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A Guide To Buying A New Build In Manchester

MORTGAGES | 09.11.2021

Had your eye on one of the new build homes in Manchester? We can’t say we blame you. New build houses are usually popular with first-time buyers as they don’t require expensive renovation work. They’re also often provided with a fully-fitted kitchen, including an oven, fridge, and washing machine of your choice. If this sounds like it could be a good option for you, here’s a guide to buying a new build in Manchester.

Had your eye on a new build in Manchester? We can’t say we blame you. New build houses are usually popular with first-time buyers as they don’t require expensive renovation work. They’re also often provided with a fully-fitted kitchen, including an oven, fridge, and washing machine of your choice. If this sounds like it could be a good option for you, here’s a guide to buying a new build in Manchester. 

What is a new build home?

A new build in Manchester is a property that’s never been lived in before. You can even purchase a new-build home before its construction, known as buying off-plan. If you decide to go down this route, you’ll have a say in some of the design choices such as the flooring and kitchen fixtures, helping you tailor the interior to your taste without any expensive renovations. 

How to buy a new build house in Manchester

Here’s how buying a new build in Manchester works: 
  • Research the developer - you should check the developer’s reputation online before you commit to buying. Take a look at any news stories, previous buyers’ experiences, and reviews on social media. 
  • Find out what’s included in the price - when buying off-plan, developers usually attract customers with incentives such as free parking, a choice of fittings and appliances at no extra charge, or stamp duty land tax included in the property price. Make sure you confirm what is and isn’t included in the total cost of the home in advance, as some incentives may influence how much your mortgage provider lends you.
  • Know the developer’s schedule - When opting for off-plan, you should check with the developer to make sure your home will be built on time. These are the two most important dates you need to keep in mind:
  1. Short-stop date - the date by which the developers expect to have finished building your home.
  2. Long-stop date - the date by which the developers must have finished the work. If it goes beyond this date, they’ll need to pay you compensation.          
  • Agree a mortgage in principle - you need to have finance in place before exchanging contracts.
  • Reserve your property - once you’ve found your dream home and have secured a mortgage agreement in principle, you can secure the property by paying the developer a reservation fee. This ranges from £500 to £2000 and will reserve the house for 28 days. The reservation fee is deducted once the purchase is complete.
  • Contact a conveyancing solicitor - this is to make sure you’re protected and the purchase can go ahead without any issues.
  • Secure your mortgage - though you’ve agreed your mortgage in principle, this isn’t a formal offer of finance. Your lender will ensure a surveyor carries out a valuation survey so that you can secure your mortgage.
  • Pay the deposit - if your developer is registered with a warranty provider, your deposit will be protected up to a maximum of 10% of the purchase price.
  • Exchange contracts

Mortgage help with new developments in Manchester

If you’re looking to purchase a new build in Manchester, TaylorMade Finance can help. Our expert mortgage brokers have the experience and knowledge to ensure the buying process goes as smoothly as possible. Get in touch with us here today.
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