Did you know The Law Practice UK Ltd have a specific and dedicated department ready to help you purchase a New Build property?
New Build homes are an exciting option whether you’re a first-time buyer or have a growing family. Developers generally hand pick areas close to good transport links, great schools and great local amenities.
Moving into a brand new home with no repairs or redecoration to do is an exciting thought and buyers can also select fixtures and fittings to tailor the interior of their new homes to their taste.
New Build properties also come with guarantees and warranties in most cases, so buyers have peace of mind.
Along with this the majority of developers also offer properties to buy under a number of government-backed schemes such as Help to Buy.
What are the downsides?
It’s important to choose a developer with a good reputation. Do your research. Some would say New Build homes lack character so if you are looking for original features a New Build property may not be for you.
If you purchase early on when the properties on site first become available you will most likely be moving into your new home whilst the building is going on around you still.
What is the process of purchasing a New Build?
The conveyancing process differs greatly from buying a residential property the standard way. The major difference is the timescales. This is why The Law Practice (UK) Ltd have a separate team for New Build so we can guarantee our clients a dedicated qualified legal team able to work to the developer’s times scales.
Below are a few of the most common questions we are asked by our clients:
1. How quickly can we complete?
Completion is set by the developer. Most developers work on a 21 to 28-day exchange and completion usually takes place within 6 – 12 months after this.
2. How much would you charge?
The new build legal fees at The Law Practice (UK) Limited start at £595 plus VAT with the standard disbursements such as ID checks and bank transfer fees on top. There are also variable supplements for Help To Buy schemes. For a quote click here.
3. Why do you need to check proof of funds?
Solicitors are required to comply with Money Laundering regulations. All law firms must do due diligence when it comes to tracing where deposit funds have come from. At present the minimum we will ask for are bank statements showing a build-up of funds for at least 3 months and an explanation as to how these funds were built up. If required, we may ask for more information. Be aware that if you are having a mortgage your lender will also want to know how the balance of the purchase price is being provided.
4. Would I have any issues getting a mortgage?
The first process of purchasing any property is to seek advice on a mortgage. This can be done directly with your Bank or Building Society or from a qualified mortgage broker/financial advisor. They will find the best deal available to you and issue an agreement in principle. You can then find the right property for you based on what you can borrow.
5. Why is there a need to verify a gifted donor?
As with the strict rules on Anti Money Laundering if someone is gifting the deposit in full or some aspect we must do our due diligence and trace these monies to the donor’s account.
The Law Practice (UK) Ltd can help with every aspect of your New Build purchase. Contact our fantastic New Build team today.