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Buying a real estate property involves a lot of documents and insurance policies. As a homebuyer, you need to understand all these complexities. This article will mainly focus on indemnity insurance. By understanding what it is and what it is for, you might make better decisions throughout your conveyancing process. 

What Is Indemnity Insurance?

This insurance policy covers all legal costs and possible expenses for the insured party’s defence once needed. In line with property purchase, indemnity insurance protects the insured party for unexpected losses or damages in the property they purchase, with an assigned limit. 

It is a protection policy that homebuyers usually obtain during the conveyancing process, often recommended by the conveyancer. It typically covers minor issues that could become costly expenses later. As a buyer, you may pay for the policy as a one-off payment.

How Can Indemnity Insurance Protect You?

Let’s start with an example. 

Upon checking your newly purchased house, you might discover that the seller cannot provide you with the certifications you need for existing elements inside the house. Let us say your purchased home comes with an already installed boiler, but the seller cannot provide you with its installation certification. 

Supposedly, this certification should contain all the installation details to help you gauge the boiler’s quality at present. Given the situation, you can expect that the boiler would eventually become damaged and need repair or replacement, but you have no idea when exactly that might happen.

After years, you decide to sell the house. Here is where indemnity insurance takes place. When the new house buyer sues you for the not-working boiler, you are protected against any legal matters they raise. However, you should keep in mind that the insurance itself cannot be used to take care of the boiler’s replacement and repair. 

Sample Scenarios That You Can Get Indemnity Insurance Protection

Here are some instances wherein you can secure indemnity insurance for your protection:

You buy a property without a building regulation certificate. The local authority might pursue a claim against you as the new owner, but indemnity insurance can protect you. 

You purchased a property that was altered without planning permission. It could be a structure at risk, and indemnity insurance can protect you if there are indeed problems in the building.

The windows or doors installed in the house you purchase do not have the FENSA certification required in some locations. 

Suppose you are selling a home and cannot provide the necessary certificates. You can also get indemnity insurance to safeguard yourself. 

If your house crossed someone else’s land without the right of easement, indemnity insurance can also protect you. 

When your property is near a church, you might be liable should the church need repair in the future. Indemnity insurance can take care of the costs. 

Conclusion

Indemnity insurance is a one-time expense that can protect you against any significant future payments that you should not be liable for in the first place. As mentioned above, this insurance is usually recommended by competent conveyancers. If you want to get this type of policy, talk to your conveyancer or solicitor. 

Should you need a conveyancer in Manchester, Conveyancing Expert is here to help. We are your legal expert when it comes to concerns about house purchases. We will make sure that your property transaction is completed with expert legal advice and service. Get your free conveyancing quote today. 

Are you planning to purchase a property? Homebuyers might get a recommendation from their conveyancer to get indemnity insurance during the transaction process. This insurance policy aims to protect the homeowner should there be issues related to the property beyond their control. 

This article will discuss essential details you need to know if you decide to get indemnity insurance for the property you are eyeing.

On Coverage

Indemnity insurance provides protection to the persons who bought the property. When the homebuyer applies for a mortgage, it also protects the lender against any issue with said property. This protection also extends to their successors, should they plan to sell or give away the property in the future. 

In other words, the policy is attached to the property, which means that anyone who becomes its new owner automatically receives the protection. However, the new owner might need to pay for an additional premium if the house’s property value increases.

On Its Cost

Indemnity insurance is another separate expense besides the total cost of the house and land. There are also paperwork and processing to consider. If you plan to secure this policy, know that there is no one price for it. It all depends on what kind of protection you aim for and the total value of the property involved. Typically, the policy ranges from £20 to £300. It is also a one-off type of policy. 

On Who Should Pay for It

There has been a long debate about whether the seller or the new owner should pay for the insurance policy. The answer depends on what the parties negotiate. There are instances when the new owner might pay since they would benefit most from the situation, but there are also cases wherein the seller is responsible since they did not secure the policy before selling the house. If you are undecided, another option is to split the total fee between the two parties. 

On the Invalidity of the Indemnity Insurance 

Make sure that you read through the clauses of the policy before agreeing and signing to it. One of its clauses states that should the insured be responsible for revealing the problem to the third party. If this responsibility is violated, the insurance is null and void.  

For example, you know that your current house does not have the correct planning permission. To protect you from further problems, you secure yourself with indemnity insurance. But then later, you applied for retrospective permission, which is a subtle admission that the house needs correction, leading to the possible invalidation of your insurance. 

Conclusion

Indemnity insurance may be another expense for either the buyer or seller, but it provides protection for the family and future owners of the house. Once you and your conveyancer talk about it, do not hesitate to ask for further details of the concern. 

If you realise that the property issue cannot be fixed quickly, indemnity insurance is the best choice. Furthermore, should you proceed with acquiring this policy, make sure to arrange it with the best insurance provider.

Are you in need of a conveyancer in Manchester? Conveyancing Expert is your legal expert for concerns about transactions involving properties. We make sure that our client’s property transaction is completed with expert legal advice. Get your free conveyancing quote today. 

Finding a trusted conveyancing service is already hard enough as it is. This becomes even more difficult when it comes to online conveyancers. Now, this doesn’t mean that you shouldn’t utilize online conveyancing services. Online conveyancers can make things infinitely easier for you, as long as their services are up to par with regular conveyancers. 

