– Department is headed by Mr Sreekumar Narayanan
Our team is highly experienced in new build cases. Our aim is to ensure your new build purchase is smooth, so you can enjoy your new home worry-free. To this end, we meticulously review contracts and plans, conduct searches, and ensure that mortgage terms are met. Everything that requires minute attention is given special scrutiny. This includes contracts, planning permissions, building regulations, and other legal details.
Apart from all this, we also assist with post-purchase matters. This includes registering the property and ensuring that Stamp Duty Land Tax is paid on time.
Purchasing a new build property involves several key steps and considerations. Here is a general overview of the process:
- Instruct a Solicitor: Engage a solicitor who specialises in conveyancing to guide you through the legal aspects of the purchase.
- Reservation: Pay a reservation fee to the developer to secure the property, which takes it off the market while legal work is conducted.
- Draft Contract: The developer’s solicitor will prepare a draft contract and send a contract pack to your solicitor. This includes details of the property, the agreed price, and any conditions of sale.
- Review of Documents: Your solicitor will review all documents, including the draft contract and plot plan, and raise any necessary enquiries with the developer’s solicitor.
- Searches and Enquiries: Conduct various searches, such as local authority and environmental searches, to uncover any potential issues with the property.
- Mortgage Offer: If financing through a mortgage, obtain a mortgage offer from your lender. Your solicitor will review this offer to ensure it aligns with your needs.
- Exchange of Contracts: Once all searches and enquiries are complete, and you are satisfied with the solicitor’s report, you can exchange contracts. This involves paying a deposit and making the agreement legally binding.
- Completion: Completion occurs once the property is built and ready for occupation. The developer must provide the necessary certificates and confirm that planning obligations are met. On completion, the balance of the purchase price is paid, and you become the legal owner.
- Post-Completion: Your solicitor will register your ownership with the Land Registry and pay any due Stamp Duty Land Tax.
Key Considerations
- Building Warranty: Ensure a building warranty is in place, providing protection against structural defects for a specified period, typically 10 years.
- Long Stop Date: This is a contractual date by which the developer must complete the property. If not met, you may have the right to terminate the contract and receive a deposit refund.
- Searches: Conduct essential searches, including local authority, water and drainage, environmental, and any area-specific searches.
- Enquiries: Raise enquiries about planning permission, building regulations approval, completion certificates, and any restrictive covenants.
- Each new build purchase is unique, and additional steps or variations may be necessary depending on the specifics of the property and transaction. It is crucial to have a competent solicitor to navigate the process and address any issues that arise.
Why Choose Us?
In-depth knowledge of building warranties and regulations.
Expertise in new build purchases and all associated steps.
Thorough contract and document review.