Buying a new build home involves considerably more paperwork than buying a second-hand property. In addition, there is usually pressure from the builder or developer to meet tight timescales. At Blaser Mills Law we routinely act for buyers of new build properties and we ensure that deadlines are met and all of the extra title documentation is carefully checked.
Service that goes the extra mile
We have extensive experience in acting for clients who are purchasing a new build and we’ll keep you updated throughout the process as well as liaising with your estate agent in any related sale and the developer’s solicitor and site office.
We work hard to develop a good relationship with everyone involved in the transaction to give you the best chance of completing your purchase.
We’ll explain the paperwork to you as the purchase progresses, giving you regular reports and updates. We’re always available to speak to you to go through any queries you may have and ensure that you understand everything clearly. Our online portal also means that you can check important documents and view progress 24/7 from any device, ensuring that you are always fully informed.
We’ll also make sure you have a full list of the legal fees involved, to include Stamp Duty Land Tax, search fees and the Land Registry’s fee for registering the property into your name.
Buying a new build home
Purchasing a new build home can be even more stressful than a normal house purchase because of the extra pressure from the site sales office to exchange contracts quickly, often within 28 days of the contract papers being sent to your solicitor. The developer will usually take a reservation fee from you and if you fail to meet their deadline, you may forfeit the fee and lose the property.
We work proactively with you to ensure everything possible is done to exchange contracts quickly, tying in any related sale at the same time. Our experience means that we have an intimate understanding of the process and we know exactly what paperwork you should receive and what rights and responsibilities it should contain.
We will update you regularly during the pre-contract process, sharing documentation with you as it becomes available and explaining it clearly. We always keep the jargon to a minimum so you know exactly where we are and what needs to happen next. It’s important that you are involved throughout and that you have plenty of opportunity to ask questions and raise enquiries.
Checking the documentation on a new build purchase
When a new build home is part of a development, the contract documentation will include information about access rights, infrastructure agreements in respect of roads and sewers, detailed planning consents, building regulations approvals and a contract that is likely to include a large number of restrictive covenants, detailing what you may not do at the property.
At Blaser Mills Law we are used to dealing with the substantial amount of information provided by builders and developers and we can check that the essential conditions are included and that all of the necessary planning permission, infrastructure agreements and maintenance provisions are in place and satisfactory.
We will go through the contract conditions with you and explain exactly what you are signing. This is likely to include a retention, a sum of money held back until the builder has dealt with any repairs, known as snagging issues, that you may discover are necessary after you move into the property.
Completing a new build purchase
Completion of a new build will be on notice if the property has not yet been finished. This means that you will not be given a fixed completion date on exchange of contracts. Instead, the developer will give you 28 days’ notice of completion.
If you have a sale that you are tying in with the purchase, we will ensure that your contract for sale has similar terms, so that your buyers are required to complete on the same day.
Should completion take several months, we will keep an eye on your mortgage offer and remind you if you need to contact your mortgage lender to renew. They are usually only valid for six months.
We will liaise with you and the builder over your snagging list, a detailed list of work you require to be done to the property after you move in. However good the builder is, there are usually a number of minor issues that need attending to. Once you are happy that everything has been made good, we will arrange for the release of any retained monies.
We pay Stamp Duty to HM Customs & Excise on your behalf and we will register the property in your name at HM Land Registry.
Blaser Mills Law’s Residential Property team comprises members of the Law Society’s Conveyancing Quality Scheme, the mark of excellence for the home-buying process. We have wide experience in the field and understand the importance of working proactively to complete new build transactions as quickly as possible.