There is no shortage of new housing developments in and around Bradford. These provide opportunities for both first-time buyers and existing homeowners to purchase a brand new home.
Thanks to a number of schemes which are now available, it has become easier to afford to buy a new home. But if you are considering buying a new property in the area, talk to Conveyancing Solicitors in Bradford first. They will be happy to give impartial advice about the various schemes, and what benefits they offer, as well as any potential pitfalls.
Taylor Wimpey currently have no less than three new housing estates under construction in and around Bradford, including
- Crest Park, Thorn Lane, Off Bingley Road, Bradford, West Yorkshire, BD9 6SD.
- Crown Gardens, Off Rooley Lane, Bradford, West Yorkshire, BD5 8LB
- Fairview Green, Midpoint Off Dick Lane, Pudsey, Bradford, Yorkshire, BD3 7AY
Another developer offering new homes in the Bradford area is Keepmoat Homes, who specialise in providing high quality new homes in Yorkshire and the north of England. They say that their new build homes are attractively priced to appeal to a wide audience.
Their current development at Greenfield View, Winslow Road, Bradford, BD10 0JD is located in the Ravenscliffe area of Bradford, close to the Woodhall Hills Golf Club and approximately 3 miles north west of the city centre.
Anyone looking to buy one of these properties is recommended to instruct Conveyancing Solicitors in Bradford who have wide experience of handling new-build purchases, with the complexities which are often involved. This is especially so if you plan to take advantage of one of the following arrangements:
FirstBuy scheme for first-time buyers
For first-time buyer, the government-backed FirstBuy scheme will be a great help, as it will allow you to get on the property ladder with a smaller mortgage deposit. This is an equity loan scheme, and works through a joint loan of 20% from the government and the developer, which means that you only need find a 5% deposit yourself. You can then get a loan for just 75% of the value of the property, but you will own 100% of the home.
To qualify for the scheme you need to be a first time buyer and your household earnings should be less than £60, 000. It is aimed at all first time buyers but will prioritise existing social tenants. Your Conveyancing Solicitors in Bradford can give more information about eligibility.
Shared Equity Purchase
Even if you don't qualify you may still be able to take advantage of the shared-equity schemes now being offered to first-time buyers by many developers, such as Taylor Wimpey's 'Easystart' scheme. This enables you to purchase a property outright, but you only have to pay 85% of the price.
Depending on the plot you buy, you could need as little as 5% deposit with a mortgage to cover the remaining 80% of the purchase price. The balance of 15% takes the form of a loan which is interest-free for the first ten years. Unlike shared ownership schemes, you do not have to pay any rent because you own the whole of the property from the outset.
Part-exchange for existing homeowners
Faced with the difficulties of selling a property, existing owners may be able to take advantage of the part-exchange arrangements offered by many builders. These usually provide that you will sell your home to the builder at their valuation, so enabling you to sign up for a new home without the worry of trying to arrange to sell your present property at the same time.
Some developers also have schemes which provide guaranteed marketing of your present property through agents, with the builders paying the agents' commission. Advice should be obtained from your Conveyancing Solicitors in Bradford about the details of these schemes.
On many new housing estates the builders will provide some social housing. Once completed these properties are normally transferred to a housing association, which will then sell them to qualifying buyers on a shared ownership basis. A share in the property will be purchased, perhaps 30% or 50%, with a mortgage based on the value of that share.
The remaining share is retained by the housing association, and a yearly rent will have to be paid to them. However buyers are entitled to purchase further shares – this process is known as 'staircasing' – so that they can in time acquire the property outright.
Owners who have not staircased can still sell, but may have to give the housing association the right to nominate a buyer before selling on the open market.
Getting independent advice
As with all property purchases, it is important to get proper advice from Conveyancing Solicitors in Bradford. For Cheap Conveyancing on all new homes from the experts on new-build House Conveyancing phone 0330 660 0286 for our best price now, or get an online quote straight away.