New Build Property
Buying a new build property can be attractive to buyers because:
- You may be able to specify certain features and finishes to make the home bespoke to you;
- It will often have energy efficient systems using new technology;
- Developers will often offer incentives such as cash back or an agreement to pay for carpets and curtains up to a certain value;
- It will usually have a 10 year guarantee;
- It has never been lived in before;
- The estate may even include new amenities such as shops, play areas or even a medical practice or school.
There are numerous considerations for buyers of new homes and these can be complicated so getting proper legal advice is important before committing to a purchase. For those buying with a mortgage, the lender will want to be sure that they have adequate security before releasing mortgage funds and they will require a specialist property lawyer to report to them.
Where an estate has shared spaces or private roads the developer will usually set up a management company to organise the maintenance of these. Buyers will almost certainly be required to make regular payments to the management company to cover these costs and the sales contract and transfer deed may contain provisions about this.
Developers often enter into formal agreements with authorities responsible for planning, highways and sewers and drainage and if the developer does not comply with its obligations, then homeowners could be left with a liability.
There may be restrictive covenants that pre-date the development or that are introduced by the developer but proper advice about these is always important because they may affect what you can and cannot do.
It is also important to check whether your home has been built in accordance with approved plans and that the boundaries of your property are the same on the ground as they are on the plans as well as checking carefully that there has been final building regulations compliance and any necessary inspection and sign off by any insurer that underwrites your new home guarantee.
Often you will be required to exchange contracts on a purchase without having a definite completion date because the developer has not finished building your home. Again, it is important to properly understand the implications of this.
Our specialist property lawyers are experienced in checking all of these things and more, in order to properly advise you in your new home purchase.
Your property transaction is safe in our hands.