It is common knowledge that there is a significant shortfall of housing (especially Affordable Housing) in England and Wales. The Government’s solution to this problem (although debatable) has been in more recent years, to encourage house builders (both small and larger PLC’s) to bring to market large scale New Build Property Schemes which has naturally increased the number of New Build Property transactions that our panel solicitors have been instructed on.
With a view to assisting all our prospective buyers or individuals who are considering purchasing a New Build Property, we have outlined the usual process that must be followed in almost all New Build Property conveyancing matters.
Although the result of purchasing a property in most cases is the same; be it you are looking to buy an existing property using a traditional Estate Agent or a New Build Property directly from a Developer; the conveyancing process itself varies significantly. Although most buyers become complacent with the ‘property’ given it is brand-new, there are a set of unique challenges that affect the conveyancing process given the number of variables, which must be carefully assessed and resolved where necessary by an experienced New Build Conveyancing Solicitor.
Please contact our New Build Conveyancing Team on 0800 799 9892 should you have any questions or require advice prior to reserving your property.
Which Conveyancing Solicitor should you use?
As we have briefly touched earlier on this note, New Build Conveyancing is far more complicated than purchasing a traditional, currently occupied property. Various factors such as defective leases, defective and onerous covenants, planning and building regulation compliance etc need to be considered and addressed. This is one of the reasons why legal costs associated with New Build Conveyancing are more expensive than a similar transaction, purchasing an existing property.
Since the contract, when prepared, is almost always in favour of the Developer, a good Conveyancer will be able to negotiate favourable terms on behalf of the buyer (or at least level the playing field). Contractual negotiations include deposit protection, how the deposits will be held and utilised by the developer between exchange and completion etc.
You will also find that the Developers, their Solicitors and Sales Team will be posing a lot of pressure on you as the buyer to effect the Exchange of Contracts as soon as possible. Given that most developers have one or two recommended Panel Solicitors, it is sometimes possible that these Solicitors have pre-arranged/pre-agreed bundles of Contract Reports etc which, although perfectly legal, act as blanket templates which might not detail plot specific issues that affect you. It is therefore always advisable and recommended that you use an independent solicitor who will look at these contract documents with fresh eyes. After all, you are free to instruct any firm you choose to as stipulated by the SRA guidelines and Developers cannot make the sale of their property, conditional on the basis of using their recommended Solicitor.
Contact our team of expert New Build Conveyancing Solicitors who are well versed in transactions
concluding in 28 days or less on 0800 799 9892