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Buying a new build property?

 

With builders and property developers starting to build once again you may be considering purchasing a “new build” property.  You may be buying off plan or the property may be built already.  Whatever the situation you will need your Solicitor to ensure you are suitably protected.

There are many aspects to a new build property but some of the more important ones to consider are: -

  1. Plans.  Check the builder’s plans for what you are buying and make sure he cannot materially deviate from the plans.  This would include both the actual layout of the property and the materials used.

  1. Incentives.  Most builders will offer various forms of incentives which can include paying for your Stamp Duty Land Tax, reductions in the price and part exchange.  Bear in mind however that if you are obtaining a mortgage for your purchase then your mortgage lender will have to approve the incentive given.

  1. Infrastructure.  Your Solicitor must ensure that the development has adequate provisions for the installation and future upkeep of all the roads, sewers, drains and other aspects of the development.  Any necessary rights of way will need to be looked at too. [for example a right to use the roads and pavements, pending their adoption by the Council].

  1. Covenants.  Covenants are obligations to either do or not do certain things.  New build properties will invariably be subject to covenants which may include for example an obligation to obtain the builder’s consent in the future for any proposed house alterations such as an extension or conservatory.

At Hodge Halsall LLP we are able to guide you through the purchasing process whether it be a new build or any other property, residential or commercial.  Please speak to one of our Property Solicitors, Paul Leadsom (tel. 01704 531991 paulleadsom@hhlegal.co.uk) for more details.