Have you found the dream new build home that ticks all the boxes on your wish-list? Shirley Craig, Kirkwood Homes’ Sales Manager, explains the 6 step process to securing your brand new home and making it official…
1. Get a mortgage in principle:
“This is an important first step, as most developers will want to see proof of what you can afford before taking a reservation. It’s certainly worth talking to an independent broker as they will have access to all lender products in the market - and most do not charge a fee.”
2. Ask the developer about offers and incentives:
"One of the many benefits of buying a new build home is the offers and incentives available, from LBTT and deposit contributions, to complimentary extras and upgrades. Speak to your sales advisor to see what offers are currently in place.”
3. Pay your reservation fee:
“Once you have decided on your new home, you will have to pay a reservation fee which will be deducted from the purchase price - at Kirkwood, this is set at £1,000. You will also have to furnish details of which solicitor you wish to use for the purchase.”
4. Start the legal and financial process:
“Now you can go back to your mortgage advisor or lender to apply for your chosen mortgage product. If you have a house to sell which is not currently on the market, you should organise this listing with a selling agent - and request a home report survey to be carried out on your property.”
5. Pay your missives deposit:
“When your mortgage offer has been furnished and if needs be, your current home is under offer/concluding, you’ll be asked to sign a contract on the new home purchase and pay the missive deposit for your new home - at Kirkwood this figure is set at £5,000 and deducted from your final account.”
6. Prepare for your completion date:
“Finally, you can relax and wait for your home’s completion date, which will have been set by the developer. During this time, you may have the opportunity to choose certain finishes for your new home - such as kitchens, worktops and bathroom tiles if your home is at the early stages of construction. Nearing completion time, you should arrange home and contents insurance, request an activation of your phone line and organise your broadband, plus removal company if needed!”
