A mortgage is a loan secured on your home. The money received from your lender (less any tax or other costs) is known as the mortgage advance and the mortgage deed refers to the formal document that confirms the mortgage provider's (lender's) interest in your new home. The mortgage offer is the formal written offer of a mortgage made to you by your mortgage provider.
This will be dependent on a number of factors and you should seek advice from a Specialist Mortgage Adviser (SMA).
You can use our handy mortgage calculator to get an estimate of monthly payments and the Mortgage Advice Bureau is a useful resource for more information.
This is a tax on the transfer of ownership of an asset, in this case a property. The amount payable varies according to the purchase price of the property.
This is where you indicate you are interested in purchasing a property and confirm your intent with the payment of a reservation fee, typically somewhere between £500 and £2,000. This forms part of the purchase price as long as the sale proceeds.
They are professionals who can give you the specialist advice you need to be able to choose the right mortgage product for you.
Conveyancing is the legal process of buying and selling a home.
Disbursements are expenses incurred by your solicitor in respect of searches, stamp duty, land registry fees etc. Some elements such as searches are payable up front, with others such as stamp duty payable on completion.
Searches are enquiries made of the district or borough council to identify any local issues that may affect your property.
At this point, the sale of your new home becomes legally binding to both parties. A deposit is payable, typically 10% of the purchase price.
This is where ownership of the home passes to the new owner. It is sometimes referred to as 'handover'.
Every NU living home comes with a 10 year warranty provided by the Local Authority Building Control (LABC) which protects buyers of new homes from structural defects to the property, or in its construction. We also include our own two year warranty on the property, with a supporting customer care service should any issues arise in the first two years - giving further peace of mind.
The formal document that actually transfers legal title in your new home to you.
Stage 1 - Structural work
Stage 2 - First fix
Stage 3 - Second fix
Stage 4 - External works
Stage 5 - Finals
Our Customer Service team is on hand to help resolve any problems that may occur, but rest assured checks are made at every stage of the build process and your Sales Negotiator will keep you informed of the status of your sale. We also adhere to the Consumer Code of Conductwhich provides support, reassurance and peace of mind for buyers of all new build homes.