New Build Property
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Buying a new property has a lot of advantages. Up-to-date building techniques including energy-efficient insulation means your new property will be comfortable and cheaper to run than an older building. Maintenance issues will not be an immediate worry, and neither will any of the usual signs of age in a property, from damp and subsidence to general wear and tear.
However, the choice between buying a new build and an older house is far from clear cut. In most instances, you will be agreeing to purchase your property before it is finished, and there are many things that can go wrong before completion, from extreme weather and shortage of materials to non-compliance with planning regulations and incomplete agreements for sewers and roads. That is why it is essential to find an experienced property Solicitor to oversee the purchasing process and provide guidance along the way.
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 Property team 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 Property Law.
