The Business Exchange Swindon & Wiltshire Edition 39: Oct/Nov 2018 | Page 12

LEGAL
10 Minutes with Bower & Bailey’s New-
Build Property Expert Natasha Brooks
01793 610 466
Natasha is an
experienced property
legal executive
working in the vibrant
property team at
Swindon’s Bower
& Bailey Solicitors.
She has in-depth
knowledge of the
new build properties
purchase process
and the government’s
Help to Buy Scheme.
We met with Natasha
to gain more of an
insight into the new
build market.
The new-build-property
market in Swindon is large and
expanding at the moment. There
is a great choice of new build
housing available in Swindon
from excellent developers.
Obviously, there is older housing
stock available in Swindon; so
sometimes it may appear that
new property is more expensive
or that new-build properties
seem to be marketed at a
premium to second-hand homes.
However, one needs to bear in
mind the renovation costs that
are associated with an older
property. With a new-build no
alterations are required. Also,
often different developers offer
deals on interior decorations and
fixtures and fittings, so a new
home can be bespoke to your
individual needs.
What would be your top
tips for buying a new-
build?
Communication is key. As a
purchaser, one just needs to
remember that you need to be
able to supply documentation and
be able to sign paperwork and
return it in a timely fashion. So I
advise my clients to let me know
if they have holiday booked, so we
can work around that and ensure
that we don’t delay the purchase
process at our end. Obviously,
subject to us getting replies to
any outstanding enquiries.
Timeframes on the purchase
can alter so you need to be
flexible. A completion date may
alter due to circumstances
beyond the developer’s control
e.g. a shortage of building
materials or due to inclement
weather as happened last March.
Some developments are done
in phases. Whilst your home
might be in a development phase
that has completed, there could
be ongoing development and
construction.
Be aware that all of the
amenities in the area may not be
established or developed yet.
On average, how long
is it taking for sales to
complete in Swindon at
the moment?
This depends on individual
developers and also whether our
clients have a related sale and
whether there is a chain involved.
A good rule of thumb for
second-hand properties is 8 to 12
weeks from offer to completion
but there are a lot of external
factors which may vary this
timescale.
With new-builds, most
developers will expect exchange
of contracts within 28 days of
reserving the plot. Completion
can vary vastly depending on the
stage of construction of the plot
at the point of reservation. It
is possible where a new-build
property is structurally complete
and signed off by the warranty
provider (NHBC/LABC/Zurich) for
a cash buyer to complete within
two weeks!
What months of 2018 have
been the busiest for you?
Most months this year have
been busy but I peak in June and
December as it is year-end and
half-year-end for developers.
March and September are also
traditionally busy as they’re
quarter-ends.
Are you seeing an
increase in Help to Buy
transactions?
Help to Buy is very popular
amongst both First Time Buyers
and people wishing to move up
the property ladder.
A large proportion of the new
instructions I take on are using
the Help to Buy scheme.
Can you rent out a Help to
Buy property?
The nature of
the Help to Buy
scheme is such
that it is to assist
people getting
onto the property
ladder or moving
up the property
ladder.
No. The nature of the Help to Buy
scheme is such that it is to assist
people getting onto the property
ladder or moving up the property
ladder.
If your circumstances change
and you wish to rent out your
property which has a Help to Buy
Equity Loan on, first you would
need to redeem the Help to Buy
Equity Loan.
There are some exceptional
circumstances (i.e. armed forces
personnel) where the Help to
Buy team may agree to allow
a property to be rented out
without repaying the Equity Loan;
however applications need to be
made direct to the Help to Buy
team.
What do you enjoy most
about your job?
I enjoy the challenge of the variety
in my role. No two days are the
same. It always makes me happy
helping a first time buyer buy
their own home and guiding them
through the whole process.
Is it a myth or do you pay
more for a new-build-
property?
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06/11/2015 08:23