FAQs New Build
What is Conveyancing?
Conveyancing is the transfer of the legal title of a property from one person to another.
Is New Build Conveyancing Different from that of an older property?
Yes. When buying from a builder there are often tight deadlines to exchange (usually 28 days). We need to ensure that the Builder has obtained and complied with Building Regulation Approval, Planning Permissions and NHBC or similar New Build Warranty. In addition we must ensure that the relevant rights of way have been entered into and that there are adoption agreements drawn up in respect of the Roads and Sewers.
How long do Searches take?
This is out of the Control of your solicitor but on average searches take between 10 and 14 days. It is therefore important to pay your search fees at the earliest possible stage.
What are disbursements?
These are sums of money paid by us to third parties. For example, the Land Registry will charge a fee for registering your ownership and a search company will charge a fee in respect of conducting searches on your behalf.
What is Exchange of Contracts?
This is the point when a Sale and Purchase becomes legally binding. This often involves a telephone call between the Buyer and Sellers solicitors to confirm the terms of the Contract and to agree either a fixed legal completion date, or that completion will take place once the appropriate notice has been served.
At this point, a deposit is paid by the Purchaser, and in the event that they withdraw after this stage the deposit is forfeited.
When will Completion take place?
This largely depends on when the property is built. Often, with a New Build property you will be expected to Exchange contracts at the earliest possible opportunity and completion will then take place at a later date once the property has been signed off as structurally complete by NHBC (or similar warranty provider).