New Build Solicitor Fees
There are many advantages to buying a new build property. You can get great incentives from the development. These can include such things as, furniture packs, discounts or even offering to pay the new build solicitor fees. As well as the incentives on offer there are a number of other reason you should consider this type of property. With it you can be certain that it meets the high standards. This will be in regards to the energy efficiency and countless others to meet the 10 year warranty standards.
We are all working harder than before which is why buying a new property is so appealing. The reason begin is you can choose the design and decoration. The developer will then carry out the work so that it meets your exact specification. All of this is included in the price or through good negotiation.
Developers are very picky as to where about they build. They make sure that all of the things that customers want are on the door step. These include good schools, doctors and local amenities. With the large developments, they will even build these for the residence that buy here.
New Build Conveyancing
There are countless advantages of new verses old houses. When it comes to the legal side of buying, developments come out on top again. That is because there are no chains involved in the transaction. You are buying straight from the developer. That makes new build conveyancing a whole lot easier and stops the chance of any delays.
Off Plan Properties
There is one draw back when you purchase a property that is on a development which is not yet complete. The problem is that you will be expected to exchange contracts before the property has been finished. Once the exchange has happen it means that the contract is now legally binding. So if once the property is completed and you did not like it, you would not be able to pull out. The exception to the rule is if it has not been finished to an acceptable legal standard. This would have to go to court in order to resolve it. That would take a very long time and would cost a lot of money.
All property developers ask clients to exchange contact fast. Most will push the purchaser to exchange within four weeks of reservation. This puts pressure on the conveyancer to act as quickly as they can. This is so that everything can be sorted out within this timeframe. A large number of firms charge more to convey this type of property due to that fact.
The main area which can have complications is if you are taking out a mortgage. Virtually all offers from lenders for mortgages have a limited term time. In general the tend to be valid for a maximum of 6 months. Completion dates are not set in stone for developments and can hit snags which delay it from completing. If after exchange has happened and completion takes longer than the mortgage validity, you may need to reapply to the lender. This will mean that the mortgage conveyancing process has to start all over again.
One way to avoid problems is for your solicitor to add into the contact a long-stop date. This means that if it does not complete within a set timescale, you are able to pull out of the sale. This will be without any penalties or costs occurred. It does mean though that you will not be purchasing it any longer. This would have costs you money and time wasted and you will have to start all over again.
As these properties are more complex in nature the new build solicitors fees are slightly higher. With this types of transactions it is important that you use a conveyancing company that offers no sale, no fee guarantee along with fixed fee rates.