Trusted Land Surveyors in Lincoln

Yes, you will need to instruct a solicitor. Any redemption figures will be sent directly to your solicitor and copied to yourselves. When considering a solicitor, it is important to confirm that the solicitor has dealt with the Redemption process before, especially in relation to selling property.

New-build premium is a premium associated with the purchase of a new property. Once a new property has been acquired and lived in, it becomes effectively second hand and is therefore comparable with every other property which is currently lived in. It is similar to buying a new car, whereby once you drive the car out of the showroom, it subsequently devalues, and this follows the same pattern with new-build initially. However, unlike a new car, where the value continues to depreciate, your now lived-in property will benefit from the growth in the housing market and will subsequently most likely recover any loss in its new-build premium. This is, however, very relevant to location, house type and condition. New-build premiums in certain locations may well be overcome by the length of reservation period. For example, if you reserve a property 6 months prior to moving in then the likelihood is, in a very strong market, from the time you reserve the property to the time you move in, the value is likely to have increased and this will have offset any new-build premium lost. In those areas which struggle with their saleability, then at times it takes a long time for this new-build premium recovery.

New-build premium is accepted as a valuation consideration by both the Royal Institution of Chartered Surveyors and the Council of Mortgage Lenders, although there is no defined calculation to offset the loss of a new-build premium against the initial valuation or purchase price. It depends very particularly on the location of the property, the strength of the market geographically and the particular property in question. An important consideration when it comes to the valuation of a new-build premium is the length of time since the original purchase of the plot. We tend to find that in a steady market, the longer the timescale between the redemption and the initial purchase price, then the more likely the new-build premium will have recovered and the growth of the housing market will have offset any new-build premium loss.

Once the valuation has been arranged, then prior to releasing the report, you will receive an email confirming the appropriate terms of engagement and confirmation of the appointment time, along with the appropriate methods for payment. Details of payment can also be found on our website.