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Beginners guide to: new build homes

By George Martin Limited,

Beginners guide to: New Build Homes

Embarking on the journey to buy a new build home can be both thrilling and daunting, especially for first-time buyers. With the rise of construction projects across the country, more people are leaning towards purchasing new build properties due to their modern amenities, energy efficiency, and the chance to personalize their space from the ground up.

This guide provides essential information and advice on finding the right new build home, booking viewings, and key considerations before making an offer.

Finding a New Build Home

The first step in buying a new build home is knowing where to look. Whether you’re searching for a local unit or exploring options through online shops, there are several ways to find a brand new home that suits your needs:

  • Explore Home Developers: Start by visiting the websites of reputable home developers in your area. They often list new build properties, upcoming construction sites, and planned move-in dates. This can give you an early insight into available options.
  • Local Citizens Advice: For tailored advice, visit your local Citizens Advice Bureau. They can provide guidance on local housing developments and any government buying schemes available, such as Help to Buy or Shared Ownership, that might suit your budget.
  • Use Property Portals: Websites like Rightmove, Zoopla, and local estate agents’ websites can be invaluable resources. Filter your search for ‘new builds’ or ‘new construction’ to find the latest listings.

How to Book Viewings

Before diving into the search for the best mortgage rates, it’s essential to familiarize yourself with the types of mortgages available. For new-build homes, some popular options include:

  • Fixed-Rate Mortgages: These mortgages have an interest rate that remains constant throughout the term, providing stability and predictability in your monthly payments. This can be an attractive option if you prefer to budget without surprises.
  • Tracker Mortgages: Tracker mortgages follow the Bank of England’s base rate plus a set percentage. While they can offer lower rates initially, they fluctuate with the market, which means your payments could increase if interest rates rise.
  • Help to Buy Schemes: For new-build properties, schemes like Help to Buy can offer equity loans to help with the purchase, reducing the amount you need to borrow from a mortgage lender. Be sure to check the eligibility criteria and terms before applying.

Knowing which mortgage type suits your financial situation and preferences can help you narrow down your options and focus your search for the best rates.

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What to Look Out For

  • Quality of Construction: Inspect the quality of the construction and finishes. Look out for any signs of rushed work or substandard materials, as this can impact the long-term durability of your new home.
  • Energy Efficiency: New build homes are typically more energy-efficient than older homes, which can lead to lower energy bills. Check for features like double glazing, efficient heating systems, and insulation quality.
  • Warranty and Guarantees: Most new builds come with warranties, such as the NHBC 10-year guarantee. Ensure you understand what is covered and for how long, as this can save you from unexpected costs down the line.
  • Mortgage in Principle: Before making an offer, it’s advisable to secure a mortgage in principle. This shows developers that you are serious and financially prepared to proceed with the purchase. Consulting with a mortgage lender early in the process can streamline your buying journey.
  • Consider the Location and Community: Assess the location of the new build within the development. Proximity to amenities, green spaces, and transportation links can significantly impact your daily life and property value.
  • Costs Beyond the Purchase Price: Be aware of additional costs such as service charges, ground rent, or contributions to communal areas. These can add up and need to be factored into your budget.

Understanding the Buying Process

  • Set Your Move-In Date: Once your offer is accepted and contracts are exchanged, you’ll receive a more concrete move-in date. Be prepared for possible delays in construction, but keep in close communication with your developer.
  • Reserve Your Home: Once you find the right property, you’ll typically need to pay a reservation fee to secure it. This fee is usually deducted from the total price upon completion.
  • Solicitor and Legal Checks: Hire a solicitor who is experienced in new build transactions to handle the legal aspects, such as reviewing contracts, checking planning permissions, and ensuring all necessary searches are completed.
CategoriesResidential

How to get a good mortage rate

By George Martin Limited,

How to get a good mortage rate

Navigating the world of mortgages can be a daunting task, especially when you’re looking to purchase a new-build home. With so many options available, it’s easy to feel overwhelmed by the jargon and endless choices. But don’t worry—finding a good mortgage rate doesn’t have to be a complicated process. 

In this guide, we’ll explore some key considerations to keep in mind while you hunt for the best mortgage rates, specifically tailored to new-build homes.

