New-build market has made a comeback in recent years due to the Help to Buy Schemes that are widely available.
Buying off-plan has its own unique challenges. It has its advantages. It can be cheaper to secure a successful new-build before it is finished and it usually allows buyers to have a say in design features, fixtures and fittings.
But on the other hand, there are also significant risks that you should be aware of. You have to make sure that you research your development properly, i.e the developer is reputable and has insurance in place so that if they go bust you will be able to get back your deposit. We shall make sure that we check the paperwork and advise you as to all these aspects. You have to also make sure that you are clued up about the time line of the project so you can plan your finances and when to move in. Bear in mind that you may also have extras to pay such as carpets, light fittings or turf for your garden.
If your property is going to be a part of a wider development, you need to find out when the other homes will be finished otherwise you risk living in a building site for the first few years. You will have the right to withdraw from a purchase and receive a full refund of the deposit you paid if completion date is unreasonably delayed.
Instructing a solicitor who understands how new-build contracts work and has experience in dealing with planning permission implementation and road and drainage adoption is a distinct advantage in achieving a smooth, stress-free transaction.
The majority of house builders give the buyer only 4 weeks from reserving the property in which to achieve an exchange of contracts, and it is imperative that this time-scale imposed by the house builder is adhered to, otherwise you may be at risk of losing your reservation fee and house.
In a buoyant market, house builders can be particularly ruthless and therefore a major part of this process is instructing a good solicitor who understands the complexities of purchasing a new-build property and the deadlines that are involved, and who can work with the house builder to achieve a successful outcome.
To reduce the chances of losing the property, buyers should instruct solicitors as soon as the property is reserved, and mortgage enquiries should be submitted quickly. Legend Solicitors has the experience and ability to handle new build purchase matters in a quick and efficient manner.