Fridaysmove Conveyancing Solicitor, Irene Bonsu-Amoako, was delighted to be able to assist clients Mr & Mrs A on their purchase of a brand-new apartment at Crossmolina Buildings, a prestigious new development in a central location in the attractive Wiltshire town of Devizes.
The property was being offered on a 999-year lease, and had been marketed by local chartered surveyors Martin Walker of 3 Wine Street, Devizes, Wiltshire, SN10 1AP. Once the sale had been agreed and a holding deposit paid, they sent details to Irene and arranged for developers Conveyancing Solicitors Wansbroughs of Northgate House, Devizes, Wiltshire SN10 1JX, to issue the draft contract package.
As this was a newly-built property, the contract package included not only the draft contract and a copy of the Developer's freehold title but also a draft of the new lease, as well as copies of the local search which they had previously carried out, and copy of the planning consents and related documents. As a new lease was being granted, the package also included information about the future management of the building and projected service charges.
It may be difficult for buyers' Conveyancing Solicitors to carry out local searches on newly built properties. Searches are made by reference to property addresses, and it is difficult to search when a formal postal address has not been allocated. Therefore it is common practice for developers' Solicitors to make these searches and supply copies with the contract package.
Wansbroughs also supplied a general information sheet for lawyers, including details of completion and handover arrangements and other practical matters, so that it was not necessary to raise further enquiries.
Developers' Solicitors will invariably state that no amendments will be accepted to contract and lease documents, since all properties on the development should generally be sold on the same basis. However, Conveyancing Solictors acting for buyers must check that everything is in order. Especially for flats, the plans supplied by the developers should be checked to ensure that they properly show the area of the property being acquired and that they are in a satisfactory form for the land registry. Additional enquiries may be necessary, to cover any points not covered in the information supplied with the contract.
Newly built properties are usually sold with the benefit of a warranty, such as the ones issued by the NHBC. These give the buyers and subsequent owners various protection against building defects for the first ten years, and all mortgage lenders require that such warranties are obtained. Property Solicitors acting for buyers will check that the contract includes provision for such a warranty to be issued, and will deal with the necessary paperwork.
The pack issued by the developer's Solicitors was comprehensive, and having thoroughly checked all the documents and raising a few further questions, Irene was satisfied that everything was in order. She therefore compiled a comprehensive title report and emailed this to her clients, so that they could sign the purchase contract.
Where properties are still in the course of construction. buyers may be required to exchange purchase contracts without knowing when the building will be completed. If they are also selling a property and the developer will not do a part-exchange deal, they may have to take the chance on being able to sell once they have a building completion date.
In this case the apartment had already been substantially completed, and the developers were able to offer a fixed completion date as they only had to install final fittings and decorating to the buyers requirements. Irene was therefore able to proceed to exchange, and the purchase was completed on the agreed date without difficulty.
A Fridaysmove Conveyancing Solicitor will be happy to help you on the purchase of a new-build house or flat. For a quote or more information, contact us on 0330 650 0286.