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Purchasing a New Build Property
Buying a new build property is very different to buying other property. The prospect of a chain free purchase, often with incentives from the developers, a blank canvas with the benefit of a 10 year guarantee can seem the perfect solution. However conveyancing for a new build property requires experience in reviewing and checking planning permissions, building regulation consents, appropriate agreements in place for the adoption of roads and sewers, the checking of access rights, negotiating retentions and usually dealing with matters within a short reservation period (usually 28 days), set by the developer. Our specialist conveyancers are experienced in new build properties and the issues that arise.
New build conveyancing can include the purchasing of a property “off plan” before the property has even been built which can often be advantageous for the purchaser and the developer, an opportunity to personalise the property by choosing appliances, flooring, tiles and other items whilst providing the developer with the certainty of a sale and guaranteed income. But there can be disadvantages too- the property may not turn out as expected, or take longer than you hoped or were told by the developer. There are risks and we will guide you and advise you on these.
No onward chain is attractive for many purchasers but build schedules can change, with predicted completion dates put back due to bad weather, supply of materials issues or outstanding planning matters. Mortgage companies have specific conditions for new build properties even though an exchange of contracts may be required before a mortgage offer is issued. Developers often provide incentives, such as discounted price, or extras, provided exchange of contracts takes place quickly. After the property is complete “snagging” may be required to rectify small defects in the property during the the first year of ownership and we will advise you on the new build guarantee you are being offered and what it actually means for you.
Most developers want 28 days only before exchange of contracts is to take place after your offer is accepted and a reservation fee paid. Exchange of contracts usually takes place before the property is structurally complete with completion taking place at a later date “on notice”, meaning the developer provides just 10 working days notice that the property is physically complete and setting out the contractual completion date. Every new build property is different!
We understand the complexities of purchasing a new build property and the deadlines that are involved. We will work with you and the developer to achieve a successful outcome. We are able to guide you through each stage of the process using plain English.