New Builds
Buying a new build home is exciting and we can help you with your purchase.
Developers impose tight deadlines and will often require you to exchange contracts before the property has been built.
New build transactions are more complex as there are a wider range of legal issues involved. It is therefore important that you instruct a solicitor who gives you clear advice and ensures that all obligations are complied with so that you can focus on your new home.
Our dedicated and experienced team have a proactive approach to new build purchases. Our expertise ensures that we are well equipped to handle the purchase of your brand new home.
New Build FAQs
What will Chris Stevenson Solicitors carry out in relation to new build Property?
- Ensure that planning permission and building regulation consent has been granted and that any conditions either have already been or will be complied with at the various stages of the property/estate development;
- Ensure relevant rights are granted in respect of new roads, sewers, drainage and rights of way;
- Consider any restrictions on the Property’s use;
- Ensure that the Property will benefit from a new build warranty (commonly NHBC);
- Obtain and review any necessary searches;
- Provide you with a full report of the property being purchased prior to completion.
How does exchange of contracts of new build property work?
Chris Stevenson Solicitors will review all documentation relating to the Property and provide you with a full report. Once you approve the report, you will be required to sign the contract and transfer your deposit, which is ordinarily 10% of the purchase price. Following exchange of contracts on notice, Chris Stevenson Solicitors will transfer this amount to the developer’s solicitors.
What is exchange of contracts ‘on notice’?
The developer will ordinarily require you to exchange contracts ‘on notice’ whilst the Property is still in construction. This means that you exchange without a set date for completion. Once the Property is ready to be occupied and the property has been signed off by building control, the developers solicitor will serve notice. This notice usually states that completion must then be within 10 working days’.
What happens after completion?
Following completion, Chris Stevenson Solicitors will submit payment of stamp duty (if applicable to the property) and submit an application to the Land Registry to register the new owner. Your new build warranty will then be activated.
If you would like more information in relation to buying new build property, please do not hesitate to contact our team on 01302 341243 or enquiries@chris-stevenson.co.uk.
Selling a house?
If you have accepted an offer on your property you should notify the Estate Agent of our involvement. The estate agent will then contact us to confirm your sale.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the buyer’s Solicitors that you have instructed us so that we can get your house sold.
We will send you a Property Information Form to complete which provides the purchaser with information about the property.
We will send you a Fittings and Contents Form for you to complete so that you can decide what stays and what goes.
We shall prepare the Contract and deal with any enquiries raised by the Buyers.
Each transaction is of course different and depends on whether you are part of a chain.
A usual transaction involving a mortgage will take approximately 8-12 weeks. We will do all that we can to complete a transaction as quickly as possible so we can get your house sold.
We shall agree a completion date with the Seller’s Solicitors.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts.
Once your sale completes any outstanding mortgage should be paid off.
Upon receipt of monies from the Buyers Solicitor the completion is effective and you have sold your house.
We will notify the Estate Agents of the completion and confirm the release of keys to the Buyers.
We shall arrange for your mortgage to be redeemed (paid off)
Any oustanding monies will then be paid to you by your preferred method.
Buying a house?
If your offer on a property has been accepted you should give the Estate Agent our contact details. They will then contact us confirming your purchase. If your purchase is a private purchase (no estate agent) then contact us directly so we can get you moving.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the Seller’s Solicitors that you have instructed us so that we can get you moving.
Each transaction is of course different and depends on whether you are part of a chain.
A simple transaction involving a mortgage will take approximately 6-10 weeks. We will do all that we can to get you moving as quickly as possible.
Searches give us details about issues that may affect your new home or the local area.
Where you are purchasing with a mortgage we are required to carry our pre-contract searches. The minimum searches we would recommend are Local Authority, Mining and Water/Draining searches.
The deposit amount that is agreed is payable on exchange of contracts.
Prior to exchange we shall report to you on our findings and request deposit monies. We shall also agree a completion date for you to move into your new home.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts so you can set your moving date.
We shall prepare your financial statement (completion statement) and advise if any additional monies are required from you in readiness for completion.
We shall request monies from the mortgage lender.