Finding a perfect new build in London
We have broken down the home-buying process in London into five clear, sequential steps. Following this path helps you secure your finances, select the ideal property, and complete your purchase safely.
Once you feel you have found the perfect home, do not hesitate to contact a sales team or request a WhatsApp chat. It is always good to get the latest info about the desired home from the first source.
Contacting Developers and Reserving Your Unit
When you find a new development you are interested in, you can check available homes directly by contacting the sales team. 1newhomes offers efficient ways to do that by requesting a call or a WhatsApp chat.
When you decide to proceed, you will need to pay a reservation fee, which typically ranges from £500 to £2,000. This payment reserves your chosen home and takes it off the market for a set period, during which the developer cannot sell it to anyone else or increase the price.
Navigating Contract Exchange and Snagging Inspections
Once your reservation is confirmed, the legal process begins. You will need to instruct a solicitor to review the contracts. The developer will expect you to exchange contracts within 21 to 28 days. At the point of exchange, you must pay your formal exchange deposit, which is usually 10.0% of the total purchase price.
Before you receive your keys and complete the purchase, it is highly recommended to schedule a professional snagging inspection. An independent surveyor will walk through the property to identify any cosmetic or functional defects left by property developers. The developer is then legally required to resolve these issues before you move into your new London new builds.
Monitoring the Market
Even if you do not find the right home immediately, keep monitoring the market and stay up to date with the latest developments. Make sure to utilise our virtual property assistant to filter the entire London market in seconds and get a tailored shortlist of compatible properties.
Frequently Asked Questions
A reservation fee typically ranges from £500 to £2,000, depending on the property's value and developer. This fee is paid upfront to secure the property and take it off the market. If you proceed with the purchase, the fee is deducted from your final purchase deposit.
It depends on the developer and the terms of your reservation agreement. Under the New Homes Quality Code, developers are required to refund your fee if you pull out of the purchase, though they can deduct reasonable administrative and legal costs they have already incurred.
Developers usually demand a fast contract exchange, which is typically set at 21 to 28 days from the date you reserve the unit. During this period, your solicitor must complete all local searches, verify contracts, and secure your formal mortgage offer.
The exchange deposit is paid when you formally exchange contracts. It is usually 10.0% of the property's purchase price (minus the reservation fee already paid). This deposit binds both you and the developer to the sale.
Yes, getting a professional snagging survey done before completion is highly recommended. It allows an independent expert to find building defects or cosmetic flaws while the property is empty. The builder must then resolve these snags under the terms of your contract before handover.