Understand the Different Types of Mortgages Available

Before diving into the search for the best mortgage rates, it’s essential to familiarize yourself with the types of mortgages available. For new-build homes, some popular options include:

  • Fixed-Rate Mortgages: These mortgages have an interest rate that remains constant throughout the term, providing stability and predictability in your monthly payments. This can be an attractive option if you prefer to budget without surprises.
  • Tracker Mortgages: Tracker mortgages follow the Bank of England’s base rate plus a set percentage. While they can offer lower rates initially, they fluctuate with the market, which means your payments could increase if interest rates rise.
  • Help to Buy Schemes: For new-build properties, schemes like Help to Buy can offer equity loans to help with the purchase, reducing the amount you need to borrow from a mortgage lender. Be sure to check the eligibility criteria and terms before applying.

Knowing which mortgage type suits your financial situation and preferences can help you narrow down your options and focus your search for the best rates.

Consider the Advantages of New-Build Homes

New-build homes come with their own set of advantages that can play a role in your mortgage decisions. For instance, many new-builds are more energy-efficient than older properties, which could result in lower utility bills. Additionally, new-build homes often come with warranties and are built to modern standards, reducing the need for costly repairs and maintenance.

These factors can make new-builds an appealing option, potentially influencing your choice of mortgage. Some lenders even offer special rates or incentives for buyers of new-build properties, so it’s worth exploring these options.

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Shop Around for Mortgage Deals

Remember, rates aren’t the only factor to consider. Look at the whole package, including arrangement fees, early repayment charges, and the overall mortgage term. Sometimes a lower interest rate might come with higher fees, so weigh the total costs to ensure you’re getting the best deal.

One of the best ways to find a good mortgage rate is to shop around. Don’t just settle for the first offer you receive—different lenders offer different rates and terms, so it’s important to compare. Use mortgage comparison websites, consult with mortgage brokers, and visit your local banks to get a comprehensive view of what’s available.

Improve Your Credit Score

Your credit score plays a significant role in the mortgage rates you’re offered. Lenders use your credit score to assess the risk of lending to you—generally, the higher your score, the better the rates you’ll be eligible for.

To improve your credit score, make sure you’re paying bills on time, keeping credit card balances low, and avoiding too many applications for credit in a short period. Check your credit report for any errors and get them corrected if needed. Even a slight improvement in your credit score could open the door to better mortgage deals. 

Get Pre-Approved

Obtaining pre-approval for a mortgage can be a game-changer in your home-buying journey. Pre-approval not only gives you a clear idea of how much you can afford, but it also shows sellers and builders that you’re a serious buyer. 

While pre-approval isn’t a guarantee of the final mortgage offer, it can provide a useful benchmark as you continue to shop for the best rates..

CategoriesCommercial

Our journey with Toomey Motor Group

By George Martin Limited,

Building with Toomey Motor Group

At George Martin Ltd, our mission is twofold: creating exceptional commercial and residential properties and fostering strong, lasting relationships throughout every project. We are known in Essex for our quality, integrity, local focus, and good reputation, making us a trusted name.

We have been able to work on many important projects. Each project has helped us grow and strengthen our values as commercial developers.

This approach has ensured not just customer satisfaction but also sustainable growth for our clients.

We have worked with Toomey Motor Group since 1962. They are a respected car dealership. They offer 11 reliable car brands. Toomey Motor Group’s presence in Essex is impressive, with sites strategically located in Basildon, Brentwood, and Rochford.

We have worked closely with them for years to improve their presence in these areas by building custom units that meet their specific needs. Our purpose-built structures have become integral to their operations, supporting their long-term success strategy.

The Partnership

We started working with Toomey Motor Group in 1962. Our partnership is based on similar values and both of us succeeding together. One of our first important projects was the Basildon Automotive Retail Park. This project laid the groundwork for our ongoing partnership.

This project aimed to build the headquarters for MJT Securities. It will also include offices for Toomey Motor Group, Unit Export Limited, and Toomey Leasing Group. Our company will have offices there as well.

The development started in 1986 with building Service House and the Toomey Motor Group petrol station. Service House offers 60,000 square feet of space, built for the future to support the Basildon Vauxhall dealerships.

This facility is big and has modern showrooms, workshops, parts storage, staff areas, and offices. These areas are designed to enhance the experience for both employees and customers.

