building built 2005 new build or what

metso

Hi quick ?
would a building built in 2005 be considered a new build when applying for a mortgage?

how old does a building have to exist before a building is considered not to be a new build?

thanks
Metso

bryanb

I'd define new as one nobody has lived in previously.

metso

I just went for a viewing this weekend, and having done a little bit of research for planning permissions, discovered it to have been built in 2005.

It has been lived in...

ACG

Its not a new build.

metso

ACG wrote: »

Its not a new build.

at what point in a house life does it be considered not to be a new build?

comeandgo

Its a new build when its a new house that nobody has owned before - you are first to buy if from developer or house builder.

kingstreet

If the occupier has moved out and work has been done to improve or alter the property, it may also be classed as newbuild by lenders and a lower maximum loan to value applied.

Here's an example from Halifax criteria;-

An initial occupancy/new build property is classed as any property being occupied and/or sold for the first time on the open market in its current state. These will fall into one of the following categories:

Newly built property

Refurbished property i.e. refurbishment of an existing residential property, typically a re-furbished property will be considered as initial occupancy where the vendor is a builder/developer and the property has been vacated to allow for the refurbishment to be undertaken

Newly converted property i.e. conversion of an existing non residential property, e.g. an existing mill converted into flats

All lending decisions are based on valuation or purchase price (whichever is lower)

A property, either new or converted (as above), that has been tenanted through a 'try before you buy' or 'rent before you buy' scheme and is now offered for sale by the builder/developer.

metso

thank you for your quick, precise and usefull info..

tim123456789

comeandgo wrote: »

Its a new build when its a new house that nobody has owned before - you are first to buy if from developer or house builder.

and what happens if the builder decided to rent it out because he couldn't sell it at a profit when first completed (this happend a lot in 2008-9)