Once you have had an offer accepted on the property you wish to purchase, the estate agent with ask for details of your conveyancing solicitor so it is always best to instruct us as soon as possible. It is our responsibility to undertake all the legal aspects involved in making your purchase.
Once we are instructed and have received all the necessary information from the sellers estate agents, we will then liaise with the sellers solicitors, conduct local searches, land registry searches, advise you of any stamp duty involved and review your mortgage agreement as well as the final contract. Once contracts have been exchanged, then you are legally bound to purchase the property.
As the buyer’s solicitors, we need to ensure that you obtain a good title so that it can be sold or re-mortgaged without any hassle in the future. We will act in your best interest and yours alone. Any concerns we may have regarding the property or the contract, we will discuss with you in depth and help you find a solution.
Typically a straight forward sale should be completed within four to six week. Sometimes, when there is no chain in the process, this can significantly speed the purchase. A chain is when you may need to sell a property in order to purchase one.
Once everything is in place, contracts have been exchanged and you are happy to proceed, we can then agree a completion date with the other side and on this date you will receive the keys to your new property and become a proud owner of a new home.
Call us now for a full quote if you are thinking of purchasing a property on 0161 249 5087.
Purchasing a New Build Property
When purchasing a new build home, buyers often have to commit to buying a house before it has actually been built. The buyer will have been shown the plot of where the house will be and a show home as an example of what it would look like when finished.
Once you choose a property you would like to purchase, you often have to pay a reservation fee to the property developer and they will then ask that you instruct a solicitor as soon as possible so that a contract can be exchanged within their specified timescale, this is usually around 4 weeks. If you fail to exchange contracts in that period, then you may lose your reservation fee.
This is because developers like to secure buyers as soon as possible so they can plan and fund the remaining construction of the property. One thing to be bear in mind is that completion can sometimes be delayed by factors which are not in either parties control, such as consistently poor weather. This is why property developers can only give you a rough idea of when your house may be ready. When built, the developer will give the buyer written notice and in the contract, it will state another specified time frame in which completion has to take place, usually 10 days is allowed. In this time, your mortgage lender will also want a final inspection of the property to give the builders time to rectify any faults or defects, before releasing funds in time for completion.
With all the strict deadlines property developers impose and the high pressure involved, instructing a solicitor who understands how the new build conveyancing process works is essential. Not only will you need someone who has dealt with many new build conveyancing cases, but you will also need someone who acts in your best interest especially since developers can be quite insistent to push for an exchange and secure the sale.
Versus Law will do our utmost best to ensure that any worries you have from reserving your plot to completing on your purchase are eliminated. We will strive to ensure you are at ease during what can be a stressful period.
We will liaise with all those involved, meet the strictest of deadlines and ensure that the developers stick to their timeframe on completing construction of the property.
Give us a call now if you are thinking of purchasing a new build property on 0161 249 5087 and speak to a member of our highly skilled conveyancing department now.
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