The legal side of buying a new build home is more complex than any other type of conveyancing. … This means that finding a good conveyancing solicitor to oversee the purchase of your new build property is essential.
What does a solicitor do when buying a new build house?
- Check planning building regulations approvals.
- Ensure that the property has access to gas, electricity, water and drainage.
- Check for any restrictive covenants.
- Establish if the property is leasehold or freehold.
- Conduct local authority searches.
- Check the conditions of your formal mortgage offer.
Do you need a conveyancer for a new build?
As soon as you have an offer accepted on a new build home, you need to immediately instruct a conveyancer and get your mortgage in place.
What should I ask when buying a new build?
10 questions you should be asking your new build developer
- 1 – What else have you built? …
- 2 – What do I get with my new build home? …
- 3 – What is included with the new home warranty? …
- 4 – Freehold or Leasehold? …
- 5 – How many other properties have been sold? …
- 6 – What help is available for purchasing our new build home?
Should I use the Builders solicitor?
You can be sure that whichever solicitor you do elect to act for your new-build purchase, they will be regulated. As always, solicitors will act in their Client’s best interest. However, working regularly with the same developers means panel solicitors build a good relationship with their legal team.
Why do solicitors charge more for a new build?
That’s because the potential for something to go wrong is much higher with a new build purchase – issues like non compliance with planning regulations, failure to arrange NHBC inspections, incomplete agreements for roads and sewers, failure to plan for the future maintenance of common parts of a development and so on …
What happens when you reserve a new build?
Once you’ve reserved your home, you’ll need to secure your mortgage. If you already have a mortgage-in-principle (and you’re happy to proceed with the same lender) go back to the lender to secure a formal mortgage offer. You’ll need to have your mortgage application accepted before you can proceed to the next step.
How long does a new build take to build?
The average amount of time to build a new construction house is about 7.7 months, according to data from the U.S. Census Bureau’s 2018 Survey of Construction. That includes about one month for building authorization and permits, followed by 6.7 months of actual construction, ending with the final walk through.
How long is the process of buying a new build?
It can take roughly seven weeks from when an offer to buy is accepted until the exchange of contracts. And it can take another couple of weeks from exchange of contracts to legal completion. This stage can be easier if you’re buying a new home, as you don’t need to rely on a chain of buyers or sellers.
Do you have to do searches on a new build?
Solicitor searches are necessary so that you can find out if there are any issues you need to be aware of before you take ownership of your new home. They are also required by lenders, who will want to be certain that there’s nothing which could affect the property’s value before they offer you a mortgage.
Will new build house prices drop?
Just like a new car, a new build house will depreciate in price the minute you turn the key in the door. Even in a rising property market you may not get your money back if you have to sell within a year or two.
Are all new builds leasehold?
According to the Land Registry, leasehold properties made up 43% of all UK new-build registrations in 2015, compared to only 22% in 1996; whilst an astonishing 90% of London’s new-builds are found to be leasehold.
How long does it take for a new build house to be built UK?
Although there are many variables, you should typically expect the build to take around one year, with an additional year prior to that for research and pre-planning.
Can a builder insist you use their mortgage broker?
Although it is completely legal for the estate agent to recommend that you use their in-house mortgage adviser, it is illegal for them to insist that you use them.
Who are bellway solicitors?
“Susan Mawson and IBB Solicitors provide Bellway Homes with commercially astute and technically expert advice on residential development matters. The team can handle complex acquisitions and disposals of residential and mixed-use development sites and has a proven track record with Bellway Homes.