The New Homes Shop Limited Overview

Letter of engagement – sets out the terms of agreement between the client and their legal representative including client instruction, fees, timescales and other relevant information. Exchange of contracts – when contracts are exchanged between buyers and sellers. Legally binding and commits the parties to the property sale/purchase. If there are delays to your money being paid to the seller you may not get access to your new home when expected. These delays may incur additional charges from your removal company – check their policy in advance.

A long-stop date can be written into your contract, which permits you to withdraw from the purchase in the event of long delays to the property being finished. If it is a short period of time you may wish to find out why – for example, there may be an issue with noisy neighbours. Drawbacks – properties on busy roads, backing on to railway lines, or located some distance from shops and public transport routes are often cheaper. You should make sure you are happy to make any compromises before you buy. Proof of source of funds – including your last 3 months’ payslips; P60 form from your employer; tax return and other documents if you are self-employed. More information on the documents you need is available on the Money Advice Service website.

This survey can be carried out by a professional company or done yourself. You should report back any issues to your developer and ask for them to be addressed before you move in. If your property is still being built, your developer may give you a date by which the property should be finished. On some occasions this end date may be delayed or brought forward. If the former, your mortgage offer may need to be refreshed as they usually only last for a limited period. Condition – some properties are immaculate and need no work; others may need updating and some may need considerable renovation or repair.

Exchange is when the buyer and seller exchange their signed agreements which legally bind them; committing them to the transaction. Call your legal representative on a known number (i.e. not the number listed on the potentially fraudulent email) to check. When applying for the mortgage you will need to complete a form and show ID, proof of address and proof of income.

No matter your circumstances, we have a range of schemes available designed to meet your individual needs. Not only this, but we’re on hand to offer personalised advice, guidance and support, every step of the way. The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home all have their homes listed on Share to Buy. If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.

Property chain – linked property transactions, where a seller of one property is a buyer of another. Decision in principle – a written statement from a lender to say that ‘in principle’ they would lend a certain amount to a particular prospective borrower. Other professionals may be members of trade associations who can investigate complaints (e.g. your surveyor may be a member of the Royal Institute of Chartered Surveyors).

This information can be used by criminals to quickly identify which property you are buying and other important details about you, which can then be used for fraudulent purposes. A survey is useful because it will advise you of minor maintenance and major works required on the property now and in the future. Remember – an Energy Performance Certificate is not the same thing as a home survey either. It is only a visual assessment of those elements which play a factor in determining the energy efficiency of the property . An EPC does not indicate whether these elements are in good or bad condition – it assumes all elements are working correctly.

Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’. No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association. Launched on 19 April 2021, the mortgage guarantee scheme helps to increase the supply of mortgages for borrowers with just a 5% deposit. Alternatively, further information regarding the application process can be found here.

If you have shared a post that contains details about your move, such as the day your offer was accepted, the day you will be moving, the road/area the new property is in or even a picture of it. Misdirection fraud is when you receive an email or phone call which seems to come from your legal representative informing you of a change to their bank account details. Make sure you read your survey report carefully and speak with your surveyor afterwards to ensure you understand what the problems are, how serious they are, and what the remedies might be.

It is really important you have the right information, at the right time, to ensure you make informed decisions. You are able to buy with a joint tenant and you can include up to three members of your family, providing they live with you now and were at your address for at least 12 months before your application. Electricity, gas and water will be your responsibility, even if water rates are currently part of your rent. This is a tax imposed by the Government on the sale of properties above a certain price.