Advice on New Home Warranties
Often when purchasing a new build property you will find that at the time that you exchange contracts, you will not be given a fixed legal completion date unlike a typical house purchase. Instead, completion will take place ‘on notice’. This means that at the time that you exchange contracts; the property is not fully built and ready for occupation. With builders having to rely on various factors such as supply of materials and weather conditions in order to finish construction of your property, no fixed completion date can be given.
When the property is structurally complete, and has been signed off by the warranty provider (NHBC or similar), the developer’s solicitor gives written notice to us and that completion must take place within the period specified in the contract, usually 10 working days. This allows time to finalise any outstanding matters including; you transferring any final balance owing, requesting your mortgage advance from your mortgage lender and submitting the necessary paperwork to Help to Buy in order to claim your government bonus.