The new build conveyancing process can be different to buying an older home and is likely to be more complex. You will often have to commit to the purchase before the building work is completed, and if you are purchasing “off-plan” then you may well have only seen a computer-generated image of the property that you are purchasing.
You will usually be expected to put down a reservation deposit with the developer, and the developer usually requires an exchange of contracts within 28 days of receipt of the contracts. This can sometimes be challenging, especially if you have a related sale and there is a chain involved.
Buying a new build can be a quick but intense process, and you will need to immediately instruct a conveyancer and have your mortgage offer in place. Deadlines can sometimes be extended but you may find that the developer will offer a financial incentive to meeting the agreed timescales.
Our experienced Residential Property team have acted in property purchases from a wide range of developers across the region and have extensive knowledge of dealing with new build properties and the processes, requirements and strict timeframes involved.
If you are looking to buy a new build property, please call us on 02476 632121 to discuss this further or click below to obtain a conveyancing quote online.