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If you’re looking to buy a new home, whether that be through a shared ownership scheme or just a normal purchase, you need a solicitor who knows the process and the nuances that come with new homes.
We have a specialist new build & shared ownership team ready to help assist you with the conveyancing process and to get you into your new home as quickly and easily as possible. Our experienced team of new build conveyancers have a wealth of experience in dealing with new build properties and the shared ownership schemes, so you know you’re in good hands.
If you’d like to get a quote for your new home, you can start the quoting process below and have your price within minutes. Or you can call our dedicated new build team on 033 33 582 594.
New Build Conveyancing:
The legal process of buying a new home can often be more complex than other types of conveyancing and therefore having a solicitor who knows the process and has experience in dealing with new builds can save lots of time.
Youngs Law have a dedicated conveyancing team for new build and shared ownership properties with decades of experience in helping people to buy a new home. When dealing with new build properties, there can often be issues that cause serious complications, 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. These can cost you dearly if not done properly.
We aim to provide a bespoke and flexible service to ensure that your purchase is completed thoroughly and as smoothly as possible. It is not uncommon for property developers’ solicitors or sales teams to put pressure on you to complete, often when it is not the right time to do so. This is why having an independent solicitor is recommended. They’re not under any pressure to complete due to sales targets and will only go ahead with completion when they know everything is ready for you and any issues have been ironed out.
We know that moving home is important to you and we promise to do everything we can to make sure that you get the keys to your new property as quickly and easily as possible.
The New Build Conveyancing Process
The conveyancing process for new build homes will usually begin when your offer on the property has been accepted, although it is recommended to have a solicitor in mind when you place your offer so thing can get rolling straight away.
Securing your home
You may be required to pay a reservation fee on new build properties, this reservation fee will normally reserve the property for 28 days and it is expected that completion will happen within this time. This fee is usually refundable to the buyer upon exchange of contracts however if you do pull out of the move you will likely lose this fee, which could be anywhere from £500 to £2000.
Due to the timeframe only being 28 days, it is highly advised that you have your mortgage in principle agreed and your solicitor is aware that you have placed an offer on the property.
The Consumer Code for Homebuilders, a code of conduct for house builders and developers, says buyers should, after paying a reservation fee, receive a written agreement that sets out:
- the amount of the fee
- the purchase price of the home (including how long this remains valid)
- exactly what they are buying (for example, does the home come with parking?)
- when the reservation agreement will end
- any service charges or management fees the buyer will need to pay
- terms and conditions that will apply if the buyer fails to go through with the purchase during the reservation period
If you do no receive this from your developer, make sure you ask for one so that you know exactly where you stand.
After the agreement is reached
Once you have secured your home and paid the reservation fee it is time to get moving.
- Instruct your solicitor
Once the reservation fee has been paid, you should instruct your solicitor to start working on the property. If you have made them aware of your offer they may have started putting the first processes in place and get moving upon your instruction.
- Get your mortgage
You will likely have an agreement in principle for the house you are buying with your lender, now it’s time to finalise the agreement so that the money is ready to go. The mortgage lender will often arrange a surveyor to go to the property to make sure is there are no issues and the property meets the value for what is being agreed. If you’re buying off-plan, the valuation will be based on the plans and specification the developer has provided.
- Pay the deposit
Once you have your mortgage, things may calm down until the legal work is complete and you get close to completion. When this point comes, your solicitor will ask you to pay them your deposit to them, they will then transfer this onto the conveyancers solicitor on your behalf.
If the developer is registered with a warranty provider such as NHBC Buildmark or Premier Guarantee, your deposit will be protected up to a maximum of 10% of the purchase price. Not only does this cover you if the developer goes bust, but it allows you to withdraw from the purchase and claim a full refund without penalty if there are unreasonable delays in the construction process (i.e. if you still haven’t moved in six months after the long-stop date).
- Exchange contracts
Now the deposit has been paid you’re ready to exchange contracts. One you exchange you are not able to pull out of the purchase and the contract will become legally binding.
- Check your home
Once you have the keys, it is important to create a “snagging” list. This is simply walking around your new home and making a list of any issues you find so that the developer is aware. It is good to do this before moving in completely so no blame can be placed on you for issues that arise. It is often recommended that this takes place between exchange and completion, so that if there are any issues, the developer can fix them before you move in.
Our Conveyancing Service:
When you’re buying a new home, you want an expert taking care of the transaction. The process for new homes differs from residential conveyancing and having an experienced new build solicitor can help you reach a faster, smoother completion.
Our new build conveyancing services include:
- Reviewing and advising on the terms of the contract
- Checking the title and planning documents
- Carrying out local authority searches
- Dealing with the mortgage lender
- Handling the transfer of funds
- Registering you as the new owner of the property
Save time with our conveyancing app
Youngs Law have now introduced a mobile conveyancing app, to make your life easier when it comes to providing ID or signing documents. Our mobile application uses the latest technology to link our clients to their residential property case manager quickly and easily.
From with our app you can do all of the following:
- Provide ID by using your camera
- Scan documents such as payslips and proof of address
- Track the stages of your conveyancing case
- Contact your solicitor directly
- Receive notification about when your actions are required
- Sign any documents – removing the need for paper copies and postage
Why Choose Youngs?
Youngs Law have a dedicated team for new build and shared ownership properties. They pride themselves on ensuring that your matter goes through smoothly and in timely fashion. Their experience in new build and shared ownership properties allows them to work with developers and housing associations to get information and they are experts in the process. All of this means you get a tailored, expert service and the keys to your new home as soon as possible.
We will carry out all the necessary legal checks and paperwork and contact you only when required. We also know that communication between you and your conveyancer is extremely important in making sure things are done efficiently. With us, you will deal with the same solicitor from start to finish, so you only have to deal with someone who understands your case and is aware of the complications that you might be facing.
In addition to being qualified solicitors, we are proud to hold Law Society Legal Excellence and Law Society Conveyancing Quality Scheme accreditation so you can trust us to handle your affairs and take away the hassle of legal work involved in a property transaction.
Nationwide New Build Conveyancing
Youngs Law have 5 offices throughout the UK and can help you to move house no matter where in the country you’re living or moving. If you do wish to come in and speak with us our offices are based in Havant, Southampton, Liverpool, Stoke-on-Trent and Newcastle-under-Lyme.
Other Property Services
We can help you with:
- Buying a property (freehold & leasehold)
- Selling a property (freehold & leasehold)
- Transfer of equity
- Shared ownership
- Lease extensions
- Buy to let
- Right to buy scheme
For more information about conveyancing, you can read our blog – everything you need to know about conveyancing
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 a complete overview into all aspects on the property so you know that there are no issues and if issues are find, 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.