One of the most frequent questions we hear from clients is: How quickly can a transaction be completed? This question is particularly significant for individuals purchasing newly built homes, as these transactions often involve unpredictable timelines and tight deadlines.
While we strive to meet deadlines and work as efficiently as possible, buying a newly built property is a complex process. The conveyancing process for new builds requires a deeper understanding of unique issues, making it more intricate than purchasing an existing home.
Protecting your interests
Our primary goal as your lawyer is to safeguard your interests and ensure every aspect of your transaction is handled with care. We’ll provide thorough advice on the risks, obligations, and ongoing responsibilities you may face as the owner of a newly built property.
As part of this process, we carefully review and guide you through complex contractual and development agreements. Additionally, we verify construction quality and ensure compliance with planning and building regulations. We also assess and explain any responsibilities you may have regarding the maintenance of communal areas within the development.
These steps aim to ensure your property is free from legal challenges, giving you complete peace of mind and security.
Key dates
Purchasing a new build often involves entering into a legally binding contract to buy a property that has not yet been constructed. Completion typically occurs when the developer confirms the property is ready for occupation—this is referred to as ‘completion on notice.’
Completion on notice can bring some uncertainty, as it requires specific provisions in the contract to prevent open-ended delays. Timeframes are included in the contract to provide structure, but these can sometimes allow developers up to a year or more before you have the option to withdraw and recover your deposit.
We will ensure you are fully informed of key dates and help you consider factors such as the potential expiration of your mortgage offer should delays occur.
Understanding additional costs
New build transactions often come with additional costs, such as management fees or service charges, to cover the upkeep of communal areas. These fees, which may apply to both leasehold and freehold properties, can be an ongoing expense that impacts your budget.
As your Lawyer, we will provide clear details of these costs, so you are fully aware of your financial commitments before proceeding.
Raising queries
It’s essential to address any questions or concerns regarding the information provided by your Lawyer before exchanging contracts. Open communication ensures that you fully understand your obligations and are confident in moving forward.
For further information on purchasing a new build property, please get in touch with Rebecca Harper at rsh@swinburnemaddison.co.uk or contact our conveyancing team on 0191 384 2441. Alternatively, you can request a quote using our online tool by clicking here.
