Step One: The Reservation Process
If you are buying off plan then you will need to pay a reservation fee to secure your chosen plot. You will receive a reservation agreement at this stage which outlines exactly what you are buying and what's included in your house. It is also wise at this stage to have a mortgage in principle secured so that you have the finance in place for when the house is ready.
Step Two: Instruct a Solicitor to Complete the Conveyancing
When you purchase a new build property, you will usually have a limited period of 28 days to exchange contracts. Choosing a solicitor who already has knowledge of the development site will help you to achieve this often tight deadline. You will now need to secure you formal morgage offer so that the money is ready to be transferred on completion.
Step Three: Exchange of Contracts
As part of the conveyancing process, contracts are exhanged between you and the seller, which is usually the developer in this instance. At this point you may be able to access the house to complete a snagging list. This gives the developer chance to fix these items before you move in.
Step Four: Completion Date
This is the date when monies are transferred and you receive the keys to your new home.
For more information read our guide.
A guide to buying a new build home
Timing is Crucial with a New Build
At Banner Jones, we understand that owning your new home is deadline driven. You'll have a dedicated and proactive member of the conveyancing team to handle your matter and we'll keep you informed every step of the way.
For more information on purchasing a new build property, speak to our team of residential conveyancing specialists. They are more than happy to help. Call or complete the contact form below.