Purchasing a new build property is like purchasing any other home, except first you need to reserve a property with a developer. Your future home may well be already built, in the process of being built, or an ‘off plan’ plot within a development. After reserving your plot, or property, with a reservation fee, you will normally have 28 days within which to exchange contracts.
Once the exchange has taken place, you are legally committed to purchase the property. If you have exchanged on a property that has not been finished, you will exchange with completion ‘on notice’, which means the purchase process will take longer to complete. Once the property construction has been completed, notice will be served by the Developer’s conveyancer to us and completion of your home purchase will take place within approximately 5-10 working days.
Preferred Conveyancers
Whilst we may be one of the preferred conveyancers for several developers, we do not work for them. Each developer has their own conveyancer that deals with their involvement in the sale of a plot.
We are listed as a preferred conveyancer as the developer wants to do their utmost to ensure:
- you receive excellent customer service
- you use a conveyancer that has full knowledge of new build transactions, and
- that the exchange deadlines are met.
A developer’s preferred list details conveyancers they are confident can do this.
Purchasing ‘Off-Plan’
When you are purchasing a new build property, you may well end up purchasing ‘off-plan’. Purchasing a home in this way, means you will be purchasing a property that has not been built yet. Although this sounds quite risky, there are advantages to buying ‘off-plan’. You may find you can secure one of the best plots available in advance, be able to have a say on finishes and specifications of your home, as well as potentially receiving incentives towards the purchase.
The downside of purchasing a property ‘off-plan’ is that there might be delays with the build and your home may take longer to complete than expected. With mortgage offers being valid for fixed periods of time, you may need to reapply and secure a new mortgage during the purchase process.
The Process – Simplified
- Liaise with a mortgage broker and get an agreement in principle to ensure affordability.
- Reserve a property with the Developer.
- Receive a list of preferred conveyancers.
- Appoint a conveyancer.
- Developer’s conveyancer sends out Reservation Form.
- Developer’s conveyancer issues Contract.
- Mortgage offer issued (if required).
- Exchange within 28 days of the issue of contracts.
- Completion – this is either a fixed date or once notice is served.
Things to Know
- You need to exchange on your property usually within 28 days of the contract being issued, although this can be less
- If you miss the exchange deadline, the Developer can remarket the property
- A mortgage offer has a shelf life – you will need to renew your offer should this time lapse
Your questions answered…
New Build
What is completion?
The day you become the legal owner of your property and can collect your keys.
Why should I use a preferred conveyancer?
Most of the developers we work with are rated by their customer service. An element of the developer securing good feedback is the level of customer service a buyer receives from their conveyancer. It is therefore in the developer’s best interest to make sure the conveyancers on their preferred panel have excellent customer service, as well as the experience and ability to work well under pressure.
Being a preferred conveyancer, means we know the development, we’re regularly in contact with the developer’s conveyancer and can take you through the purchasing process with ease.
What does being a preferred conveyancer mean?
Along with other conveyancers, we’ve been chosen by developers due to our experience and our excellent customer service, as well as for being proactive and efficient. It’s important to developers to choose conveyancers for their panel that they are confident can meet the deadlines and timescales of buying a new build property.