Whereas new build purchases come with the advantage of there having never been a previous owner, there are nevertheless many issues which need to be looked at as part of the buying process.
Often, most new builds benefit from some form of build warranty such as those issued by the National House Building Council (NHBC). It is still important though that all of the necessary planning and building regulation consents are in place and that you will never be required to complete the purchase unless the correct certifications relating to the build have been issued and you have the benefit of your new build warranty.
We have a wealth of experience in dealing with the purchase of new build properties from developers and will check the history of the development site to ensure that it will not have the potential to cause problems in the future – this is particularly important as it increasingly common for residential development to be carried out on former brownfield sites.
The document that will transfer the property to you as the first owner will contain details of the rights you will have over other parts of the estate and those to which you will be subject. We make sure that you understand these and the restrictive covenants which are nearly always imposed by builders and which may in some circumstances limit what you can and cannot do to your property.
It is increasingly common for modern estates to include green spaces or public areas. Sometimes there will even be a road network which is not intended to be managed and maintained by the local authority in the future, but which is to be looked after and maintained on a private basis by a management company of which the owners on the estate are compelled to be shareholders and members. In these circumstances, and in the case of new builds in general, it is important that you are fully advised of your potential obligations.
Our team can advise you on:
- New build warranties
- New build sales & purchases
- Planning and building regulations & consents
- Development site histories
- New build obligations, positive & restrictive covenants
- Management company requirements & formalities
- Stamp Duty Land Tax
- Land Registry formalities