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Jargon Buster: buying a new-build

We understand that many of the words and phrases we use every day might be unfamiliar to those who don’t work in the property industry. That’s why we think it’s important to explain the jargon you might come across if you’re buying a brand-new home.

C

Chain

Several buyers and sellers are dependent on each other for the sale to be completed. You could find yourself in a chain if you have a property to sell before you can move into your new home.

Completion

The date the ownership of a property officially transfers to the buyer – there’s no going back! Generally, on the completion date, you get the keys to your new home.

Conveyancing

The legal process of transferring ownership of a property. Buyers must appoint a solicitor to do their conveyancing.

 

D

Deeds

The legal documents which prove who owns a property. They will ‘transfer’ into your name when you buy a new property. Keep them safe!

Disbursements

The fees and taxes a solicitor will have to pay out to other organisations, such as water companies or the Land Registry, as part of the house-buying process. Buyers will be charged disbursement fees on top of the conveyancing fee.

 

E

EPC (Energy Performance Certificate)

A certificate which measures how energy efficient a property is on a scale of A (very efficient) to G (very inefficient). Most new builds are rated A or B, compared to an average of D for older properties.

 

F

Freehold

The land the property is built on is owned by the occupier and guaranteed forever, meaning there is no ground rent to pay. Since 2019, all new builds have to be freehold by law.

 

R

Reservation Fee

A part or non-refundable deposit that will reserve a new home for a pre-agreed length of time, allowing the buyer to exchange contracts.

 

S

Service charge

A sum each household on a development, or within an apartment in a block, must pay each year for the upkeep of an area or a service that they have communal use of—for example, cleaning and lighting communal hallways or maintenance of shared gardens.

Snagging

When you buy a newbuild property, you should inspect it and report any small problems, or ‘snags’, to the developer ideally before you move in.

Stamp Duty Land Tax

A percentage of the total cost of a property which must be paid as tax to the Government. Currently, any property which is valued under £500,000 is exempt, as are first time buyers. For high-value properties, the rate is between 3% and 12%.

 

V

Valuation

A basic survey of a property to estimate its value. Mortgage providers will insist on this before agreeing to lend.

 

W

Warranty

An insurance policy which protects buyers of new homes from structural defects, usually for the first ten years.

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Our area guide

As the country makes its way out of lockdown and we create our ‘new normal’, many of us have been looking forward to visiting the places we love, whether this is your favourite bar, restaurant or shops.

Our Woodall Homes developments are based in and around Chesterfield, and we think our local area is worth shouting about. Whether you prefer to immerse yourself in the countryside, or dine in the finest restaurants, there will be something available to suit you.

Things to do

Here in Chesterfield we are so lucky to have the picturesque Peak District on our doorstep. The outdoor escape offers a variety of activities to suit all ages; walking the dog, cycling, running or joining a local walking club. You could even venture to one of the visitor centres in Bakewell or Castleton, to sample some local products. Top tip – before piling into the car and making the journey across to the Peaks, be sure to check the car park availability here.

Set in the heart of the Peak District and only a 20-minute journey from Chesterfield lies Chatsworth House. Explore the 105 acres of beautiful gardens, or wander around the home of the Duke & Duchess of Devonshire, either way you are sure to be captivated by the stunning surroundings.

Treat the kids to a day out over the summer holidays to Matlock Farm Park. Open daily from 10am-5pm, enjoy seeing a range of animals whilst out in the fresh air and take part in activities such as horse riding or go karting.

 

Places to eat

Since the Government announced the Eat Out to Help Out scheme, many Chesterfield businesses have signed up and agreed to participate – which is great news. This allows customers to receive 50% off their food and drinks bill, up to the value of £10 per head. One of the local restaurants involved is the Bottle and Thyme, a family-run favourite on the Chesterfield dining scene. Grab one of their famous Full English breakfasts for your Sunday brunch, or head down for drinks after work.

If you prefer a cosy pub, Barley Mow in Wingerworth will be right up your street. Serving food Wednesday to Saturday, pop in for British pub classics like fish and chips, steak and ale pie or push the boat out and opt for a steak.

See the full list of Chesterfield bars, restaurants and cafes participating in the scheme this August here.