Even the smoothest of property transactions requires careful compliance with the conveyancing process in which ownership of a property is legally transferred from one owner to another. At Bray & Bray our property law experts are here to make sure your needs as a buyer are met at every step of the process. Thorough conveyancing conducted by experienced professionals is a must for any property purchase. However, it’s important to remember there are often extra issues involved in buying a new build property.
Choosing your conveyancing solicitor
All licensed solicitors are qualified to carry out conveyancing, but this is by no means a guarantee that this is an area they specialise in. At Bray & Bray, all of our conveyancers are qualified solicitors, legal executives or licensed conveyancers, accredited under the Law Society Conveyancing Scheme.
Choosing a conveyancing solicitor you feel comfortable working with is crucial in any house purchase to act as a trusted intermediary between you, the seller and your mortgage lender. The conveyancing process will involve the following:
- Checking contracts for accuracy and issues
- Dealing with the Land Registry
- Arranging for the collection and transferring of funds
- Carrying out the necessary checks for debts and bankruptcy
- Dealing with the payment of any stamp duty to Revenue & Customs
- (Arranging) to check for structural problems like subsidence
- Dealing with the formal mortgage offer
These are important issues for all properties, but if you are considering buying a unique, old or listed building, it’s especially important to engage the services of a conveyancer you trust to do a thorough job.
Many new build developers strongly push their own solicitors onto prospective buyers. Why? Because they are always keen to get the sale through as quickly as possible and using their own chosen conveyancing firm will help with this. Clearly, being represented by a conveyancing solicitor who is primarily acting in the interests of the developer is never a good position to be in as a buyer. At Bray & Bray our specialist new build conveyancers use their expertise to act in the interests of you and you alone as they negotiate the often complex conveyancing process for a new build home. These added issues can include the following:
- Dealing with the conveyancing process for a property that is not yet built or complete
- Organising and reporting on Local Authority searches and other relevant checks
- Checking the road and drainage adoption process has been correctly adhered to, to prevent future problems, for example in relation to access
- Checking the National House Building Council (NHBC) insurance to ensure you are covered against potential future issues including structural damage, which will be a condition of getting your mortgage
- Preparing and submitting the application to the Land Registry to register ownership and informing the mortgage company of this
- Registering ownership with NHBC and sending you the certificate
Timing it right
After the initial euphoria of having an offer for the property you want accepted, conveyancing is the red-tape part of the process where you have to sit tight and wait for the legalities to be worked through before contracts are exchanged. While the process, by its nature can be laborious, it’s important to make sure everything is in place before the sale is legally binding. At Bray & Bray, we leave no stone unturned when it comes to crossing the t’s and dotting the i’s when it comes to issues including the following:
- Signing of the contract
- Acquiring your signed mortgage deed
- Ensuring you have any contract deposit in place
- Agreeing a completion date
- Ensuring your buildings insurance is placed on risk from exchange of contracts
- Dealing with any specific issues relating to a leasehold property
- Making sure any mortgage conditions have been adhered to
- Checking how many days’ notice the lender needs to release funds
- Gaining your authority as buyer to set a completion and exchange of contracts date
- Dealing with any issues arising from a chain in the buying process
Although each step requires time and attention, we will move forward in the most expedient way possible to make sure there are no unnecessary delays. Also, we are available to discuss the process with you whenever you feel the need to check in with us.
Again, the process is different when you are buying direct from a developer. The standard process is once you are under offer, the developer will reserve your chosen property for you for 4 weeks for a non-refundable fee, while you instruct your solicitor and arrange your mortgage. The flexibility of the reservation period will vary according to how buoyant the market is in the area you’re buying in. However, when a deadline has been set, it’s crucial to work with a conveyancer who will work through all the issues in a timely way so you don’t end up losing your deposit.
Due to the vagaries of the weather and the availability of building supplies, there are often delays in the completion of a new home, which can have implications for mortgage offers which may expire during the waiting period, so it’s important to check the offer can be extended. When the property is ready, the developer will give written notice and from here, completion must take place within the time period stated in the contract which is usually as little as 10 working days. At Bray & Bray, we use our expertise to achieve builders’ tight exchange deadlines while ensuring the proper final building inspections have been carried out and snagging lists produced.
Part Exchange and Assisted Move
Part exchange and assisted move schemes are often marketed as an easy and stress-free option for buyers looking to move into their dream home. However, as with all property purchases, this process is not without its potential complications. If you are considering a scheme of this kind as an option, the conveyancing team at Bray & Bray can give you specialist advice.
For friendly, jargon-free advice on all aspects of the conveyancing process, please contact one of the property law specialists at Bray & Bray:
Leicester call us on 0116 254 8871
Hinckley call us on 01455 639 900
Market Harborough call us on 01858 467 181