You have found your dream home! Once you have reserved your new home and paid a reservation fee, developers usually impose a 4-6 week deadline to exchange contracts. In this short space of time there is a lot to be done! We will not only carry out searches against the individual plot but also need to check the entire development so that you know as much as possible about things like planning permission, road and sewer adoption and any management facilities. The points that need to be checked are extensive but very important as you will be the very first owner.
We will often provide a written report for your new build property and this will cover the main legal issues for you to consider. At this stage your house is quite often still being built so you won't have a fixed date for completion. It is important at this stage to check your mortgage offer will still be valid at the time when your new property is structurally complete as well as keeping an eye on the progress of your new home to ensure it meets the plans and specifications you were shown when you reserved it.
When we have concluded searches and enquiries we will ask you to pay your deposit. We will get your authority to exchange and create a legally binding contract. Exchange of contracts for a new build property is likely to be 'on notice' meaning you won't have a fixed date for completion. You are usually given an anticipated date for when the property is due to be structurally complete.
As soon as your new property is structurally complete the developers solicitors will serve a notice to complete. We then arrange a completion date and request your mortgage advance and final balance. On the day of completion we send the money to the developers solicitor. Once received, they will confirm completion has taken place and you can get the keys to your new home!