What is Different About New Build Conveyancing?
The process for buying a new build property is different in many ways from buying an older house. You are buying a property that does not exist yet, and you will exchange contracts months or even years before you finally see what you have purchased.
The first step in buying a new build property is to ensure your finances are in order, as most builders will want mortgage finance to be in place before contracts are exchanged. You will need to pay an initial reservation fee when you express interest in a property and will then usually have only four weeks to exchange contracts before you forfeit this fee and your house.
House builders will typically be very firm on this timeline, especially if the development is popular or the market is particularly buoyant. As soon as you have had your offer accepted on a property, you should immediately secure a property solicitor. Your solicitor will check that the build meets regulations, highlight any restrictive covenants, and walk you through the details of your contract.
If you are happy, you can pay your deposit, and then comes the long wait until completion, upon which you will receive your keys and officially take ownership of your new home. At this point, you will need to ensure you receive copies of all the guarantees relating to the property, which should cover you for ten years from completion.
What We Can Offer You
Buying a new build house removes the stress and uncertainty of taking on an ageing property, but it replaces it with the stress of buying something that you have not seen, and that has a real risk of never being completed. The added legal complexity of buying a new build property is a further drawback but engaging the services of a solicitor experienced in property law can help mitigate this.
Our residential conveyancing solicitors have overseen the successful purchase of many new build properties, and our accreditation through the Law Society’s Conveyancing Quality Scheme attests to our skill and expertise in this area of law.
An experienced residential conveyancing solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.
Call 0800 086 2929, email email@example.com or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let one of our experienced residential conveyancing solicitors explain your legal rights and options.