|Losing the plot|
New Build Properties
If you are planning on purchasing a newly built property the process will differ in a number of ways:
- you will normally be expected to pay a reservation fee of a few thousand pounds with the developer
- you will be expected to exchange contracts within set time usually 21-28 days
- if you do not exchange within the timescale you could lose some or all of your.reservation fee.
- you will be required to exchange contracts even if the developer has not completed the construction of the property and sometimes before construction has even started
- you may not see the finished product before committing to the purchase and may have to rely on a show home or flat.
- completion will not be on a fixed date
- completion will usually be 14 days after the property has been built which may be several months after exchange of contracts
- you will need to make sure your mortgage offer does not expire before the likely completion date.
- you should have the benefit of a guarantee for new properties from one of the recognised providers such as the National House building Council as protection against certain defects that arise in the property after completion.
We will provide you with full, clear and easy to follow reports to enable you to understand the paperwork behind the property that you are hoping to buy