What does a "New Build" mean? …. and other questions
Simple explanation of the jargon in the new build world
5/26/20233 min read
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Simply put, a new build property is a property that's newly constructed and has never been lived in before.
Some existing properties that have been substantially renovated, so that very little of the original house remains, are also often described as new builds.
If you are buying a property where work hasn't started on the land, or the property is in the process of being built, it's known as "off-plan".
Advantages of buying a new build:
* low maintenance
* modern appliances
* developer incentives
* energy efficiency
* new build warranties
What does NHBC mean?
The three most well-known providers of new home warranties are the National House-Building Council (NHBC), Local Authority Building Control Warranty (LABC) and Premier Guarantee. The NHBC warranty is by far the most common, covering 70-80% of the new build market.
NHBC provides a ten-year warranty and insurance cover for new-build homes. The cover is split into different sections providing protection for your deposit after exchange of contracts, a builder warranty for two years after legal completion and then insurance against certain defects after the warranty period until the end of the policy.
What if new build is not covered by NHBC?
For a new build property, if the developer is not NHBC registered, then ordinarily they should supply either an equivalent 10-year Zurich Insurance for the construction, or an Architect Certificate, signed off by the Architect to confirm that the building construction has been supervised.
More information on https://www.nhbc.co.uk/
What does "NHQB" mean?
The New Homes Quality Board (NHQB) is an independent not-for-profit body that oversees the build quality of new homes, and the customer service provided by housing developers.
A new code of practice, to be known as the New Homes Quality Code (NHQC), was published in December 2021. This aims to protect all private purchasers buying a new build home anywhere in the UK.
NHQC and access to the New Homes Ombudsman are completely free to customers.
More information on https://www.NHQB.org.uk
What is the exchange of contracts?
Exchange of contracts is when both parties swap and sign the contracts.
Once contracts have been exchanged you are legally bound to buy the property.
The exchange of contracts is the point where you as a buyer will be asked to put down your deposit.
Around the time of exchanging the contracts, is the best time to get a snagging survey. This is because it will give the developer time to repair the snags before you move in.
SNAGGING
A snag is a small (or not!) defect/problem that remains in your property after the building work has been completed. This could be anything from a scratch on a door to a incorrectly installed boiler.
You have 2 years from the date of moving in your new build home to identify defects for your developer to fix under legal obligation.
And your trusted local snagging surveyor is here to help you!
After the snagging survey you will receive a snagging list which will identify defects in your home for your house builder to fix.
A professional snagging service is an essential tool for anyone who is looking to purchase a new property.
This service involves a thorough inspection of the property to identify any defects or issues that may need attention.
A trained surveyor will check the building from top to bottom, looking for problems such as cracks, leaks, or faulty fittings. Once these issues are identified, the inspector will create a detailed report outlining the problems and suggesting solutions. This report can then be presented to the developer or builder, who can use it to rectify any issues before you move in.
A professional snagging service can give you peace of mind that your new home is safe and secure, and that any issues are dealt with before they become major problems.