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Buying a new-build home brings with it a unique set of challenges – so making the right decision from the start, such as appointing experienced solicitors, can save you considerable stress and expense.
Young’s Law work with developers nationally and our expert team has helped thousands of buyers purchase a new-build home throughout the country.
Buying a new home has many benefits, including:
- Many people like the fact that they will be the first to live in the property.
- There will be fewer repairs and decoration costs in the first few years.
- You might be able to choose fixtures and fittings to personalise your home.
- They usually come with guarantees, including NHBC’s 10-year warranty, or similar.
- Due to modern building requirements, new-build properties tend to be very energy efficient, reducing bills.
- New-builds tend to be highly energy efficient, so you can make significant savings on your energy bills.
- As they are brand new, the homebuying process can completed much quicker than normal.
Below are six easy steps for Youngs Law clients buying a new-build home.
You reserve the property.
You will usually expect to put down a non-returnable reservation fee between £500 and £2000. The reservation agreement will describe, among other things:
- Your reservation deposit.
- Details of the property being purchased.
- Deadlines, such as an expected exchange date.
- Other features of the agreement such as discounts, fixtures, part exchanges etc.
Instruct a conveyancing solicitor.
Choose a specialist new build conveyancing solicitor, experienced in working on new build purchases, such as Youngs Law.
Youngs Law carries out the conveyancing checks.
This is usually a quick and intensive process to meet the developer’s exchange deadlines.
You pay the deposit.
This is usually 10% of the purchase price.
We exchange of contracts.
At this stage you are committing to buying the property.
Completion takes place.
This is the date when we will transfer the funds and you become the legal owner of the home.
Access to schemes that help you buy one such as:
Shared Ownership where you buy a share of a property, with as little as a 5% deposit of the value of the share, from a housing association.
Deposit Unlock which helps you buy a home with a 5% deposit, from a developer.
Why Choose Youngs?
Youngs Law have a team dedicated to working with you when buying a new build property and pride ourselves in processing your transaction in a smoothly and in timely fashion. Our experience of new build properties allows us to work with developers nationally to achieve a smooth and timely transaction.
We will carry out all the necessary legal checks and paperwork whilst communicating with you so that you are kept informed at all stages of the process.
We are proud to hold Law Society Legal Excellence and Law Society Conveyancing Quality Scheme accreditation.
National New Build Conveyancing
Youngs Law have five offices nationwide so can help you wherever your location. Though nowadays you do not need to visit a solicitor when buying or selling a home, if you want to visit us our offices are in Havant, Southampton, Liverpool, Stoke-on-Trent and Newcastle-under-Lyme.
- Other Property Services
- Buying a property (freehold & leasehold)
- Selling a property (freehold & leasehold)
- Shared ownership
- Right to Buy
- Right to Acquire
- Transfer of equity
- Lease extensions
- Buy to let
For more information about conveyancing, you can read our blog – everything you need to know about conveyancing
Chartered Legal Executive – Havant
Conveyancing Executive – Havant
Solicitor – Stoke-On-Trent
Solicitor | Newbuild Team- Southampton
What is residential conveyancing?
Residential conveyancing is the term used for the legal process in which a house is bought or sold. The term residential simply refers to the fact that the property that is involved in the transaction is for living in and not a commercial transaction, such as buying a shop or building used to business.
How long does it take?
The time it takes for the process to complete will vary from property to property. There can be complications that arise which may mean more work is required but as a rough guideline you should expect the process to take somewhere between 8 and 2 weeks.
What is a "chain"?
A chain is the term used when there is a line of people wanting to buy but are waiting on the completion of their sale or the sale of the house they’re buying to move.
This leads to a number of linked transactions, each dependent on the other, and exchange of contracts must take place simultaneously in all transactions (usually with the completion dates also being synchronised).
What does exchange mean?
Exchange refers to the exchanging of contracts. Once exchange has taken place, usually by a conveyancer over the phone, the contract is legally binding and you cannot pull out of the transaction.
Up until that point, either party are free to withdraw from the deal.
How much deposit do I have to pay?
The industry norm is for a deposit is 10% of the purchase price. Sometimes buyers cannot find that amount and a lesser amount can be negotiated and you are also entitled to pay more than 10% if you have the money available and want to use a small loan amount or mortgage.
Often the deposit received on the sale is passed down the line of purchases (which in many instances will be less than 10%). It may be difficult to negotiate a deposit of less than 5%.
What is a survey?
A survey or home buyers report is a highly recommended part of any house purchase. Under English law you take the property as you find it and the survey will give you an overview into the property so you know that there are no issues and if issues are found, the price is often renegotiated.
Whilst some buyers are content to do that themselves or to have it looked over by a builder, in the majority of cases buyers arrange for properties to be inspected by a professional surveyor.