Frequently Asked Questions

What is a mortgage?

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.

How much can I afford to borrow?

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.

What is stamp duty?

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.

What is a reservation?

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.

What is a Specialist Mortgage Adviser (SMA)?

They are professionals who can give you the specialist advice you need to be able to choose the right mortgage product for you.

What is conveyancing?

Conveyancing is the legal process of buying and selling a home.

What are disbursements?

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.

What are searches?

Searches are enquiries made of the district or borough council to identify any local issues that may affect your property.

What happens at exchange of contracts?

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.

What is a legal completion?

This is where ownership of the home passes to the new owner. It is sometimes referred to as 'handover'.

Is there a warranty on my new home?

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.

What is a transfer?

The formal document that actually transfers legal title in your new home to you.

When will my new home be ready?

  • This will depend on the build stage when you reserve but our Sales Team will keep you informed of progress. Building a new home takes time and is often carried out at the mercy of the British weather. That is why it is difficult to confirm the exact moving in date until the home is nearly complete. However, the following schedule will give you an idea of what to expect at each stage:

Stage 1 - Structural work

  • Foundations and floor slab
  • Brickwork up to first floor
  • Floors in
  • Complete brickwork, roof and make watertight

Stage 2 - First fix

  • Initial plumbing
  • Main plumbing
  • Main electrical work
  • Main carpentry, staircases
  • Internal ceilings, formation of rooms
  • Drylining (plasterboard lining)

Stage 3 - Second fix

  • Taps, sanitaryware
  • Sockets and switches
  • Architraves, skirting and doors
  • Wall tiles, if applicable
  • Decoration

Stage 4 - External works

  • External works
  • Rendering finishes
  • Garden, patio, fencing

Stage 5 - Finals

  • Kitchen fitted
  • Floor tiles, if applicable
  • Final plumbing, electrical work and carpentry
  • Final decoration
  • Final site manager's inspection
  • Final customer care inspection and cleaning prior to occupation

What happens if things go wrong?

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.