The showrooms and workshops are modern with he parts storage and staff areas alike. The offices are designed to improve the experience for employees and customers. The result has been a high level of customer loyalty and long-term customer relationships that have significantly boosted the sales teams’ performance.

The Following Projects

As Toomey Motor Group continued to grow, so too did our partnership. In response to their expanding needs, we developed a 12-acre site that would become a cornerstone of their business.

In 1995, a major part of the expansion was the construction of the Nissan dealership. This included new showrooms, workshops, and other related spaces. In 1997, Toomey Renault dealership was developed, strengthening our partnership and role in their growth.

Our collaboration didn’t stop there. In 2002, we demolished part of the Vauxhall workshop to build a new Peugeot dealership. This project exemplified the trust and professionalism that have become hallmarks of our relationship with Toomey Motor Group.

We always deliver high-quality work. This has helped us build and keep strong relationships and as a result, our customers have been successful and satisfied over the years.

In 2013, we worked together again to develop the Citroen dealership at their Basildon site. We have made progress in adapting to our clients’ needs. This ensures that every project meets and exceeds their expectations. We use data to make decisions and create spaces that make customers happy and help sales teams succeed.

Developing Relationships

In recent years we have aided Toomey Motor Group in adding more parking, improving landscaping, and introducing Smart Tech in their showrooms.

In 2007-2017 we also took on their Rochford site development. Just a stones throw from the busy town centre the Rochford site houses similar dealerships with the new ode to Hyundai. The 17 acres of land is home to 25,000 square footage of car dealerships, office spaces, petrol stations and KFC.

We continue to form relationships inside the group for our longstanding partnership. Our ongoing development of the Basildon, Rochford and Brentwood site.

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CategoriesResidential

Freehold VS Leasehold

By George Martin Limited,

Freehold VS Leasehold

When looking for a new home it’s important to understand what everything means. So, what’s the difference between freehold and leasehold properties?

Freehold

A freehold property is where the owner of the home also has indefinite ownership of the land. The land refers to the place where the structure such as the house is built on.

The benefits of a freehold property is versatile including having full control over the property. When purchasing this type of property you will also be completely rent free. Your ownership of the land also doesn’t expire. This will be whether you home is a new build or apartment.

Your home and the land it sits on may also be easier to sell in the future. Although freehold properties have their benefits they can also be initially more expensive. These properties have a higher purchase price making them less affordable for the likes of for first-time buyers.

Another downside to freehold properties is the maintenance work and time you’ll need to dedicate tot he land. This includes repairs and other significant costs.

The freeholder will always be responsible for maintaining their land and property. In urban areas such as large towns and cities it may be hard to find these types of properties. This is as a result of land availability.

Older homes, such as those you can purchase resell, will often come with a freehold.

Leasehold

A leasehold property is a where the homeowner has the right to use the land but on a time limit. The specified time is outlines on a lease agreement when the home or building is purchased. The agreement will also state the amount of ground rent the homeowner is meant to pay. A leasehold property often also comes with service charge. 

Although this type of property has it’s monthly costs it can be initially cheaper. The value of a leasehold home is often reduced. This is as you will need to pay either a monthly or annual ground rent.

Leaseholders will often need permission from the freeholder to make any modifications or renovations to the land/property. This can become an issue or often be restricting to your home.

During the purchase of a leasehold property there may also be solicitors concerns depending on the time remaining on the lease contract. If there is a short time (often under 50 years) the solicitor may raise concerns. This is to protect the buyer from any disputes. If the lease has a short amount of time remaining it can often be expensive to gain a lease extension.

As the term of the lease decreases so can the property value. Often leaseholders can gain the opportunity to buy their freehold. This can boost the property value immensely.

How to choose

If you’re on a low budget when purchasing your new home a leasehold property might be right for you. However if you’ve got more finance room and are looking for flexibility and full ownership a freehold property will fit you better.

CategoriesResidential

5 things to know when buying a new build

By George Martin Limited,

5 things to know when buying a new build

New build properties are a large investment and as more developments are arising in both rural and city area’s we’ve got the guide to see you through! Here are our top 10 things to know when buying a new build home.

1 - New build homes can be bought "off plot"

To get a level of security when get in the door with any first buyer offers you can buy an “off plot” when purchasing your new build. Developers offer these plots to those who would like input into the fixtures and fittings of a home. Depending on the development size you can often buy off plot homes around 1-2 years before the completion of the development.

