Crosswords0 min ago
surveys on properties - deposit on property
Do I have to have a Survey on a New Build property, which will have a 10 year NHBC Guarantee, if so what type of Survey would be the most suitable. Also do I HAVE to pay a deposit for the property which I will be buying 'cash' 'outright' from proceeds of sale of present property. My Solicitor has sent me a form saying I have to pay 10% - is this a 'legal' requirement? Thanks all!
Answers
Best Answer
No best answer has yet been selected by scraggy55. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The deposit is mainly for the benefit of the seller; in case you default halfway through and he's run up costs. He would keep the deposit. It's not uncommon to "exchange contracts", and "complete" simultaneously. No deposit is needed as the whole price is paid in one go. Lawyers don't usually like doing it this way though.
10% is a convention. It's always negotiable. Occasionally, a reduced deposit is agreed where buyers may be struggling to find 10%.
Although claiming via NHBC is often a huge hassle, it's still an insurance policy against defects. The only survey you might need is a simple valuation; to make sure you're not paying too much.
10% is a convention. It's always negotiable. Occasionally, a reduced deposit is agreed where buyers may be struggling to find 10%.
Although claiming via NHBC is often a huge hassle, it's still an insurance policy against defects. The only survey you might need is a simple valuation; to make sure you're not paying too much.
To clarify the 'NHBC guarantee' you refer to is actually a 10 year warranty against major structural defects (like the foundations shifting a bit), the rest of warranty for mechanical / electrical items is just 2 years and you should expect snagging items (minor faults with finishes) to be sorted out by the building contractor within 3 months.
I wouldn't (and have never) had a survey done on a new build property that I have bought.
I wouldn't (and have never) had a survey done on a new build property that I have bought.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.