Buying a new build property?
May 2, 2023 11:13 am - Categorised in: EFN-News
Three things you need to know before buying a new build
Buying a house can be a complex process. Buying a new build property comes with its own set of challenges. Director and experienced residential property Solicitor Giles Tyas at Ellis-Fermor & Negus Solicitors shares three important things you should know:
You may need to pay a reservation deposit
The developer of the new build property will often ask for you to pay them a non-refundable reservation deposit when accepting your offer. This will secure your interest and remove the plot from the market. The payment shows that you are serious about buying the property. Generally it will be deducted from the total you pay either when exchanging contracts or on the day you move in. Therefore we would encourage all buyers to be certain about their decision before beginning the purchase process.
New build exchange timescales are often shorter than a traditional house purchase
Generally, the developer will set a deadline for exchanging contracts within a specific timeframe. This is often between four and six weeks and can vary depending on the developer’s requirements. Unforeseen complications often arise during the purchase process, but it is often possible for the deadline to be extended if your conveyancers can show they are dealing with any problems and actively working towards an exchange date. We advise you to choose an experienced conveyancer who understands the pressure of these timescales to deal with your purchase.
When will I be able to move into my new build home?
When you exchange contracts and commit to purchase the property, usually it will not have been physically built yet. Sometimes it can take some months before you receive confirmation that the developer has finished building the property. When exchanging contracts you will be given an anticipated timescale for completing the purchase. Typically, you will have 10 working days’ notice once the build is completed to request transfer of mortgage funds and get the keys to your new build home.
Our team of conveyancers are experienced in dealing with new build properties. We combine expertise with a proactive approach to help guide clients through the complex and often fast-paced process of buying a new build home.
If you wish to discuss buying a new build home in more detail, please get in touch with and we’ll be happy to assist you.
A version of this article was published online in Derbyshire Life.Back to News