Purchasing a new build property is both different and more complex than buying an existing property. Often the new build developer and the buyer will agree to exchange contracts within a tight time frame. We are here to ensure your purchase is smooth and stress free as we are experienced in buying and selling new properties.
We are frequently recommended by a number of developers to act as preferred solicitors for new build purchasers as we have a good understanding of the pre-exchange issues and cite due diligence that must be carried out in advance. We are also familiar with tight timescales for a new build purchase thus ensuring that you exchange before your deadline.
We are experienced in freehold and leasehold developments (or a combination of both) as well as retirement and shared ownership transactions.
Financing a new build purchase is often more complex than a purchase of a regular property and we are aware of the legal requirements for the proper notification in that regard. In addition we are experienced with the Government ‘Help to Buy Scheme’ and able to guide purchasers through the legal formalities required for exchange and completion.
At the outset of the transaction an Information Form will be sent with the opening letter. This Form is very informative and should be read carefully. It will give the buyers some useful information about the transaction and also notify them of any search fees required to be paid in order that searches can be put in hand. It will also request certain details about the buyers and it is important that it is completed as fully as possible so that the fee earner has all the information required at the beginning and thus negates the need to keep asking questions which can only delay the transaction. This Form also guides the buyers through the various stages and at each key stage of the transaction the buyers will be notified of progress although we will be quite happy to address any concerns that they may have regarding the transaction or raise any additional enquiries with the developers solicitors
On a new build it is important to note that when we are ready to exchange we will require the deposit to be paid together with our fees (a note of which will be provided prior thereto) the fees will be held on account and taken on completion. These will not include any other costs i.e. stamp duty or Land Registry fees etc which will be requested after exchange but prior to completion and on completion a receipted account together with a statement will be issued to you.