Purchasing a newly built property can be a daunting prospect. Buyers are often asked to exchange contracts before the house is even built. Most developers adopt a slightly different procedure to the purchase of an existing house and will require the buyer to commit to the purchase by exchanging contracts within a month of formally reserving the house.
The legal documentation which has to be checked by the buyer’s solicitor is also more complex.
This will include:
• Making sure planning permission and building regulations approval is correct and all conditions have been complied with
• Checking what structural warranty is being offered – NHBC, Architects certificates and whether the Mortgage provider will accept this
• Who will own and maintain the estate roads
• Whether the documents for the sewers, drains and water supply are correct
• That you have all the rights you need for access and maintenance of the house in the future
• What restrictions are being imposed on you and are these fair, or will they cause a problem when you sell the house
• What was the previous use of the site and have the builders cleared up any contamination
All the documents have to be considered promptly otherwise the deadlines required by the builders will not be met and you may lose the house.
In the recent Budget, the Chancellor announced a new “Help to Buy” scheme starting 1st April 2013 for buyers of new build properties up to £600,000.
Specialist help is needed for new build buyers and at QualitySolicitors Parkinson Wright we have the expertise to guide you through the process in a clear and straightforward way.
For more information please contact:
- Evesham Office: Faye Green on 01386 761176 or via email fxg@parkinsonwright.co.uk
- Worcester Office: Jean Newton on 01905 721600 or via email jn@parkinson Wright.co.uk
- Droitwich Office: Lynn Green on 01905 775533 or via email lxg@parkinsonwright.co.uk