Buyers Guides
New Build Glossary
At Russell Homes, we’re committed to making your new build buying journey as smooth as possible. We are proud to offer high quality homes and endeavour to offer you an experience to match.
When it comes to new build homes, we understand that there is a lot of new build jargon out there, that can be confusing, especially if you are a first-time buyer and haven’t experienced this process before. We want you to feel comfortable when you hear these terms, so we’ve put together a new build glossary, to help you through this process.
| Term | Meaning |
| Building warranty | A building warranty is an insurance policy for our new homes, taken out by us, to protect our purchasers and their mortgage lenders against defects. Ours is currently with the NHBC. |
| CML | CML stands for the Council of Mortgage Lenders and refers to the certificate issued to confirm your new home meets the standards, set by them. |
| Completion date | This is the date set for when you can pick up the keys to your new home. |
| Contract | The legal agreement that sets out the terms of sale between yourselves and us, Russell Homes. |
| Conveyancing | The legal process, carried out by a solicitor, for the sale of your new home, transferring its ownership from ours to yours. |
| Decision in principle | A decision in principle is the amount of money that the bank could lend you for a specific home, based on some information on your finances. |
| EPC | An Energy Performance Certificate (EPC) is a measure of your new homes energy efficiency. A is the highest efficiency rating and G is the lowest. All Russell Homes are EPC B as standard. |
| Exchange of contracts | At this point, the property becomes legally binding and neither us, nor the purchaser can withdraw. |
| Extras | We have a selection of extras available for you to personalise your new home. From tiles, kitchens, flooring, sockets and much more. |
| First fix | First fix is a phase of construction, which includes the installation of wiring, plumbing and internal features such as window and door frames. |
| Home demonstration | You will be invited for a home demonstration by your sales consultant and site manager to go through your new home, including how everything works and any issues that need resolving before your move in date. |
| Key stage inspection | These are the checks carried out by the warranty inspector (NHBC), on every plot, at key stages of construction to ensure it meets their standards and ensures a high quality home, upon completion. |
| Land Registry | The government department responsible for registering land and property ownership. |
| Local authority searches | Commonly known as ‘searches’, occur during the conveyancing process and is a search of public records to inform you of any planning applications, restrictions etc, to your new home. |
| Memorandum of sales | This is the document issued which outlines the agreement of the sale between the purchasers and us. It includes items such as, the agreed price and personal details. |
| Mortgage offer | Your mortgage offer is the agreement from the bank to lend you the money for the new home you have reserved, based on your affordability and finances. |
| Reservation | This is when you have visited your chosen development, picked the plot you want and put down your reservation fee to ensure its yours. |
| Second fix | Second fix occurs after plastering and is the installation of finishes such as light fittings, sockets, baths, windows and doors. |
| Stamp Duty Land Tax | Stamp Duty Land Tax (SDLT) is a tax payable by the purchaser, on a threshold basis, based on the purchase price of your property. |
| Tenure | Tenure is the condition under which your homes and land are held. All our current homes are freehold. |
| Title deeds | This is the legal documentation that proves the ownership of the property. |
We hope you’ve found our new build glossary helpful, whatever stage of your new home journey you’re at. Do not hesitate to contact us, if you have any further questions regarding the purchase process of our homes.
You can contact our sales team on 0161 868 4326 or sales@russellhomes.co.uk
Russell Homes SALES TEAM
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