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The new build property conveyancing process is generally more complex than the purchase of an older home. A solicitor with experience in the new build market will be able to guide you through the transaction and ensure you understand what will be happening every step of the way.
There is substantially more paperwork involved in buying a new home than an older one, and the builder is also likely to pressure you for a fast exchange of contracts. This means that you need someone who can quickly and efficiently deal with the volume of documentation and work with you to meet any deadlines.
When buying a new home, it is essential to ensure that the proper legal framework is in place, including the correct planning consents, agreements relating to roads and sewers, legal obligations on the developer’s part to maintain common areas and NHBC guarantees.
This means that more work will be necessary before exchange of contracts than for an older property, while you will often be pushed to exchange without delay. At Glanvilles Solicitors, we deal extensively with new build home purchases and understand exactly what documentation should be provided.
We will work proactively to ensure that all of the paperwork is in order and arrange for any necessary searches to be done as quickly as possible. We will liaise with your mortgage lender if you have one and ensure that everything is ready for an early exchange.
For information about fees and other expenses, see our residential conveyancing pricing.
If you need help with conveyancing for a new build property, our team will be happy to help.
Contact your local Hampshire or West Sussex branch in Chichester, Fareham, Havant or Petworth or fill in our simple online enquiry form for a quick response from one of our new build property conveyancing solicitors.
Our new build conveyancing team understand how important your home purchase is to you. We have in-depth experience of new build conveyancing, and you can be sure that we will not only work to meet your deadlines, but we will make sure everything is in order and confirm that the property is a sound investment.
We know that buying a new build home is often stressful, and we will ensure that you are supported throughout the process by our friendly, approachable team members and that all of your questions are answered.
We are conveyancing experts and are accredited by the Law Society’s Conveyancing Quality Scheme.
At Glanvilles, we offer outstanding service as well as genuine legal expertise. You will have your own personal lawyer who will deal with your case and who will work proactively to move matters forward as quickly and cost-effectively as possible.
When you use our contract dispute resolution services, we promise:
Once you decide to buy, the developer is likely to want a quick exchange of contracts, often within 28 days. If you ask us to act for you, we will contact them straightaway to obtain the contract package, which will include all of the legal information, including copies of the title, planning consents, roads and sewers, NHBC guarantee and plans.
We will go through this and raise any enquiries we have with the developer’s solicitor. If you are taking out a mortgage, you will need to notify them that you have found somewhere to buy.
Once we have all of the information we have requested as well as search results, we will report to you on the documentation. If you are happy to proceed, we will ask you to sign the contract. This will not become legally binding until we exchange with the seller’s solicitor. On exchange of contracts, you will be required to pay a deposit, which is usually at least 10% of the purchase price. If you have a related sale, then your deposit from that can be used towards this sum.
The build will not usually be completed at this stage, and you will generally need to wait for the construction and finishing to be done. The builder will usually give you an estimate of the completion date, although this could be substantially longer than anticipated if they experience delays. They will usually give you between two and four weeks’ notice of completion, so that we can arrange for your mortgage advance to be sent and you can book removals.
We will send the balance of money due on the completion day, and you will be able to pick up the keys once the seller’s solicitor has the funds. In the days following completion, we will arrange for payment of Stamp Duty and registration of your purchase at HM Land Registry.
Because of the large amount of complex documentation involved in buying a new build, it is always advisable to instruct an experienced conveyancer to act on your behalf. If you are taking out a mortgage, your lender will require a conveyancer to deal with the transaction.
You should select your own conveyancer. While your lawyer should always be independent and act in your best interests, if a conveyancer regularly receives instructions from a developer or estate agent, they may feel some loyalty towards them, which could be difficult if they are pressured to proceed before you are ready or to exchange before all of the issues are properly dealt with.
You are likely to be given 28 days in which to exchange contracts. This means that we will need to move quickly. You can ask your mortgage lender for a mortgage offer in principle. This means that once you have a property to buy, you can simply let them have the details, and the issuing of the mortgage offer should be faster.
If you instruct solicitors when you start looking, or at least as soon as you find somewhere to buy, they can open a file and start on the preliminary work, such as checking your identification.
At Glanvilles, we are used to working quickly to meet tight new build deadlines. If a difficulty should arise, we will liaise with the developer, their solicitor and the agent. We are usually able to obtain an extension where the delay is only short-term.
The time between exchange and completion can vary extensively, depending on how far along the development is. You should be given a rough timescale for the proposed completion.
You can exchange contracts on a new build before it has been completed, but the actual completion when you pay over the balance of the money will take place once the build has been finished.
It is not uncommon for people to ‘buy off plan’, which means exchanging contracts and paying a deposit before the building has been commenced. This might give you the option of choosing finishing touches for the property, such as the kitchen and flooring and the option to upgrade to better quality fixtures.
There is a risk that you could end up waiting a long time for the property to be completed. You will also have to move quickly when you are notified of the completion date to ensure that your lender is ready to forward the mortgage money.
If you need help with conveyancing for a new build property, our team will be happy to help.
Contact your local Hampshire or West Sussex branch in Chichester, Fareham, Havant or Petworth or fill in our simple online enquiry form for a quick response from one of our new build property conveyancing solicitors.
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