New Build Properties
If you are considering purchasing a new-build property you need to be aware that this differs significantly to purchasing an older more established property.
Some of these differences are set out below:
- You will be buying part of a title or titles which will involve the consideration of one or more titles.
- There will be more planning and building regulation documents to be considered including the conditions attached to those documents and other agreements relating to the adoption of roads, sewers and other services.
- In many cases you will be required to make a commitment to purchase a property which is not yet built or being completed. It is often the case that you exchange contracts based solely on information supplied by the developer and their solicitor, this is the reason it is so important to instruct a legal adviser you can trust to carry out the conveyancing on your behalf.
- There are often very tight timescales issued by developers. Typically, you will be expected to exchange contracts within 4 weeks of the contract pack being issued by the developer's solicitor. Although time limits vary between developers, they are known to be ruthless with this limit especially in times when the property market is buoyant. It is imperative for the legal adviser acting on your behalf to be able to work to these deadlines whilst ensuring your purchase experience is still pleasant and you are able to enjoy this exciting time in your life. Missing deadlines could lead to you losing any reservation fee you have paid and losing out on the property in cases when there is a waiting list of potential buyers in place.
Our experience in purchasing new-build properties means you will understand the full implications in doing so. We are happy to liaise with you regarding complex matters such as sales incentives for purchasing a new-build to whether exchange will need to be subject to you being able to get an extension on your mortgage offer as it may be a number of months from exchange before the property is ready and completion can take place on notice issued by the developer.
Buying a new-build property is more complex than buying an older more established property but, with the right legal adviser on hand, you can look forward to being the first person to have lived in your property.
To find out more or discuss your individual requirements in further detail, our Conveyancing experts will be delighted to help. Contact us today on 01603 693500 or email us using the 'Make an enquiry' form. Appointments available at our Norwich, North Walsham and Sheringham offices.