Investing in a new build property differs from buying a typical house. In addition to getting an energy performance certificate your solicitor should discover these information concerning the land before the sale goes ahead:
Access – you will require a good right of use of the property and you shouldn’t have to pay for extra towards road maintenance. Normally an agreement is formed between the website developer and the neighborhood authority (under s.38 Highways Act 1980). Under this agreement the website developer is responsible for the upkeep of the estate roads’until they become adopted (maintained by public funds). The developer will normally sign up for insurance against your agreement.
Planning permission – your solicitor will check that planning permission has been received for the property and discover if any conditions have been attached to the grant. If the permission is accompanied by conditions (as they often are) you must check that the developer has abided by these.
Building regulations – building regulation consents need to be obtained by the developer for the property. Building regulations provide a set of standards for the construction industry to adhere to regarding the utilization of certain materials and the methods employed. New Apartments Spain The neighborhood authority comes with an unlimited retrospective time frame to enforce building regulations and there may be hefty fines involved if the consents weren’t obtained.
What else is required ahead of the exchange of contracts?
Your conveyancing solicitor will draft a contract of sale for you. The contract should contain provisions that make sure that the property is completed to the agreed standard by completion. An example of something that is normally agreed upon between the parties is easement and covenant rights for the property. You must attempt to be sure that these rights incorporate; a right of access, a right of way, a to sewerage, water and drainage and a right of usage over-all pipes and cables for utilities.
While not within the contract, these agreements ought to be obtained typically to protect purchasers of new builds. These could be particularly relevant if buying home off-plan:
Structural guarantees – a structural guarantee ought to be written by the developer and/or his building contractors. Which means that if unfortunately the property suffers structural problems, you are able to seek compensation. A structural defect does not merely cover the external composition, but also internal problems such as bad plasterwork and decoration.
New building insurance – such as the NHBC Buildmark scheme. Insurance like this will cover any problems the property has for up to 10 years.
It can be advisable where possible to acquire a certificate of approval from a specialist supervisor present on site (such since the architect); this individual should have the ability to guarantee the property’s structural quality.
Given the differences in purchasing newly built property, it is specially important that whenever choosing your conveyancing solicitors, you pick solicitors who’ve particular specialist connection with buying new build property.