If you are purchasing a new build property-
When purchasing a new build property you will usually be committing to your purchase before the building work is actually complete. This can be daunting, even if you are an experienced buyer however it doesn’t need to be.
Our experienced property team can guide you through the process and make sure you understand what to expect.
What’s different about buying a new build?
You will usually be asked by the developer to pay a reservation fee to reserve your property upfront. This is often non-refundable if you don’t exchange contracts by a certain date. You should instruct a Solicitor at this stage to make sure you are fully aware of the risks prior to exchange of contracts.
Quite often you will be buying based on a plan of what the property will look like once completed. It is therefore very important that extensive legal checks are carried out and that you instruct a Solicitor with experience in this complexed area so that you are fully protected if anything goes wrong.
There will be extensive and often complicated planning documents to review which can be confusing if you’re not used to them. We will summarise and advise you on all documents in a way you can understand so you know exactly what you’re buying.
If you are purchasing a leasehold flat, you will be granted a new lease of the property and if you are purchasing a freehold house, you will need to enter into a new transfer deed. These are legal documents and will cover all rights and obligations throughout your ownership, so it is important to get the drafting right. It also needs to be attractive to any future buyers and satisfactory for any mortgage lenders. Strong negotiating skills and attention to detail are required.
Developers often impose a strict timeline for exchanging contracts even though there is much more to cover than on a standard purchase. In addition, completion is usually not a fixed date but ‘on notice’ once the building works are complete and you can therefore be expected to complete your purchase at very short notice. You need a solicitor who is on your side, looking after your interests, who is able to work quickly and, if necessary, arrange for the deadline to be extended so that everything is in place before you exchange. The contract needs to be expertly negotiated to cover all eventualities and make sure you and your deposit are fully protected. You don’t want to be tied into a contract indefinitely if the construction work stops or is delayed and you don’t want to be forced to complete without a mortgage offer in place if your mortgage offer expires before the construction works complete.
The property team at TV Edwards will make sure that everything is lined up and ready for a swift exchange and completion and that your interests are protected in the event of any construction delays.
Why TV Edwards?
- New build expertise – You will benefit from the advice of lawyers with specific experience of new build sales and purchases who know what to look out for. We understand that new build properties can carry a higher risk of issues such as non-compliance with planning regulations and agreements for maintenance which can cause problems in the future if not dealt with properly at an early stage.
- Independence – We are not linked to any agencies or developers. We act solely for you and in your best interests. Any advice you receive will be based solely on what is right for your unique transaction. We are on your side and will make sure that your interests are fully protected. We will deal with developers and agents on your behalf and ensure you are not put under pressure to exchange before you are ready.
- Friendly, experienced Solicitors who care about your purchase – You will have a dedicated lawyer who will know you and your case from beginning to end. Excellent communication is key to a successful and smooth conveyancing transaction. You will have your dedicated solicitor’s direct contact details so that you will easily be able to contact them and be clear as to how your case is progressing. We are also proactive in contacting you to make sure that you are kept up to date at each stage of the process. We pride ourselves on being approachable and always contactable.
We have a team of expert negotiators who remain calm under pressure. We work to the relevant timescales without compromising on the important details.
With up-to-date expert knowledge of property law, we build relationships with our clients throughout their transactions and as a result, many of our clients are repeat clients or referrals from family/ friends.
What our clients say
“Many thanks for your impeccable diligence and timeliness. I will recommend you wholeheartedly to others.”
‘’Roo is an exceptional solicitor, who worked tirelessly to complete our house purchase in a short space of time, prior to the stamp duty holiday. Despite the quick turnaround time, I feel that Roo was diligent in her work and always had our best interests at heart. Finally, I feel that Roo’s communication skills were fantastic, and she always kept my partner and I informed of the ongoing process. I couldn’t recommend using Roo as a solicitor enough.’’
If you want to learn more or obtain a quote for our services, please contact Juanita Francis, Head of Property, at email@example.com or call 0203 440 8000.