What you need to know about buying a new build property

Buying a new build property in Scotland can be an exciting venture, whether you are a first-time buyer or an experienced homeowner. This kind of purchase comes with its own unique considerations and processes which are quite unlike buying an established property. Making sure you are informed and aware of all the key factors involved will make your new build journey go more smoothly.

Research your developer
When you are considering a new build property, look for reputable developers with a proven track record of delivering quality homes. Explore online reviews, visit their previous developments, and see if you can get feedback from current residents. The developer should be registered with industry bodies like the National House Building Council (NHBC) or the Scottish Building Federation to ensure they meet the required standards.

Engage a solicitor
A solicitor or conveyancer experienced in new build properties will help guide you through the legalities and complexities of the buying process. They will ensure your interests are protected at every step of the way, including reviewing the contract, advising on any legal implications, and ensuring that the property is compliant with relevant regulations and planning permissions. They will also handle the transfer of ownership and help with any necessary paperwork.

Look into the reservation fee
When buying a new build property, developers may require you to pay a reservation fee to secure the plot. This fee is typically paid at the time of reserving the property and shows you are committed to going ahead with the purchase. Make sure that you understand the terms and conditions of the fee, including whether it is refundable or deducted from the final purchase price.

Understand your contract and documentation
It is especially important to thoroughly review your contract and all documentation provided by the developer. Pay close attention to the terms, specifications, completion dates, and any incentives or extras that are included. A qualified solicitor will be able to clarify any uncertainties or ambiguities that may come up before you sign on the dotted line. They will also ensure that your rights and obligations are clearly defined and that you fully understand the implications of the agreement.

Define your completion date
Delays are not uncommon in the construction industry, so it is crucial to have a timeframe for having your property completed specified in your contract. This allows you to plan your move properly and know you are entering the property at the right time. A well-defined completion date protects both parties’ interests and provides clarity throughout the buying process. With a new build property, there will often be a fluid date of entry, which is triggered when the habitation certificate is issued. You should also agree with the developer on the consequences of missed deadlines and any compensation they will offer in these cases.

Do a snagging inspection
Before completion, arrange a snagging inspection to identify any defects or unfinished work that needs to be addressed by the developer. You may wish to ensure snags are sorted to your satisfaction before you take ownership of the property. Alternatively, there may be a clause within the contract which allows snags to be corrected within a certain period of time following your move in. A professional snagging specialist can help in coordinating and documenting this process and ensuring that your property is in a satisfactory condition.

Check your warranty
Most new build properties in Scotland come with a warranty from organisations like the National House Building Council (NHBC). Typically, the warranty will cover protection against structural defects for a specified time after completion. It is helpful to familiarise yourself with the claims process and make sure you have all the necessary documentation for future reference. This warranty adds an extra layer of protection for you, the buyer.

Buying a new build property can be extremely rewarding, however, it is important to do your research, read all documentation thoroughly and seek professional advice. Qualified solicitors can provide personalised guidance based on your individual circumstances and help protect your interests throughout the buying process.