New Build Property
The conveyancing of a new build property is a more complex transaction than the purchase of an existing house or building, and many additional matters must be considered. At Norton Peskett our team is experienced at dealing with the unique challenges that these property purchases present.
How does the conveyancing process differ for a new build property?
When purchasing a new build property, you will often be faced with exchanging contracts and committing to the purchase before the property is built. You may be contracting to buy the property before construction has even begun, and often you will have only seen the show home and site plans. Having a solicitor who understands how new build contracts work is a big advantage when trying to achieve a smooth, trouble free transaction.
With builders having to rely on various factors such as contractors, supply of materials and weather conditions, it is highly unlikely that they will be able to offer you a fixed legal completion (moving in) date on exchange of Contracts. When the property is structurally complete and ready for occupation, the builder gives written notice to us that it is ready (“Notice to Complete”), and completion must take place within the period specified in the contract – usually 10 working days.
Builders will impose short deadlines in which you must exchange to ensure that you do not lose your reservation fee, and will sometimes offer incentives such as additional fixtures and fittings. It is important to instruct a firm who understands the complexities of purchasing a new build property, the deadlines that are involved and someone who can work with you, and the builder, to achive a successful outcome.
At Norton Peskett we understand the deadlines involved and can guide you through the process in plain English.
We are committed to:-
- Achieving the builder’s exchange deadline
- Fixed price legal fees (no sale, ne fee)
- Friendly, personal legal contact throughout
- Face to face meetings to go through the Contract documentation with you if required
- Liaising regularly with the on-site sales teams and the builder’s legal team, as well as your mortgage lender and broker where applicable
- Communication with all parties by post, telephone, email of text
What if I have a property to sell or the Builder is taking my property in part exchange?
Our team is used to working to tight deadlines but at the same time ensuring that the conveyancing for the sale of any existing property also progressess smoothly. On a part exchange the builder’s solicitors must ensure that all legal aspects of your property are in order because they will then be reselling the property, of which they have no personal knowledge whatsoever. We are experienced in the unique requirements that part-exchange transactions can bring.
Call our dedicated New Build Team today on 01502 533005 or email firstname.lastname@example.org