Buying a new build - showing my interest and possible deposit - Pointers?

Dhrucku

I'm looking to buy a new build to move in with my fiancee during next year after marriage which will incur no cost of my own - funded predominantly through fiancee's side - asian culture.

I'm looking at a £305k property called the Castle Hill house being The Strathmore - link

We're going for a house viewing next week and wanted to know what kind of things we should be looking for and the kind of questions we should be asking or if you can see any disadvantages to buying here. The area is up and coming and is in a great location for me who commutes into the city with great road links as well.

From what I've heard deposits to state intent in these new builds tend to be around £1k and if we like the property when shown around it will be hard to resist.

Any input is appreciated.

Dhrucku

No one?...

kingstreet

It's a reservation fee, not a deposit. It will however be refunded at completion.

If the builder is NHBC registered, this applies and some of your reservation fee will be refundable on cancellation;-

http://www.consumercodeforhomebuilders.com/

Jon_B_2

Depends. Our reservation fee is used as part of the deposit at exchange of contracts.

kingstreet

It isn't normally.

It's usually refunded at the point of a draft completion statement being drawn up when the purchaser's solicitor pays over less to complete the purchase.

Pete9501

Questions then:

What will the service charges be?

Will the roads be adopted or residents left to pay for repairs?

Who owns any land around the restate, gardening fees?

What access roads will the estate have?

Freehold or leasehold?

Extras included in the deal? free solicitor/MA by chance?

Completion dates?

PRoven record on fixing snag lists?

Building Guarrantee?

Were are the social houses going to be located?

chanz4

That wood will look rubbish after a few years on the front of the house

Dhrucku

Thanks for all the feedback.

So I got a call from one of the sales advisors and she advised that by showing my interest on the phone she has entered me on to the waiting list.

I explained I was looking to "move in" during Q3 next year or so and she said it should work out fine with the waiting list as long as it is etc.

To me it sounds like they will not be taking a deposit for the reservation until a plot is free'd up and we move up the waiting list, which sucks a bit since I'm ready to part my "deposit" cash and get ready to commit to move in next year.

Another question: My girlfriend has her name on another property (having bought it with her dad) and is currently under her name alone as her dad dropped off. Does this mean if I was to go in with her for the joint mortgage we wouldn't benefit from the First time Buyer perks?

Dhrucku

I can't really see an advantage to being a FTB if the property is over £300k, which in my case it will be

Dhrucku

Another quick question:

With my salary of 30.5k I can borrow roughly 120k you'd think (strong credit rating etc). Managed to get an AIP back when I was on 26k for 140k.

My partner (not married) is on around the same so can I expect an AIP of close to 240k because I've tried calculators and they are no where near this figure? Why is this? Is it the extra risk of two people applying meaning the less the banks want to hand out?

Jon_B_2

They can only take a reservation fee to reserve a specific plot. They'd be breaking all kinds of regulations otherwise.