According to new research carried out by Norwich and Peterborough Building Society (6 Castle Mall, Norwich, Norfolk, NR1 3DD), one in three home owners would consider building their own home in the next five years. What effect will this have on Conveyancing in Norwich and throughout the country?
Building your own home is an indeed an ambitious feat and can provide many benefits, such as being able to customise your dwelling to suit your needs and preferences and being able to use luxury materials that would normally incur high premiums if purchased from a builder.
Planning permissions and the environmental health of a plot of land would have to be thoroughly examined by a qualified surveyor and Conveyancing Solicitor prior to development works commencing; issues can also arise if you are developing on the land of an existing dwelling
Will mortgage brokers lend to self-builders?
Grant Shapps, UK housing minister, is urging mortgage providers to lend more money to people who want to construct their own home. Shapps wants to create a ‘revolution’ in the country and dismiss the idea that self-built homes as something that only the rich are privy to.
Planning and regulatory restrictions will have to become much more relaxed than they are now and lenders will have to adjust their requirements due to the increased risk of the full construction of a home meeting completion or the entire project falling apart.
This will definitely require more caution and attention to be paid by Solicitors Conveyancing in Norwich, and home owners are urged to seek such legal advice.
For more information about Conveyancing in Norwich, contact Fridaysmove on 0330 660 0286.