The purchase of a new build property is more complex, and often has more time pressures than the purchase an existing property. You will often be committing to purchasing the property before it is built, i.e., ‘off plan’ and as such you only have an expected completion date.
Should you decide to purchase a new build property there are important matters to think about;
- The builder will usually expect you to exchange contacts within 28 days of the reservation of the property, failing which you may lose your reservation deposit and the property can be offered to another purchaser.
- If you are purchasing with the benefit of a mortgage, you will need the offer in place before exchange. Where a property is not build complete on exchange often the mortgage offer will expire before the property is ready meaning that you will need to request an extension to the offer, or put a new offer in place. A lender will not guarantee either of these options will be agreed at the time of exchange.
- The legal paperwork received from the builders solicitors will be extensive and will include planning and building control documentation and new home warranty provider cover.
Due to issues such as the above, it is crucial that your chosen solicitor understands and is experienced in the complexities of buying a new build property to include the need to comply with the deadlines often involved.
Here at Butcher & Barlow we have extensive experience in dealing with new build matters and have over the years acted for countless buyers of new build properties as well as setting up developments for builders (or individuals) wishing to sell new build properties.
You may be considering part exchanging your current property with the builder, which adds another layer of complexity, which the experienced team here at Butcher & Barlow are fully equipped to deal with. Please ring your local office to discuss your requirements and receive a quotation as to our fees for acting for you.
For more information about purchasing a property and the potential costs, see our page on House Purchases.