.

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How does a mortgage work?

Once you’ve found the Avant home of your dreams, the next step is deciding how you want to go about paying for it. Unless you’re privately financing this purchase, chances are you’re going to want to secure a mortgage from a lender – usually a bank.

What is a mortgage?

A mortgage is a loan that a banks issues to individuals looking to purchase a home. However, these loans come with interest meaning the longer you spend paying back the mortgage, the more interest will be accrued. Mortgages are paid back in monthly instalments. The minimum amount you’ll need to pay back each month will be determined by the terms of the mortgage – usually there’s a fixed monthly rate for the first few years and then this can be renegotiated with the lender after this fixed period is over.

To make sure you’re getting the best rate possible, we recommend getting a mortgage broker who can act in your interest and negotiate with potential lenders on your behalf.

What is a mortgage broker and what does a mortgage broker do?

A mortgage broker is a financial advisor that’ll not only help you find the most reliable and affordable lender for your property but will also act as your representative when negotiating terms of repayment with your chosen lender.Once a deal has been agreed between you and your lender, your mortgage broker should be able to secure you a mortgage in principle and then eventually a formal mortgage offer which lets us, as developers, know that you have the necessary funds to purchase one of our beautiful new builds.

How do you go about reserving a new build?

Once you’ve got your mortgage in principle secured, the next step is to make sure you’ve reserved your new home. This just lets us know you’re committed to buying one of our new builds and gives us the assurance we need to take that particular property off the market and begin the formal sales process.

Do you need a mortgage in principle to reserve a new build?

Whilst you can certainly make an offer without a mortgage in principle, not having one in place reduces the chances that that offer will be accepted. We want to be sure that the person we’re reserving one of our properties for is not only serious about making the purchase but has the funds to do so too.

If not, we could be preventing someone else from purchasing the home of their dreams for the sake of someone who may need to back out of the deal at some point in the future anyway.

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What is a conveyancing solicitor and what does a conveyancing solicitor do?

A conveyancing solicitor is a property-focused lawyer who can help you with managing all the legal aspects of your purchase – this includes reviewing the terms of our contract, agreeing on a completion date, sorting out your stamp duty, sorting out the land registry and helping you secure the title deeds to your new home.

Once you’ve been able to find a conveyancing solicitor you trust and you’re happy representing you, you should ask your mortgage broker to inform the lender of your choice of solicitor so that they can officially make you a mortgage offer and send a confirmation letter to your solicitor.

Can someone guide me on how to add more character to my new home?

We can! Once you’ve fully secured your mortgage and contracts are being written up, it might be worth getting in touch with our team to see what kind of customisation options are available to you with your new home. At Avant Homes, depending on the style of new build you’ve gone for, we allow you to customise everything from your kitchen units to your floor tiles.

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What does exchange of contracts mean?

The exchange of contracts is the final step before you can move into your new Avant home – when you finally swap and sign contracts and your ownership becomes legally binding.

What happens at the exchange of contracts?

Once the solicitor has reviewed all of the legal documents involved in the transaction, they will explain all the details to you in layman’s terms, making sure you’re satisfied with the contract before signing it.

Once you’ve signed it, your solicitor will swap contracts with ours and then, once you’ve paid the agreed deposit, the house will be legally yours!

For more information about buying a new build house, why not browse through our easy-to-follow guide which walks you through the exciting process of buying a new build house.

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