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What do Shiells conveyancers say about buying and moving into a new build?
If you have an existing property to sell before you can move into your new home, then timing is everything! The first step is to establish the completion date, and then to put your property on the market at least 12 weeks prior to that date. If the build has been delayed, then of course we’ll have to take that into consideration.
A pre-sale valuation will prove invaluable in getting that timing right, which our team here at Shiells we be able to provide free of charge. Now let’s take a look at what the new-build-buying process looks like.
The first steps: reserving your property and submitting the missives
You will be required to sign a reservation form and pay a reservation fee to reserve your property. This ensures the builder cannot sell the property to anyone else during the reservation period (around two weeks).
During this time, the builder’s solicitor will send you the missives pertaining to the purchase, which comprise a binding contract between you and the builder. If everything stacks up and looks good, we will then submit the missives for your new build, provided the missives have been concluded on your current property.
Next come the valuation, the deposit and the conveyancing process
Why would you have a valuation carried out on a house that hasn’t been built yet, you might ask? Quite simply, because it’s important that you know you are getting good value for money on your purchase. Furthermore, your mortgage lender will need the valuation in order to process your mortgage application. We perform the valuation by weighing the build plans against comparable properties. The property can then be reinspected at the time of completion, if needed.
Once you are happy with how everything is looking, it’s time to pay the (non-returnable) deposit to secure the property, after which the conveyancing process kicks in: tying in the purchase of your new build with the sale of your current property.
Book a consultation with one of our property solicitors at Shiells by calling 01356 622171
You can also reach us by email or through the form below