A new build house is exactly that: brand new. This means that you may have the opportunity to customise certain fixtures and fittings dependent on how far along the construction of the property is. All new properties come with a 10 year house warranty, predominantly by the NHBC, National House Building Council.
What should you do before instructing a new build conveyancing solicitor?
As new builds are slightly more complex than standard construction conveyancing, you may wish to ensure the conveyancer you choose has relevant new build conveyancing experience. At Waldrons, our entire residential conveyancing team have an array of new build conveyancing experience to ensure your matter is dealt with professionally and efficiently.
You may also want to ensure:
1. Funding has been arranged i.e. your mortgage offer or any gifted deposits
2. The reservation fee has been paid, this is usually between £500.00 to £2000.00.
3. You are aware of the risks if the build of the property is delayed and what will happen to your reservation fee in this event. We would suggest you check the developer has a sufficient insurance or warranty.
4. You have checked the specifics of the property you are purchasing including any incentives offered by the developer and the plot boundary plan.
How does New Build Conveyancing work?
Once you have paid your reservation fee, we can begin the new build conveyancing process for you.
Step 1: Pay your reservation fee
Step 2: Instruct an experienced new build conveyancer, if you would like a quote from us please click here
Step 3: Your conveyancer will check the legal pack from the developers solicitor and will usually have to exchange within 28 days from receiving this. Your conveyancer will advise on the timescales, if any.
Step 4: Pay your 10% deposit to your solicitor
Step 5: Exchange on the property.
Step 6: Completion. Your conveyancer will ensure all funds for completion are sent to the sellers solicitor. Then once funds have been received, you will be advised your keys are ready for you to collect and you can move into your new home!
What are the risks to be aware of during the new build conveyancing process?
You will need to ensure your mortgage offer is not going to expire before completion. If you are worried it may, you will need to speak to your financial advisor or lender regarding this.
Make sure you know exactly what is and what is not included within the build guarantee provided by the developer. This is usually valid for 10 years and your Conveyancer will advise you further.
There may be delays which will be out of anyone’s control, such as weather conditions (which may delay the build) or awaiting responses from third parties.
Usually there is no fixed completion date, completion will be on notice, which means when the property is structurally complete the developers will serve written notice to advise completion must take place within a certain time frame, this is usually 10 working days.
Why choose Waldrons for new build conveyancing?
It is crucial you instruct a legal professional to complete the new build conveyancing process on your behalf. The new build conveyancing process differs greatly from buying an established property as many developers will require a prompt exchange of contracts, this is usually expected within 28 days. New build conveyancing can often be complex due to the wide range of legal documentation involved. At Waldrons, we are familiar with new build transactions and are aware of the pressures that can be placed on you as a client from the developer.
Our residential conveyancing team have a vast experience of dealing with new build purchases from a wide range of developments. We guarantee your matter will proceed as swiftly and efficiently as possible and one of our legal experts will keep you updated throughout the duration of your transaction.
We offer a ‘No Sale No Fee’ fixed fee for new build conveyancing, which means you won’t pay us any legal fees until completion. If you would like to request a quote for our new build conveyancing services, please contact us today.