1 May 2023
A step-by-step guide to reserving a new build home
If you're in the market for a new build home, you may be wondering what the process is like for reserving one. Here's a step-by-step guide to help you understand what to expect when reserving a new build home:
Step 1: Research and choose a development – The first step is to research and choose a development that meets your needs and budget. Using MatchYourHome's comparison site, you can compare developments that match your criteria. From there, we advise you to visit show homes, review brochures, and research online to get a sense of the options available.
Step 2: Reserve the property – Once you've found the development you like, you can reserve the property by paying a reservation fee directly to the sales team. This fee is typically between £500 and £1,000 and is refundable if you change your mind within a certain time frame (usually 14-28 days).
Step 3: Appoint a solicitor – Next, you'll need to appoint a solicitor or conveyancer to handle the legal aspects of the purchase. They'll carry out the necessary searches, review the contract, and advise you on any issues that arise.
Step 4: Arrange a mortgage – If you need a mortgage, you should arrange this as soon as possible after reserving the property. You'll need to provide evidence of your income and outgoings, and the lender will carry out a valuation of the property to ensure it's worth the amount you are borrowing.
Step 5: Exchange contracts – Once your solicitor has completed their due diligence, you'll be ready to exchange contracts. This involves signing a legally binding contract and paying a deposit (typically between 5-10% of the purchase price).
Step 6: Completion – The final step is completion, which typically takes place 2-4 weeks after exchange. At this point, the remaining balance is paid, and the property becomes yours. You'll receive the keys and can move in!
In terms of fees, you should budget for the reservation fee, legal fees, mortgage fees, and stamp duty (if applicable). You may also be charged for extras or upgrades, such as higher-quality fixtures and fittings.
Tips to remember:
- Make sure you understand the terms and conditions of the purchase contract before you sign.
- Check what is and isn't included in the purchase price, such as appliances or landscaping.
- Be aware that delays can happen, so be prepared to be flexible with your moving date.
- Keep in touch with your solicitor and developer throughout the process to stay up-to-date on any issues or changes.
In terms of how long it takes to move in, this can vary depending on the development and any delays that occur. Typically, the process takes around 6-8 months from reserving the property to moving in. However, this can be longer if there are delays with construction or legal issues.
Ready to find your dream new build home? Compare new homes today.