2 - All about warranty

Some newly built homes come with a warranty that can cover things like structural changes, appliances and even windows! Always research your development and what warranty is on offer.

3 - Inspection is key

Inspection is the key to success when purchasing your new build. If you’d like absolute certainty during your home-buying experience hire an independent inspector. These inspectors will look at both structural, interior and exterior details of the home to ensure they’re all up to standard.

4 - Location

Your new home is where you going to live and whether that is for a while or you plan to relocate it’s important to research further into the location of the development. Ensure you look at local amenities, schools and even commuting routes (planes, trains and cars.)

What makes a good location?

5 - Completion

The completion of a newly built home has a similar process to purchasing a resold home. Always be clear to your developer or estate agent of your wanted completion date. Outline an action plan to all parties if there are any delays and ensure any promises to a timelines are in writing. 

Reducing stress with your home purchase
CategoriesResidential

Are lifetime ISAs useful for new home savings?

By George Martin Limited,

Definition
ISA – Individual savings account

Are lifetime ISAs helpful in buying a home?

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Lifetime ISA accounts are predominantly used for buying your first home or saving for later life. To open a lifetime ISA you must be over 18 but under 40. The financial limit on these accounts is £4,000 each year until you reach 50. You MUST make the initial payment into your ISA before the age of 40.

To benefit from a lifetime ISA the government will add a 25% bonus to your savings. This is capped at £1,000 per year.

You can hold stocks and shares or cash in this ISA and even have a combination of both.

Why is it useful for first-time buyers?

Sometimes it can feel like saving for a house will take years. With a lifetime ISA saving for a home can be sped up. Let’s look at the finances:

Maximum £4000 a year [Divided by monthly payments] = £333 per month

+ 25% additional government funding per year = £1000

Total savings a year – £5000

Average deposit needed on a £250,000 first home – £25,000

The average time to save for a deposit is 5 years with a lifetime ISA. Using an ISA boosts your deposit by £5000 over 5 years + any additional interest earned by ordinary interest set by your bank.

To learn more details about a lifetime ISA visit the government website.

CategoriesCommercial Residential

What is commercial and residential property?

By George Martin Limited,

Residential and commercial properties have their differences, and it’s safe to say that they serve completely different audiences.

What makes a property residential?

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A residential property is a building that is lived in and is a suitable space for dwelling purposes. They are specific buildings that are built and made to live in. Residential homes can be either for an individual dweller or a household; you have the choice to buy or rent a residential property.

When you purchase a residential property, you must pay stamp duty, which is a land tax on properties in the UK. There are certain homes which are exempt from stamp duty, including homes under £250,000, which includes our Dunton Court apartments. Properties above £250,000 fall within a tax bracket depending on the value of the property at the time of purchase.

What makes a property non-residential?

A non-residential property is essentially a building that is not suitable for everyday living. There are certain factors that determine whether a property is not suitable for human habitation.

In the UK, many people decide to purchase non-residential property as stamp duty rates differ and are often lower. However, these properties can only be used for non-residential activities such as running a business. You can change the purpose of a building from non-residential to residential, depending on the criteria.

Key Differences Between Residential and Commercial Properties

Purpose and Use:

Residential: Designed for living purposes, suitable for individuals or families.

Commercial: Intended for business activities such as offices, retail spaces, and industrial use. 

Ownership and Tenancy:

Residential: Often owned by individuals or families; can be rented out as single units.

Commercial: Typically owned by companies or investors; leased to businesses.

Financing and Investment:

Residential: Easier to finance through traditional mortgages; considered a lower-risk investment.

Commercial: May require more complex financing; potentially higher returns but with increased risk.

Regulations and Maintenance: 

Residential: Subject to different building codes and regulations focused on safety and habitability.

Commercial: Must adhere to regulations pertaining to business operations, health and safety, and accessibility.

Market Dynamics:

Residential: Influenced by factors like local housing demand, employment rates, and interest rates.

Commercial: Driven by economic conditions, business growth, and location desirability.

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01268 919940

Email

admin@georgemartinltd.co.uk

Location

Basildon

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George Martin Limited 
West Mayne
Basildon
SS15 6RW

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Registered office: Service House, West Mayne, Basildon, Essex SS15 6RW. A member of MJT Securities Ltd.
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