New Build Solicitors

Typically, new build transactions will have deadlines (i.e. to exchange within 28 days of reservation) and so they are dealt with as quickly as possible. It is possible to complete the transaction within a couple of weeks in cases where, for example, there is no chain, the property is already ‘build complete’, and we receive all the necessary information and documents in a timely manner. Sometimes there are unforeseen circumstances which mean transactions are delayed, possibly for a couple of months, usually due to issues in the chain or leasehold sale requirements. It is hard to give an exact time frame; however, we will be sure to update you throughout the process, and the site office should be available to provide you with specific build updates at any point.

To calculate your Stamp Duty payable on your purchase, please visit the following link: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

As standard, the deposit requested at the point of exchange is 10% of the purchase price less your reservation fee; however, in some situations, the developer may agree to lower deposits. It would be beneficial to discuss or mention this first at the point of reservation, but we can also discuss this prior to exchange as necessary.

Incentives offered by the developer will be deducted from your balance due at the point of completion, so you effectively pay less rather than having any money transferred from the developer to you. The deposit noted in my mortgage offer is different/larger to the deposit you have asked for at the point of exchange – why is this different? The deposit amount referred to in your mortgage offer relates to the entire amount of funds being put towards your purchase by you, aside from your mortgage. The deposit that we ask for prior to exchange of contracts (the contractual deposit) relates to 10% of your purchase price, less your reservation fee.

All lender requirements vary slightly, and we may have to report certain points to them to ensure they are happy, i.e. incentives or gifts. This is not uncommon and is not something you should be concerned about. Any special conditions of your lender will be laid out in your offer.

Each developer will have slightly different requirements when it comes to needing consent for various things. Some examples of things you may need consent for are: Pets Sheds/summerhouses

A local search gathers information from the local authority to provide you with important information about your property and the surrounding area. It typically includes information on planning permissions, building regulations, conservation areas, tree preservation orders, proposed developments and enforcement notices.

An environmental search provides information about any potential environmental risks that could affect your property. It typically includes information on contaminated land, flood risk, radon gas and ground stability, amongst other issues.

The lead time for searches varies depending on which search is ordered and the demand that our search providers are experiencing. When we get to the point of ordering searches, we will be able to provide a more accurate time scale, but a rough estimate is 1 – 10 days.

The developer is responsible for insuring the property until the point of completion. After this point, it is your responsibility and is a requirement of your lender (if you have a mortgage). At completion, we will require evidence that this is in place when you have a lender and cannot complete without it. If you are purchasing a leasehold property, insurance will be the responsibility of the landlord.

Snagging will not delay your completion in any way. Upon checking the property before completion, you can compile a list and request confirmation from the developer when these will be dealt with. In addition, if you notice any snagging issues with your property once you have completed it, you can compile a list and liaise with the site/customer care team, who will arrange for these to be fixed accordingly.