How Can Our Conveyancing Solicitors Help?
The legal process of buying a new build property is different and often more complicated than an existing property.
Usually, when buying a new build property, your offer is accepted by the builder before the property is structurally complete.
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 .
The Four Key Stages of Buying a New Build Home
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.
Why choose Banner Jones Family Law Solicitors?
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 .
An investor has pulled out causing our chain to collapse, what can we do?
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
At what point in the process is it legally binding?
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
How long are local searches valid for?
A local authority search completed for a house purchase is valid for 3 months.
How long does the conveyancing process take on average?
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
What happens if we can’t produce certificates for work we’ve had done on the house we’re selling?
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
What is Stamp Duty and how much will I have to pay?
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
What is the difference between Joint Tenants and Tenants in Common?
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).