Stamp duty is payable on the price of the plot only and not on the build cost. For a house with an end value of £500,000, this can generate savings of up to £15,000, depending on the price of the plot.
The purchaser pays for the plot and then makes stage payments for the work. Specialist mortgage lenders have specific loan products tailored to this process.
Build prices per sqm can vary according to the size of the house – generally, the larger the house the lower the build cost per sqm. We anticipate the build costs to range from £1,400 to £1,600 per sqm. This includes all kitchens, bathrooms, taps, flooring etc to a good standard, but the purchaser will have the option to trade up to a higher specification for most fixtures and fittings.
The exterior dimensions of the house will be dictated by the planning consent, but a choice of materials will be available from a given palette for the exterior finish (eg coloured render, brick, timber cladding) and similarly a wide range of internal fixtures and fittings will be available.
Where a purchaser has a particular item or design in mind, this will be accommodated where possible.
Custom building saves money on stamp duty and is exempt from CIL (Community Infrastructure Levy) in those local authority areas which have adopted a CIL charging regime. The main feature of a custom build, though, is to offer the purchaser the opportunity to input to the design and finish of their new home.
Purchasers will work with the Project Manager to agree on a specification which will be fully costed before work begins. The price will be agreed and will be held for a period of up to twelve months to enable the purchaser to finalise mortgage finance where necessary and to trigger commencement of the works.
Once a plot has been purchased, work can commence as soon as the specification for the build has been agreed and mortgage finance secured. Whilst it is possible to sell the plots in dribs and drabs, most purchasers will want to know that the neighbouring plots will be built out around them, so it is anticipated that a minimum number of plots will need to be reserved before work starts.
No plots have been sold yet, we expect to begin pre-sales within the next two-to-three months. A show home will be built and completed towards the end of the year.
Whilst it is possible to customise aspects of the appearance of the homes at Oakley Orchards, the planning consent which has been granted ensures that the houses around you will be built to the same standard and will follow a similar design theme to your own house. You can, therefore, rest assured that Oakley Orchards will grow into a beautiful, coherent and sociable environment where people will want to live
Once a plot has been purchased, the owner will have eighteen months in which to complete the construction of their house, thereby ensuring that the neighbourhood develops quickly and the disruption from construction activity is kept to a fixed period
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