Purchasing a New-Build property off planWritten by homebuy1
Purchasing a New Build property? Homebuyers and Investors may have to exchange contracts before the property is built.
Developers release off plan properties
Developers release off-plan properties for buy to let Investors and Homebuyers. They may purchase a property off plan with a view to exchanging contracts before build complete. This is often required to be within 28 days of the purchase offer being accepted by the developer.
For this reason a fast exchange brings certainty to the developer and as such they can accept offers for the property below the asking price. They may also provide in addition white goods and flooring. The buyer negotiates to get the best deal based on a fast completion.
Buyers should be aware on what is included in their purchase and to what standard. If possible it is worth visiting the show home and taking photographs so that you can be sure that your property is to the same standard when you are ready to complete.
New Build Conveyancing Solicitor
It is very important that you instruct a Conveyancer that understands what is required to get your property exchanged within the set time period. If it is going to be later then advise your developer of the achievable date. Hopefully the new date will be acceptable. Check this, as you may lose the purchase if you fail to exchange by the imposed deadline.
Instruct your New-Build Conveyancer as soon as you reserve the property. Before you reserve your property you should have a Mortgage Lender in place. Check if you need to use a Conveyancer on their approved panel of Conveyancers. You can filter your conveyancing quotes by Mortgage Lender using our Lender conveyancing quote tool.
Check when your mortgage offer expires. You maybe able to extend the offer. Ask your lender the process that you should adopt if your completion is sometime off.
Once your developer advises that the property is complete you may have to get to completion by a specified time. Check this out before you sign the reservation. Make a diary note.
The Mortgage Lender will want to do a final inspection before monies are released to your Conveyancing Solicitor.
Tight deadline need a proactive Conveyancer. Use our conveyancing price comparison service to filter for New Build Conveyancers.
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