Our Key Takeaways from the recently published New Homes Quality Code (the Code)

The New Homes Quality Board has recently published the latest New Homes Quality Code (the Code). The Code is a new Code of Practice designed for the house building industry that aims to increase the quality of all new build homes whilst simultaneously improving the protection of customers.

The Code, which was originally published on 17^th December 2021, is the result of many years of work as well as a full public consultation.

The Code Book, which can be accessed here,  outlines all of the changes that will take place and is accompanied by a Developer Guidance document, which can be viewed here.

Our team of New Homes experts have been studying the new Code in depth and want to share the following key takeaways from their research:

• There is a mandatory 14 calendar day Cooling Off Period where the agreement may be cancelled, and the Reservation Fee will be refunded without deduction and in full.
  
  
• Exchange of Contracts must be reasonable in the circumstances of the transaction and not less than six weeks after Reservation unless the Customer requests an earlier date.
  
  
• The Developer must provide an opportunity for the Customer to visit the New Home and/or appoint a suitably qualified inspector to complete a Pre-Completion Inspection on their behalf, to be carried out before completion and from 5 calendar days (earlier by mutual agreement) after the Notice to Complete has been served.
  
  
• The Developer must provide a Customer of the New Home with a comprehensive and accessible After-Sales Service for a minimum of two years following the date of Legal Completion

These new measures are expected to impact the whole of the UK house building industry, however, a formal date for when the new Code will become compulsory has yet to be set. It is understood that developers in Great Britain are being advised to voluntarily sign up to the new Code by the end of 2022, after which time there will be a transitional period that allows them time to adapt to the new rules and procedures contained within.

We will continue to monitor updates from the New Homes Quality Board and endeavour to keep you as up-to-date as the introduction of the new Code progresses.

In the meantime, if you have any questions at all please do call our team of New Homes experts on 01273 688 881 or email info@oakleyproperty.com.