It might not be the most exciting thing to think about when looking for a new home but regulations for newly built homes can certainly make a big difference to buyers.
Yet, with so many different regulations, rules and guidelines, it can be difficult to keep up with all the changes. Here is everything you need to know in a nutshell.
Which code does your builder follow?
Most developers are signed up to a code which lays out best practice for the marketing, building, and selling of new builds. Before you buy, you can check which code your builder follows. This will mean you know who is holding them to account if any issues arise.
These codes are subject to change. For example, many developers were signed up to the Consumer Code for Home Builders until 2021, when the New Homes Quality Board (NHQB) was launched by the government.
Right to withdraw and after-sale service
Transparency is at the forefront of both the Consumer Code for Home Builders and the New Homes Quality Code from the NHQB. Under these codes, consumers have the right to withdraw from the purchase if the housebuilder makes any changes to the home.
Transparency also entails the offer of financial incentive to complete on a home if it has not yet met the warranty quality standards.
Other basic standards include the protection of deposits and prohibition on high-pressure sales tactics. The housebuilder must also provide an after-sale service for up to two years after legal completion.
Complaints procedure
Each code has a process and timeframe for the handling of complaints. The New Homes Ombudsman Service is free for anyone whose developer is registered with the NHQB. Issues with housebuilders signed up to the Consumer Code for Home Buyers can be taken to the Independent Dispute Resolution Scheme.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Approver Quilter Wealth Limited, Quilter Financial Limited, Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 16/07/2024
