COVID 19 has certainly bought some challenges to the new build team at WBW Solicitors. We have adapted to working from home which has ensured that deadlines set by the developers (that buyers have to comply with) have been met.
Construction workers are now back on site ensuring that the developer can progress their build programme.
We have spoken to various sale teams who are also back from furlough leave, enabling sales of plots to be agreed with new buyers. As the restrictions have eased, we have seen an increase in activity in the new-build market.
If you are considering purchasing a new build property here are a few pointers which all purchasers should be aware of, before agreeing on a deal: –
● Make sure that you have viewed the plans and specifications of the property carefully. It is likely that the property may not even be built therefore, you need to ensure that you have viewed the plans to ensure that the property you are purchasing suits you. If you require any deviation from the plans, ensure that this is agreed with the developer prior to exchange of contracts.
● Check to see that the property is protected by a valid and established home mark guarantee scheme. As the property is newly built you will need to ensure that it is structurally sound. If the property is built with the benefit of a home mark guarantee scheme it provides you with some assurance that the build will comply with industry standards.
● Ensure that your buildings insurance is placed on risk on completion. This varies from most conveyancing transactions which require the buyer to place the insurance policy on risk from the date of exchange.
● Ensure that you have your finances in place before committing yourself to the reservation deposit. Some developers can ask for as much as £5,000 as a reservation deposit, which will ensure that the plot is reserved for you for a limited period.
● If exchange of contracts does not take place within the reservation period, the reservation deposit detailed above can be kept by the developer. Choosing a solicitor to represent you who specialises and understands the new build process is essential for a smoother and less stressful experience.
At WBW, our new build team act for buyers purchasing plots on various new build sites across the county and have experience in resolving any issues quickly and effectively.
Our team of property experts hold many years of experience dealing with the help to buy process and specific mortgage requirement from lenders.
If you are considering in purchasing a new build property and would like a no-obligation quote, please contact Anju Newcombe on 01392 203113.