Purchasing a new home is exciting but if you are not aware of the conveyancing process it can become a stressful and sometimes a costly experience. The conveyancing process for new build properties is more complex than a normal conveyancing transaction. There are additional elements of the process that need to be checked and verified than if you were purchasing an existing property. Here are a few pointers which all purchasers should be aware of when purchasing a new build property: –
● Make sure that you have viewed the plans and specifications of the property. On many occasions, the property may not even be built if this is the case you need to ensure that you have viewed the plans to ensure that 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.
● Ensure that you have your finances in place prior to committing yourself to the reservation deposit. Some developers can ask for as much as £5,000 as a reservation fee. If exchange of contracts does not take place the reservation deposit is often kept by the developer. Thus, make sure that you are happy with the development as a whole as well as the individual plot.
● 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.
At WBW Solicitors our team of new build specialists understand the complexities of purchasing a new build property and the deadlines that are involved. We will work with you and the developer to achieve a successful outcome and guide you through each stage of the process using plain English.
The above are just a few points to look at when purchasing new build property. If you have any further questions you may wish to ask, please contact Anju Newcombe on 01392 666554 who will be happy to assist.