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New build conveyancing FAQs
What is meant by ‘new build’ property
New build property refers to homes that have been newly built and which are being sold by local or national developers. In some instances, new build property can mean homes that have been substantially renovated.
What does buying a new build property ‘off plan’ mean?
It is common for developers to start selling their new build homes to prospective purchasers before the construction works are completed. This is perfectly normal and generally means that purchasers will not be able to view the interior of the actual property that they wish to buy and instead will need to consult the developer’s plans for details as to how the home will be laid out. Internal viewings can usually take place when the home nears completion.
What types of homes are sold as new build properties
In short, the new build homes come in all different shapes and sizes. New build properties can range from flats aimed predominantly at younger first-time buyers all the way through to large executive homes. Many larger developments contain a mix of flats and houses with varying different sizes on offer.
What is a reservation fee?
A reservation fee is paid to the developer to secure your prospective purchase of a particular home on a new build development. The payment of the fee provides you with the exclusive right to move forward with your purchase for a specified period of time. Many developers require that contracts for the purchase of the property are exchanged within a relatively short period of time following the payment of the reservation fee. The reservation will be used towards the overall purchase price when the transaction is ready to complete.
Do I need to instruct a solicitor when buying a new build property?
Yes! But we would say that, wouldn’t we? But it’s certainly the case that an approachable, efficient and pro-active conveyancing specialist (like the one at Eric Robinson Solicitors) can be the difference between a smooth transaction and a lengthy period of anxiety and uncertainty for a buyer.
Your conveyancer will be alongside you for an intense period of weeks. You need to be able to trust them to deliver the information and the advice you need, as well as having the energy and commitment to nudge the transaction along when it appears to be slowing down.
What does ‘exchange of contracts’ mean?
Exchange of contracts is the point where you become legally bound to purchase the property and the developer is legally bound to sell the property. At this point, you will pay a deposit (usually 10%) on the property that you are buying.
Exchange is a big step to take. If you decide to pull out of your purchase after paying the deposit, you’ll lose that money and you could be sued by the developer for their losses. So make sure that you iron out any issues with the property before reaching this point.
What does ‘completion’ mean?
Completion is when you get the keys to your new home. This usually happens a few weeks after exchange but can be earlier (it can happen on the same day in certain instances). Completion day is a busy time. It’s when your lawyer and your lender ensure that purchase money is released, and any existing mortgages are redeemed. It’s only when that’s all done that keys will be handed over and the unloading of boxes can begin.
How soon after exchange of contracts will completion take place?
When buying a new build property, it is not unusual for contracts to be exchanged before the construction of your new home is completed. This means that you may be required to wait several days or weeks before the transaction can complete at the point where all of the building works have been signed off. The developer will normally provide you with around 1 months’ notice of the required completion date and this will afford sufficient time for you to put the necessary arrangements in place for moving day.
Is the legal process for buying a new build property different to buying a non-new build property?
The simple answer is the process is identical. When buying a new build property your lawyer is required to thoroughly investigate the property to ensure that all legal aspects are in order. The only main difference is that because the property has not previously been owned by someone the focus will be on ensuring that the site and/or development has been properly configured and set-up. This will involve checking things such as rights of access and sewerage.
Do I need a survey?
It is generally not a legal requirement to obtain a survey for a new build home however if you have any potential concerns then you would be wise to consider whether a survey ought to be commissioned. One of the potential advantages of buying a new property is that you should receive a 10 year warranty from the developer and many people consider that this negates the need for a survey.
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See what our customers say…
I used Eric Robinson for my sale and…
I used Eric Robinson for my sale and purchase and they have been, without doubt, the best solicitors I have ever used. I have always had bad experiences in the past so felt apprehensive about the whole process. Hazzra Huxford was professional, methodical and responsive. She moved things along as swiftly as she was able to, and provided updates in a timely way throughout. I really felt I was in good hands. Towards the end of the process, Hazzra left for maternity leave and my file was handed over to Sylvia just before exchange – again, the service provided by Sylvia was excellent – putting my mind at ease, responding to queries and getting what was a long and messy exchange over the line. Very grateful to them both and will not hesitate to recommend to others. Thanks both!
Amazing service
Amazing service , polite helpful and reassuring on our house sale and purchase Our solicitor Chantelle Bennett I would recommend to anyone 10/10
Highly Recommend!
I’ve used Eric Robinson twice now for conveyancing – Chantelle in particular – and I cannot fault the attention to detail, efficiency and level of communication provided. I will continue to recommend Chantelle and the service offered by Eric Robinson!
Transfer of equity
Emma and Megan were kind, informative and communicated well with updates regarding my transfer of equity. I appreciated that the majority of actions were achieved through phone and email, apart from when I chose to collect documents by hand. Thank you for your support.
Would highly recommend
Miya was great to deal with at Eric Robinson Solicitors. Everything was explained to me clearly and she always came back to me quickly. We had a situation with our buyers solicitors where they were being very slow. Miya worked really well with our agent to push this through in the timeframe that we needed. Would highly recommend.
Highly recommended
Miya at Eric Robinson recently supported us through both our property sale and purchase. She was consistently professional, courteous, and exceptionally helpful. Her guidance was clear, her communication timely, and she kept us fully informed throughout what became a particularly challenging exchange. Thanks to Miya’s diligence and proactive approach, our chain was able to exchange and complete within a very tight timeframe. We would highly recommend Eric Robinson Solicitors.
I used Eric Robinson for my sale and…
I used Eric Robinson for my sale and purchase and they have been, without doubt, the best solicitors I have ever used. I have always had bad experiences in the past so felt apprehensive about the whole process. Hazzra Huxford was professional, methodical and responsive. She moved things along as swiftly as she was able to, and provided updates in a timely way throughout. I really felt I was in good hands. Towards the end of the process, Hazzra left for maternity leave and my file was handed over to Sylvia just before exchange – again, the service provided by Sylvia was excellent – putting my mind at ease, responding to queries and getting what was a long and messy exchange over the line. Very grateful to them both and will not hesitate to recommend to others. Thanks both!
Amazing service
Amazing service , polite helpful and reassuring on our house sale and purchase Our solicitor Chantelle Bennett I would recommend to anyone 10/10
Highly Recommend!
I’ve used Eric Robinson twice now for conveyancing – Chantelle in particular – and I cannot fault the attention to detail, efficiency and level of communication provided. I will continue to recommend Chantelle and the service offered by Eric Robinson!
Transfer of equity
Emma and Megan were kind, informative and communicated well with updates regarding my transfer of equity. I appreciated that the majority of actions were achieved through phone and email, apart from when I chose to collect documents by hand. Thank you for your support.
Would highly recommend
Miya was great to deal with at Eric Robinson Solicitors. Everything was explained to me clearly and she always came back to me quickly. We had a situation with our buyers solicitors where they were being very slow. Miya worked really well with our agent to push this through in the timeframe that we needed. Would highly recommend.
Highly recommended
Miya at Eric Robinson recently supported us through both our property sale and purchase. She was consistently professional, courteous, and exceptionally helpful. Her guidance was clear, her communication timely, and she kept us fully informed throughout what became a particularly challenging exchange. Thanks to Miya’s diligence and proactive approach, our chain was able to exchange and complete within a very tight timeframe. We would highly recommend Eric Robinson Solicitors.
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