NEW BUILD CONVEYANCING
Buying New Build Property
Buying a new-build property differs from buying a traditional property, and it is often the case that buyers are faced with the daunting prospect of committing to the purchase before the property has even been built.
New-build purchases can be notoriously complex. It is usually necessary to check over various additional information to ensure that every eventuality is accounted for, like the applicable laws surrounding plot purchases and planning permission to name but a few. In addition, many developers will only allow a short period of time for both parties to successfully exchange contracts once a new-build property has been reserved. Failing to stick to these time limits may result in the buyer losing their deposit and missing out on the property.
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Download Our Step by Step Guide to New Build Conveyancing
New Build Conveyancing Team
With all this in mind, it's important that you instruct a solicitor with the technical knowledge and expertise in new-build purchases. This is why Rhodes and Walker houses a dedicated New-Build team, who are specialists in conveyancing transactions for new-build properties.
Our New-Build team understand the necessity to ensure that time limits are adhered to and legal documents are thoroughly checked. Our aim is to make the whole process as quick and stress-free as possible. We avoid unnecessary legal jargon and communicate with you in plain, clear English, whilst also being down to earth.
Many new-builds can also be purchased with the addition of a Help-to-Buy Equity Loan and ISA, and at a discounted market value. All of these will require additional processes and checks to be carried out by your solicitor. To a lay person these may seem extremely complex, but we have experts at Rhodes and Walker who are experienced in the entire new-build process. We ensure that we have appropriate processes in place to make things run as smoothly as possible with minimal fuss.
Please call 0113 322 5333 to speak to us!
The New Build Conveyancing Team are based at the Morley office in Leeds.
WHAT TO EXPECT
What to initially expect when buying a New Build Property
OFF-PLAN
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 or concept model, looking at the specification and visiting the site.
MAKING AN OFFER
If you decide to make an offer on a new build property, you will usually have to pay a reservation/holding 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 set by the developer.
28 DAY PERIOD
Once reserved, builders generally impose a 28 day 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.
GAIN EXPERIENCE
Instruct a conveyancer as quickly as possible and inform the developer of your choice of firm. You’ll need a firm with experience in dealing with new build developments and the complexities of the process.
COMPLETION
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.
PLEASE NOTE
Land registration costs twice the price when a new build property is registered with the Land Registry for the first time, they require your solicitor to send the registration documents through by post - this work is carried out Post Completion (after you've moved in). This means that the online portal can't be used and the postal charge is applied. For the buyer of a £250,000 property this means paying £270 to the Land Registry, instead of £135.