There are generally two camps for new builds – those who absolutely love the idea of purchasing a new build and those who are terrified of the prospect of purchasing a new build property. You could call new builds the Marmite of the housing market.
Are you in the pro-new build camp and are tempted to buy a new build home? Is the lure of help to buy too good to pass-up? Maybe the stress free part-exchange route to deal with your existing property is the appeal, or could it be you are excited to have a say in the specification?
Or are you a new build hater? Have you heard horror stories of problems that arise with buying a new build home? Maybe you have seen news articles about delayed completions or don’t understand when buildings regulations sign-off is. Perhaps for you the pressure of a quick exchange is simply too overwhelming.
It doesn’t have to be this way…
Barnes and partners have a designated department to deal with your new build purchase and part-exchange sale or sale on the open market. Our new build department is equipped and ready to work quickly to achieve the timescales afforded by developers.
Want to ensure you are prepared and know what to expect for a new build transaction? Here is our checklist for a smooth running new build purchase:
Your solicitor must keep in regular contact with the developer and advise them of the current position. When it comes to a potential delay this is something that would be preempted with regular updates.
Completion For Off Plan Buying
In relation to completion and potential delays that come with the nature of buying off-plan, this is something we advise on from the outset. It is so important to check with the broker about the extendibility of the mortgage offer, have a Plan B in the event there are delays and ensure you are always prepared.
Long Stop Date
As a foundational rule of conveyancing we of course advise our clients properly on the purchase contract they are entering into, but we also make sure your new build contract has a long stop date so there is a get-out in the event that the delays become unwarranted – this affords protection during a difficult time.
You must look for advice on the warranty that you will be receiving on completion. We offer this and even guide you to the specific providers’ website where you can learn all about the cover and its benefits.
Purchasing a new build can be a great opportunity for those looking to purchase for the first time through a help to buy scheme or an individual wanting to have a say in their homes’ final finishes. There are many appeals of purchasing a new build and the purpose of this blog is to make it known that with a good solicitor you can ensure the whole process is smooth. What’s more, a solicitor with an understanding and personal approach can make the journey a whole lot more enjoyable.