New Build Conveyancing Solicitors
Purchasing a new build property or buying off plan is an exciting prospect but at the same time very different to buying other property. The prospect of a chain free purchase, often with incentives including paid stamp duty or legal fees from the developers, a blank canvas with the benefit of a 10 year guarantee can seem the perfect solution. However when conveyancing a new build property this 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 which is often 28 days, set by the developer.
Our specialist and dedicated new build conveyancing team headed by Lesley Russel, who are experienced in new build properties and the issues that arise.
GloverPriest Solicitors has spent many years developing our New Build Conveyancing Team, which Lesley has managed since 2012. Lesley and her team are on many of the recommended Solicitors panels and work alongside developers including Bellway Homes, Bovis Homes, Countryside Properties, McCarthy and Stone, Taylor Wimpey, Lioncourt Homes, Mulberry Homes, Ashberry Homes, Barratt Homes, Red Row Homes, Linden Homes, Bloor Homes and many more.
What to initially expect when buying a New Build Property
- When buying a ‘brand new’ home, you may purchase ‘off-plan’. This means you will commit to purchasing a property without having seen the finished building but relying on viewing a show home or concept model, looking at the specification and visiting the site.
- If you decide to make an offer on a new build property, you will usually have to pay a reservation/holding fee before the builder accepts the offer. This tends to be non-returnable. From this point, you will have to adhere to strict time constraints set by the developer.
- Once reserved, builders generally impose a 28 day period in which exchange of contracts must take place. Competition can be keen so buyers need to proceed promptly to make sure they don’t miss out. Exchange of contracts means that the property will be yours when finished but does not necessarily fix a completion date.
- Instruct a conveyancer as quickly as possible and inform the developer of your choice of firm. You’ll need a firm with experience in dealing with new build developments and the complexities of the process.
- Completion tends to be 10 days after the house has been built and signed off. During the completion period, final inspections are made, buyers can create a snagging list, and mortgage funds are released.
Land registration costs twice the price
Land registration costs twice the price when a new build property is registered with the Land Registry for the first time, they require your solicitor to send the registration documents through by post - this work is carried out Post Completion (after you've moved in). This means that the online portal can't be used and the postal charge is applied. For the buyer of a £250,000 property this means paying £330 to the Land Registry, instead of £150.
