Ordinarily a buyer will have to complete their new build conveyancing transaction when the builders’ Solicitors inform the buyer’s conveyancing solicitors. Usually only 10-14 days notice is given depending on the original conveyancing contract.
Sometimes a difficulty arises if the buyer is relying upon the proceeds of sale of an existing property to purchase. Clearly, the buyer will want to tie in the sale with your purchase so that they happen on the same day. In most conveyancing transactions, a buyer will exchange contracts on a sale and will agree a contractual date upon which they will receive the money and hand over the keys. A buyer in a new build conveyancing transaction cannot do this if they don’t know the date when the builder will require the builder to complete.
If you are buying a new build property and have a related sale it is important to tell your purchasers that they will have to wait until the builders give you a definite date before you in turn can give them one and this will be after contracts have become binding on your sale and purchase.
Your conveyancing solicitor should sort this one out with the other lawyers but it is as well that you warn your buyers of the situation in advance. This problem does not arise if you are not relying on proceeds of sale or can sell and move out on a temporary basis until your new build conveyancing is complete.
This information is designed to assist you in your understanding of the legal work surrounding your new build conveyancing and is to be read in conjunction with advice given by the lawyers dealing with your new build conveyancing. If you have any queries in respect of any aspect of your new build conveyancing transaction please call.