Are you purchasing a new build property?
You will be committing to your purchase before the building work is actually complete which makes the process very different and 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 be asked to pay a reservation fee to reserve your property upfront. This is usually non-refundable if you don’t exchange by a certain date which can be outside your control. You should instruct a Solicitor at this stage to make sure you are fully aware of the risks and that your money is protected.
- Quite often you will be buying based on a plan of what the property will hopefully 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 area so that you are fully protected if anything goes wrong.
- The developer will try and impose a strict timeline for exchanging contracts even though there is more to cover than on a standard purchase. You need a Solicitor who is on your side looking after your interests and will extend the deadline if necessary so that everything is in place before you exchange. The contract needs to be expertly negotiated to cover all eventualities and make sure you are fully protected. You don’t want to be tied into a contract indefinitely if the construction work grinds to a halt and you don’t want to be forced to complete without a mortgage offer in place! There will usually be a significant period of time between exchange and completion, and it is important to make sure your deposit is fully protected throughout.
- There will be extensive and often complex 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.
- You will be granted a brand new lease of the property. This is the legal document which 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 are required!
- There will not a fixed completion date and you can be expected to complete your purchase at very short notice. We will make sure you have everything lined up ready at a moment’s notice and that you have a get out clause if the delays are significant, without losing your deposit.
Why TV Edwards?
- You will benefit from Solicitors with specific experience of the unique nature 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 incomplete agreements for maintenance causing problems in the future if not dealt with properly at this stage.
- 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.
- We have a team of expert negotiators who remain calm under pressure. We work to the relevant timescales without compromising on the important details.
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 firstname.lastname@example.org or call 0203 440 8000.