10 steps to your first front door
We share the ten key steps you will need to take in order to buy your first home.
On 1 April 2016, a new piece of Government legislation came into effect which aims to assist self-builders find suitable plots to build their home on.
The Self-build and Custom Housebuilding Act 2015, nicknamed ‘right to build’ by the media, requires local councils to offer suitable, serviced plots to those who are interested in acquiring land on which to build their own home. Councils are now required to keep a register of these individuals and groups of people.
Anyone wishing to undertake a self-build or custom build project can register their interest with their local council or via the Local Self-build Register website. Their local council should then offer them a number of suitable council owned plots and can also put them in touch with local landowners who have land to sell, via the register.
Self-builders have previously found it difficult to locate and access suitable land and development funding, and have experienced challenges in navigating numerous regulations in the development process, such as acquiring the necessary planning permissions.
The Act, championed by the National Custom and Self Build Association (NaCSBA), aims to remove these obstacles through obligating councils to offer plots of land. There is also the promise of fast-track planning processes and planning permission ‘in principle’ for some sites, which will greatly reduce timelines and the hoops that self-builders have previously had to jump through.
What do I need to know about Self-build mortgages?
There are a number of self-build mortgages on the market, depending on the lender, there will be different terms and conditions, so it is important to do your research to find out what sort of self-build mortgage is best for you.
Things to consider include:
- The stages at which funds are released
- Are the funds released in stages, in advance or in arrears of each project stage?
- Does the lender allow borrowing on the value of the land as well as the build?
- Will the lender release funds for the purchase of land?
It is always advisable to seek advice on specialist mortgages, with lenders who have expertise in this field. Further information on our self-build mortgages can be found here. Or to book an appointment to talk to us about this, please contact us.
