The Conveyancing Process for Newly Built Properties – Part 2
This is the second part of a two-part article. If you have not checked out or read the first part, read it first before proceeding to this one.
In the first part, we talked about the first four stages of conveyancing a new build. It may seem overwhelming at this point, but we can assure you that it is faster than you might think.
5. Exchanging of Contracts
This is the step where you can finally take a breath because the property is guaranteed to be yours.
The completion date would still depend on the developer, and you may have to wait depending on the timeline of the development.
6. Working with the Handover Team
Once the house is built you will be asked to inspect the house and make a snag list. You can do this yourself and/or ask a professional to also check for you. This is where you are looking for any snags or problems that you can find. There will usually be a short time frame for you to report back to the developer i.e. 1 week.
You should be looking for snags like quality of finish, creaking floors, dripping taps, marks on windows, plumbing working correctly, electrics working correctly etc.
Make sure to check the contract. Some developers may mention these certain things as minor and that they are not obligated to fix these things.
7. Moving In
The completion date is when the property has been fully built along with any agreed furnishings. This is also considered the date when you can officially move in and do any house modifications or customisations as you please.
Remember that not all developers will be able to provide a specific date of completion. Some properties may take longer than others, especially if there may be any incidents, repairs needed to be done, delays in payment and more. Even if the developer is going to give a completion date, foresee possible delays.
In case of delays, you may want to talk to your mortgage company. They may have specific policies on delayed properties, and you will want to give them a heads up to avoid any more issues moving forward.
The conveyancing process for new builds may seem a little more complex than previously owned properties. However, it can be faster and less problematic. You are not in a chain which can complicate the conveyance process.
If you want to compare conveyancing fees, Conveyancing Supermarket is the best platform to use. We help you search for the best conveyancer options in England and Wales. It is time you get your dream home by working with us today!