The economic upturn is resulting in an increase in house building which is undoubtedly good news for the economy and those wishing to get on the housing ladder. Many buyers will think that the purchase of a new property will not present them with any problems in terms of maintenance or eventual re-sale.
However what all buyers need to establish as early as possible in the process is what new home warranty is being offered by the developer and whether this is acceptable to the buyer's lender. Buyers can find that they are some way in to the house buying process and have spent a lot of money before they realise that the warranty or certificate which is on offer is not acceptable. This has led to mortgage offers being withdrawn which can cause a lot of stress and expense.
It is important for a buyer to obtain proper legal advice as early in the house buying process as possible. For advice on all conveyancing aspects contact us.
Link to house building statistics: Statistics