A step by step guide to New Build Conveyancing
Buying a ‘brand new’ home brings a whole host of benefits – you don’t need to budget for repairs or redecoration, you can choose the fittings (if the property is not yet built) and the building work is guaranteed. However, the conveyancing process can often be daunting.
Our Head of New Build Conveyancing Emma Milner has put together the following step by step guide of what to expect when buying a newly built home;
- 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, 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 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.
- Once reserved, builders generally impose a four week time 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 soon as possible. You’ll need one with experience in dealing with conveyancing for new 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.
At Emsleys Solicitors, our New Build Conveyancing team has many years of experience of acting for buyers of brand new homes. They are specialists in dealing with development schemes and the various rules governing the use of Help to Buy Schemes/ISAs.
If you’d like to speak to a member of the team, please call 0113 264 4414 or email conveyancing@emsleys.co.uk.
