Why is Conveyancing different for new build homes?
5 February 2018 by Lorraine King
When purchasing a new build property, buyers are faced with many unique challenges and intricacies that aren’t present in other house purchases. For starters, buyers are regularly faced with exchanging contracts and committing to the purchase before the property is built.
Most house builders also give the buyer a certain deadline date to achieve an exchange of contracts following the reservation of the plot. There may be an incentive for the buyer related to the deadline, which can make the added time pressure of the purchase process seem a little more worthwhile.
However this does mean that it’s essential to instruct a good Solicitor who understands the process of purchasing a new-build and the deadlines imposed to achieve a successful outcome.
The solicitor will need to have the experience and knowledge to assist in relation to areas such as the ‘Help to Buy Equity Loan government backed scheme’, the Help to Buy ISA and Saving Scheme for purchases. With that knowledge and experience a good Solicitor will be able to guide you through the process efficiently and make the process as stress free as possible.
The differences for new build properties don’t stop there as moving on to completion is also very different from buying a second-hand property. In the case of new-builds, often no completion date can be given although this should not be cause for panic as it is a regular occurrence. In this instance, when the property is ready the builders then serve notice within the time in the contract, which is usually 10 working days.
At FJG we have the experience to guide you through a new build purchase smoothly and efficiently. We will liaise with the buyer and anyone else involved in the plot purchase and any related property sale. To get a Conveyancing quote for your new-build home or if you have any questions, get in touch with our team call 01206 700113 or email: [email protected]