How new build conveyancing differs from standard transactions

How new build conveyancing differs from standard transactions

How new build conveyancing differs from standard transactions Express Conveyancing

If you are considering buying a new build home, congratulations! Buying a new house is an exciting time for anyone, but the anticipation and excitement that go with buying a new build is second to none. Most things about purchasing a brand new home are different to buying a used home, including new build conveyancing. This guide looks at the differences between conveyancing on a new build home and that on a used home.

Exchanging Contracts

Sometimes you can be expected to exchange contracts on a house that has not even been built. This is wildly different to buying a used home, where you exchange contracts once all checks have been made on the property and you buy as seen at that point. With a new build that doesn’t yet exist except on paper, there is no building fabric to check over prior to exchange. With such large sums of money at stake, this exchange can be a nerve wracking time. A conveyancing solicitor experienced in new build transactions can help you understand the process and make sure the contract does not leave you vulnerable. They also know which searches to carry out and what kind of enquiries to make, which differ materially from standard transactions.

Tight deadlines

There can be big waiting lists on popular developments, and as a buyer who has managed to reserve a new build home on these estates, you may have to move very quickly. Four weeks between reservation and exchange is not uncommon, so you need a conveyancing solicitor that understands the speed under which new build transactions take place and how to coordinate everything ready for exchange. A slow solicitor can really hamper the process and introduce risk unnecessarily. They could even forfeit your reservation deposit if the developer’s deadline is missed. When buying older property, the timescales are usually determined by the speed of the solicitors, mortgage companies and chain members, with no particular party having priority.

Part exchanging

As if things weren’t complex enough, once you start introducing part exchange into the transaction, things get more difficult. It is essential that you employ an experienced conveyancing solicitor if you are part exchanging your old home for a new build. Part exchange is very uncommon in standard sale and purchase transactions and many solicitors deal very rarely with the unique challenges that it presents.

No fixed completion

When you buy a used home, you can expect to get a fixed date for completion at exchange of contracts. This date is binding on all parties involved and financial penalties can accrue if the deadline is not met. In new build transactions, completion is not set at exchange and in fact, could be at any point in the future, from a few months to years.  Once the developer finishes building the house, they issue a Notice to Complete. This usually gives the buyer only ten days to complete and is contractually binding. In this time the mortgage offer has to be drawn down, snagging checks have to be made and an agreement drawn up to repair defects. It is a race against time, with big financial penalties for missing completion.

Evidently, the purchase of a new build property comes with completely different conveyancing challenges to the purchase of a used home. It is vital that you choose a conveyancing solicitor that is experienced in new build homes so that the whole process moves forward in a smooth and risk free manner, leaving you free to enjoy living in your beautiful new home.

What our clients say

Great value for money. Everything went smoothly and I was very pleased with the service provided
Rachel Whitfield
Rachel Whitfield
20:59 12 Oct 18
Excellent! Very responsive, and really helped to push the purchase. There were unexpected delays during the process, but Anthony really helped to reassure me that he was doing everything he could to progress the sale. Ultimately, it all worked out in the end, and I would highly recommend! I would also recommend for auction purposes.
Sean Stevens
Sean Stevens
09:14 21 May 18
Very happy customer. Understanding of our needs and recommended a really fantastic solicitor.
Jack Hearne
Jack Hearne
17:49 12 Oct 18
I have just completed the purchase of my flat with them. They were recommend by the estates agents Phillip Arnold and they were fantastic. My case was handled by Milena who was really helpful and always available on the phone. The online system is also really easy to use. If I buy or sell a property I will definitely be using them again.
Sharon Kelly
Sharon Kelly
18:27 20 Dec 17
I used this service following a recommendation. The online case tracker worked really well. I would recommend this service as it's vital in the coordination between Estate Agencies and between Solicitors. The service proved invaluable in helping progress the conveyancing work efficiently and effectively. Completed the transaction just before Christmas having instructed the Solicitors on the 4th.
Shelly Harrill
Shelly Harrill
16:30 19 Dec 17
Excellent Service. Final Price same as quoted.
A Google User
A Google User
14:26 19 Dec 18
Have used them twice. Both times completion happened in less than 4 weeks, even over Xmas! Totally amazing. They take the stress out of the whole process.
Daniel West
Daniel West
13:04 21 Dec 18
Excellent Service. Final Price same as quoted
Parsa Khamooshi
Parsa Khamooshi
15:54 21 Dec 18
Being a first time buyer they guided me smoothly through the whole process of moving into my first home. Very professional and economical.
Uday Seth
Uday Seth
12:31 24 Dec 18
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
James Ellis
James Ellis
11:43 30 Apr 19
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
Michelle Preston
Michelle Preston
12:20 30 Apr 19
ThanksThanks for handling my sale and purchase. No complaints from me. Rebecca was regularly on hand to help with my queries and deal with issues.
Claire Miles
Claire Miles
17:48 07 May 19
I bought my first home in South London with Express Conveyancing . Great professional service, I was regularly updated and looked after. Top marks, 100% recommendation from me!
Dale Griffiths
Dale Griffiths
15:58 02 May 19
Good service and happy with the conveyancer
Chris Jenkins
Chris Jenkins
22:01 17 May 19
Great service from start to finish. Was great being able to see progress online! Very quick and efficient! All staff were helpful. Highly recommend
Reece Moseley
Reece Moseley
06:20 30 May 19
I would highly recommend them. They deal with any queries promptly and efficiently. Would definitely use them again.
Sahar Dalini
Sahar Dalini
09:13 10 Jun 19
Fair prices good efficient service
Sue Batchelor
Sue Batchelor
18:46 01 Jun 19

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