The government has revealed an ambitious plan to build 200,000 new homes in an effort to alleviate the housing crisis. Plans involve building new garden villages and towns, each of which will have between 1,500 and 10,000 new homes.
There is also a plan for many more starter homes to be built, with first-time buyers to receive at least a 20% discount below market value. This will be welcome news for those struggling to get on the property ladder, and hopefully make the step up to the first rung of that ladder much easier.
However, while you might expect the process of moving from into a brand-new home to be simple, the process is very different to that of an existing property, and often much more complex.
Conveyancing of New Build properties
When buying a new build, the actual property you plan to purchase may not even be built yet but you can commit to a purchase based on the appearance of a show home. This is what is known as buying ‘off-plan’.
The process then moves quite fast in terms of the conveyancing for new builds. When the time is right for you to put in an offer on a home, the developer will require a reservation fee before anything else happens. More often than not, this is non-refundable. You should also ensure that you have a mortgage offer in place before committing to pay the reservation fee because it can take a long time to come through and might risk delaying the process.
Once these costs have been paid you will have limited time to exchange contracts – usually about 4 weeks. Therefore, you should have researched conveyancers who are experienced in new builds as you will want to instruct them as soon as you have paid the reservation fee. For Conveyancing Solicitors Manchester, visit a site like Sam Conveyancing.
Unfortunately, the developer can be strict when it comes to deadlines for the exchange of contracts, especially if there is a lot of interest in the property. If this is not met, then you risk losing your prospective home and your booking deposit.
While the early stages of the conveyancing for new builds can happen at a fast pace, waiting for a completion date from builders can often take much longer. The time between exchanging contracts and moving in could be months, even years!
The conveyancers acting for the developers will provide your Conveyancing Solicitors Manchester with everything they need to see when the property is ready. After which, completion must occur within a specified period, usually two weeks.
Due to tight deadlines and the complexity of conveyancing for newly built homes, it is essential that you pick a conveyancer who has strong experience in this field. A team of expert conveyancing solicitors will have lots of collective experience in this particular area and be committed to providing a smooth and stress-free service.