5 Steps to New Build and Help to Buy
Buying a newly built property is quite different from buying an existing property, particularly if you are buying "off plan". We take a proactive approach with Developers, who often require exchange of contracts within 28 days. With our expertise in this area, we are able to guide you through your purchase and liaise with the developer and site office to ensure we achieve a successful outcome for you.
We are experienced in the Government's Help to Buy scheme and can take you through this process with ease.
We can also assist you if you have a related sale or you are part-exchanging your existing property with the developer. Please contact us to find out more.
We have set out below the main steps of the process with some guidance to help make your purchase as easy as possible:
1. Initial steps / instructions
- Let us know as soon as your offer is accepted and provide us with your contact details as soon as possible.
- We will send you a request for information, together with the costs involved.
- If you are buying with a mortgage, speak to your lender or financial advisor so that your mortgage is processed quickly.
- Let us know as soon as possible if you have agreed extras or incentives with Developers.
2. Papers received / our report
- We will let you know as soon as we receive papers from the Developer's solicitors.
- We submit all the necessary searches on your behalf.
- A comprehensive report on the title to the property is prepared for you, and we can address any questions you may have.
- Once you are happy to proceed we will arrange for you to sign the contract in readiness for exchange of contracts.
- Help to Buy requirements satisfied if applicable.
3. Exchange of contracts
- Once we have reported to you, received your mortgage offer and addressed any issues you may have, we will set up an exchange of contracts.
- On "Exchange" the contract will become binding.
- If the building work has not yet been completed the moving date will be left open and will take place once we receive notice from the Developer that the property is ready for you to move in.
- Prior to completion we will request any mortgage advance and will send you a financial statement detailing the balance we need from you.
- On the moving day we will transfer the funds to.
5. Recent Experience
- Acting for overseas clients purchasing their new build property in time for the deadline for exchange of contracts so they could relocate to the UK
- Assisting clients purchasing investment properties and completing within 3 weeks to beat the stamp duty change deadline
- Advising first time buyers regarding their new build property using the Help to Buy Equity Loan as well as the new Help to Buy ISA
- Great feedback and praise received from clients buying a new build property and also selling their existing home under great pressure from the developer and chain.