New Build Property Solicitors

Kingsfords’ new build conveyancing solicitors provide full assistance throughout your journey. We will review and verify the property contract to ensure all necessary details are included and that everything is in your best interests. We maintain timely communication with the developers throughout. Our conveyancers will handle the exchange of contracts and assist in the transfer of funds leading to completion.

The new build conveyancing process broadly involves the following steps:

• Contract Review: They carefully examine the developer's contracts, which can be more intricate with new builds.
• Property Searches: It will be necessary to carry out essential property searches in the local area to highlight any potential issues that could impact the property's value.
• Liaising with the Developers  Solicitors: To meet all paperwork and deadline requirements.
• Explain what covenants and/or restrictions are on your property and if you will be expected to contribute funds to a management company if your new home is on an estate.
• New Build Warranty: They ensure the property includes the necessary new build warranty, guarding against future structural issues.
• Registration: Finally, after the sale is complete, your conveyancer will carry out the Inland Revenue stamping and registration of the property on your behalf  with the Land Registry.

The timeline for new build property conveyancing usually spans 8 to 12 weeks, if the New Build is actually built and ready to occupy. The duration may differ based on the specific property and any potential complications that arise during the process. Your conveyancer will stay in touch with you throughout the process to ensure a smooth and timely completion.

It is highly recommended to instruct solicitors for new build homes. Conveyancers handle the paperwork and legal jargon involved in the buying process. Mortgage lenders often require a specialist lawyer selected from their ‘Panel’ to conduct the conveyancing on behalf of the buyer, to ensure a smooth and legally compliant transaction. Having a conveyancer offers valuable expertise and guidance, ensuring that the purchase process is well-managed and protects the buyer's interests. Kingsfords Solicitors is on most if not all mainstream lenders panels.

First, you will reserve the property by paying a non-refundable fee, typically between £500 and £2,000. Then, you will instruct your solicitor. The solicitor will conduct checks and searches, usually completed within 28 days from the reservation date.

The exchange of contracts deposit is a payment made by the buyer to the developer or builder at the point of exchanging signed contracts. This deposit is typically a percentage of the total property price, commonly around 5% or 10%. It is important to ensure that the property developers are registered with a warranty provider. This will protect your 10% deposit from penalties should you decide to withdraw from the sale due to unreasonable delays.

The deposit is paid to the developers as "agent", so the developer has this to spend, which is why it is important to ensure all paperwork and guaranties are in place to protect you in the rare event the developer defaults.

Once all checks related to the buying new build process successfully completed and contracts are exchanged, your conveyancer will transfer the deposit to the seller's solicitor, finalising the exchange, if the property is not finished to purchase the new build property. Completion will then be on 7 or 14 days-notice.

The exchange of contracts is the point at which both you and the seller sign the contract, making the agreement legally binding. At this stage, you will usually pay a deposit, and both parties commit to the sale. Completion, on the other hand, is the date when you finalise the full payment, and the property becomes officially yours â€â€ you receive the keys to your new home, and the purchase process is complete, save for stamping, registration and any post-completion requirements your solicitors will continue with.

In most cases, new build conveyancing is relatively straightforward. However, if you encounter problems with your new build, it may be necessary to escalate the issue. In such cases, you could potentially pursue compensation for related issues, including for negligence or substandard workmanship from the parties responsible for constructing your home.

It is important to consider potential delays that may be outside of your control, such as extreme weather conditions and shortages of building materials, which may impact the construction timeline or affect your mortgage offer and it’s expiry date. Developers are often not responsible for matters beyond their control.