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This article was published on March 7th, 2022
Buying a new build property is an attractive option for many. You can choose exactly what your home will look like, everything is done for you and there is no wear and tear. However, there are several differences between buying a new build and buying a pre-owned home. This blog will detail everything you need to know about the new build conveyancing process.
Purchasing a new build property or a converted property ‘off plan’ is quite different to buying a standard property because you are buying from a developer, meaning you will need a conveyancer who is familiar with the new build or part-exchange stages and understands the legal documentation required for new build properties.
Once you have chosen your home and your offer has been accepted, you will need to find a conveyancing solicitor to assist you with the buying process.
You may be requested to pay reservation fees when an offer is made to reserve the new build for a set period (usually 28 days). There is often a limited amount of time to agree and exchange contracts, usually within 28 days. The developer will reserve the property with the expectation that you will instruct your solicitor and arrange a mortgage.
On exchange, buyers are usually required to pay a deposit of 10-30% of the entire price of the new build. This goes to the developer’s solicitor. You’ll be asked to sign a contract, committing to buy the property at the current quoted price and pay the remainder when it’s completed.
It is important to have a snagging provision put into the contract during the process because some new building contractors do not allow customers to visit the home until it has been completed. The snagging survey should be completed before the final payment so that any issues can be identified early.
You will be given the keys, owner’s manuals, and other relevant documentation once your new house is finished. For future protection, you should keep all copies of the property guarantees.
As part of our conveyancing work with your new build, we will review the developer’s title, planning permissions and the construction of other items on the development, including drains and sewers. Advise you on any ‘new build guarantee’ and explain how this will protect you. Explain the terms of the new build contract for the property you are purchasing and, upon completion deal with the particular requirements of HM Land Registry for new build properties to ensure the property is registered in your name.
Here at Thorneycroft, we have a team of conveyancing solicitors that are experienced in all aspects of conveyancing. Our team have been granted Conveyancing Quality Scheme (CQS) accreditation by the Law Society. The CQS provides a nationally recognised quality standard for residential conveyancing solicitors, meaning you will receive a quality service from fully qualified and experienced solicitors.
If you’re buying, selling or remortgaging your house, we can help. To speak to one of our specialist solicitors call 0330 058 0118 or fill out our simple enquiry form.