With the latest news from HSBC that the number of people in the UK buying a home for the first time rose to the highest level in over 40 years, after handing out more mortgages in March to more than 3,000 first time buyers, more Brits could be encouraged to make that step from renting to investing in bricks and mortar if they take full advantage of the Help to Buy Equity scheme available, according to Chameleon Group co-founder, Ben Morris.

Here, Ben provides his top tips to ensure that your buying process runs as smoothly as possible and that first-time buyers are aware of government schemes available.

1. Buy from a reputable developer

You would always undertake thorough research when buying a car or choosing a holiday destination so you should be doing the same when purchasing a new home. Take time to read about the developers reputation and track record. Try not to get too bogged down with reading negative forums as any reviews could just be isolated bad experiences but, ensure that you make a note of anything that does concern you and come armed with questions when you go to view the property, or show home.

2. Benefit from a 10 year warranty

Every new home comes with a 10-year building warranty, such as NHBC and ICW. This warranty not only protects your deposit up to £100,000 should the project not complete, but it also guarantees the fabric of the building for the full 10 years from completion, and will avoid any unexpected bills in the unlikely event of a construction defects, or damages.

3. Help-to-Buy won’t be around forever

The government recently announced that it has helped buy more than 100,000 homes across England through its Help-to-Buy scheme. First-time buyers can put down as little as a 5% cash deposit on a registered Help-to-Buy newly built development in England and receive a Government equity loan – for up to 40%* of the purchase price in London. This scheme is available to first time buyers looking to take that first step onto the property ladder and must be the buyer’s only property on completion, purely for living in use i.e. not for buy-to-let or sublet purposes. Buyers can take advantage of this scheme for properties up to a maximum purchase price of £600,000 with a maximum mortgage of around 4.5x their household income (single or joint). For example, for a new-build property worth £200,000, the buyer would need a 5% deposit of £10,000 and a 55% mortgage from a commercial lender of £110,000. The Government would then top this up with a £80,000 loan (40%). You would need to be on a minimum salary of £25,000 in order to qualify for this example.

4.Don’t forget to budget for additional monthly charges

With a new-build, you will often find that service charges bump up your monthly outgoings, as essentially, you are paying a share towards the upkeep of managing and maintaining the communal ground. For example, if you have communal landscaping, lifts and a concierge, this will be apportioned and paid for through the service charge. The less amenity within the development, the lower the service charge. You do get what you pay for. We’re seeing more and more smaller developments come with a share of the freehold, as the rules around leasehold property have changed recently. This is good news for flat buyers as the service charges will be directed by you as one of the co-freeholders. It’s best not to scrimp here though as you want to keep the building and communal areas in top condition both for your sake, and future buyers should you ever sell the property.

5. The 28 day exclusivity period

When buying a new-build home, you’re the end of the chain side so you don’t have to worry about the vendor pulling out of the deal. However, you will be expected to progress to each stage of the purchase within a reasonable timeframe otherwise you could run the risk of a developer getting cold-feet about your commitment to purchase. There is a £500 deposit payable with Help to Buy, however, this £500 is fully refundable should you have a change in circumstances. In addition, be prepared for delays as there are a lot of moving parts when it comes to building a new development on time. Make sure that you are in regular contact with the developer or agent and have a temporary accommodation backup plan in place.

6. Address snagging issues quickly

When you first move into your property, make a list of snagging’s and anything that you aren’t happy about which perhaps was agreed initially on the plans. Little issues like paint touch-ups or dirty carpets will not be covered by your building warranty and therefore needs to be raised with the developer upon handover. You can even pay for a snagging survey to be completed prior to completion so that you have a comprehensive report to give to the developer to action before you move.