Buying a new home is an exciting time, but there’s a lot to keep in mind and consider. We’ve compiled our step-by-step guide to show you the process and tell you what you need to do, and when.
1. Are your finances in order?
Our recommended Financial Advisors will assist you in sourcing mortgage funding for your new home if required, including information and advice on the Scottish Government funded Help to Buy (Scotland) Affordable New Build Scheme. Don’t forget, you will have additional costs to take into account when working out your budget – these costs include legal fees, Land and Buildings Transaction Tax (LBTT) (where applicable), council tax, utility bills etc.
2. Find your dream home
Once you know how much you can afford, you can start the search for your new home. You’ll have a budget in mind, and we can help you find new homes in a range of locations across Scotland.
Your appointed solicitor should specialise in conveyancing to take care of all the legal aspects of purchasing a new home.
4. Make a reservation
Once you have found your ideal property with Muir Homes, you can reserve the plot for purchase at a later date. This is similar to the ‘make an offer’ stage in the traditional home buying process, but the reservation means no one else can purchase your new home while it is being built.
5. Arrange your mortgage
At this point, you may already have a mortgage agreed in principle, but it’s a good time to confirm all the details and make sure your borrowing is in the right place.
6. Organise a valuation and survey
Although you are buying a new house from Muir Homes, your mortgage lender will still need to confirm its value. Your lender will arrange for a specialist to visit the property to carry out the survey and valuation on your behalf.
7. Legal considerations
Your solicitor will carry out a range of searches to ensure there are no obstacles to your move.
8. Think about insurance
Buying a home is probably the single biggest financial investment you will ever make, so it’s vital you have life assurance and the relevant buildings and contents insurance in place.
9. Exchanging contracts
As soon as the legalities have taken place, your solicitor will exchange contracts with us at Muir Homes and you pay your deposit. At this point, you will be given a completion date, which is when you become the legal owner and can start planning your move.
10. It’s all yours!
Congratulations, once you reach the completion date your new home belongs to you. A representative from Muir Homes will show you round the property and demonstrate how everything works before you move in.
We have recommended Financial Advisors who can help you understand the new build mortgage products.
They look at each applicant on an individual basis to ensure you get the right product for your needs. If you require Help to Buy they will even fill in the application form on your behalf. For further information on how to get your no obligation free mortgage consultation please contact us.