Considering how important this choice is, you’ll want to be as thorough as possible when choosing an online conveyancer. To help you out with this, here are three questions you need to ask when picking an online conveyancing service.

Does This Online Conveyancer Have a Good Track Record?

Whether you opt to go for an online conveyancing service or one that works from a local office, it’s crucial that they have a good track record. This shouldn’t be too difficult to determine, as there is a slew of resources at your disposal. One of the best ways to gauge an online conveyancer is through customer reviews and testimonials. 

Through reviews and testimonials, you can reliably ascertain whether or not the online conveyancer provides high-quality services. Indeed, the experience of previous clients should be enough to inform you of the type of service that you can expect from your potential online conveyancing service. While good reviews don’t mean that you should automatically sign up for their services, bad reviews should serve as a red flag when it comes to the online conveyancers that you’ll want to avoid.

What Level of Support Do They Offer?

Support will be crucial as this may be difficult to do without face to face contact. You’ll want to look for a service that offers sufficient support, you will surely need help throughout the entire process. Be sure to work with an online conveyancer that is communicative and keep the lines of communication open for your concerns and questions about the entire process. For the most part, you probably won’t have issues when it comes to this as online conveyancers are typically more accessible. So much so that many of them can be contacted outside of normal office hours.

Will Utilizing an Online Conveyancer Save You Money?

Lastly, you’ll want to examine whether or not utilizing online conveyancing services will save you money. Many people opt for online conveyancing as they are usually more affordable than traditional conveyancing services. When examining the costs of the services, be sure to take note of any and all add ons. While the base costs may be more affordable, the add ons can push it over the edge to the point that it may actually cost you more. Be sure to compile a list of all the charges so you can make a proper comparison between traditonaling conveyancing services and online conveyancing services.  

Conclusion

We hope this article proves to be useful when it comes to helping you find the best online conveyancing service possible. This shouldn’t be too difficult as long as you are thorough when you gauge the quality of the services that an online condenser has to offer. If you have more questions, it would be best to direct them to your chosen online conveyancing service provider.

Conveyancing Expert is your local and online conveyancing solicitor based in Manchester. If you are looking for expert Solicitors for moving house drop us a line and let us see how we can help. To discuss any of the above or if you have any specific queries, please do not hesitate to contact us on 0161 794 7799.

When you are buying a property, you may encounter what is known as a restrictive covenant. This is a written binding condition included in a property’s deed or contract by a seller. This dictates what a homeowner can or cannot do with the property under specific circumstances. For instance, a restrictive covenant can prevent new owners from altering the architectural style of the building or keep them from building new structures on a specific part of the land. It could also state that the new owner cannot use the property for trade or other businesses. 

In this post, Conveyancing Expert, a trusted conveyancer in Manchester discusses all you need to know about restrictive covenants:

Why Are Restrictive Covenants Used?

In most cases, they are established to maintain certain standards for residents in a particular community. Housing developers usually add restrictive covenants to transfer deeds so that owners won’t do anything that could possibly affect the neighbourhood negatively or break from the desired “uniformity” of the area.

The restrictions in such cases are often minor, like the prohibition of installing satellite dishes, parking a boat or a caravan in front of the house, keeping livestock in the yard, painting the house a loud colour, or others. 

Land owners may also create restrictive covenants on the lands they are selling to protect their value and minimise damage. 

Are Restrictive Covenants Only Applicable to New Builds?

No. They can be placed even on older properties. Moreover, the age of the covenant won’t have any effects on its validity. There are cases, though, where really old covenants are accepted as unenforceable due to the fact that its original builder cannot be traced or because of ambiguous wordings that make it hard to apply. It may also be deemed void if the covenant is historically obsolete. 

How Will a Restrictive Covenant Affect You?

What you should know about restrictive covenant is that it is applicable to all future purchasers of the property and not just the first or original buyer. They call it “running with the land”. That’s why it is important for you as a buyer to discuss this with your conveyancing solicitor so they can examine the deeds to see if there are any covenants before you sign anything. Remember that once signed, you will already be accountable for any breaches that you incur. 

Additionally, you should check where the ‘benefit of the covenant’ is located and whether or not it has passed onto another person or company. This is because they will be responsible for the enforcement of the restriction and answering queries related to the covenant. 

As a buyer, you should also determine if the property’s value will be affected in the future due to the provisions of a covenant. There are cases in which mortgage lenders refuse to approve loans on properties where a covenant is determined to potentially affect their saleability in the future. In such cases, you can contact the successor in title and current vendor and tell them that you cannot proceed due to the covenant. It’s possible for them to remove the restriction, especially if it’s evident that the covenant is going to affect their ability to sell the property, too. 

Conclusion

These are just some of the basics that you need to understand about restrictive covenants. As you can see it can be one of the factors that can make purchasing a property more complicated, and definitely among the reasons you need quality conveyancing services. A seasoned conveyancer can review deeds to determine if there are any covenants that you should be aware of and give you advice regarding the best steps that you should take. 

If you need a reliable conveyancer in Manchester, trust only Conveyancing Expert. We can make the process of buying a property smooth and hassle-free for you. Contact our team to get a quote today!

Moving may be a difficult process for both buyers and sellers. To ensure that the process is smooth and efficient, here are some things you need to keep in mind and include in your checklist.

Find a Trustworthy Conveyancer or Solicitor

Whether you are a buyer or a seller, you need a conveyancer or solicitor that you can trust to help you with the legal procedures of property transfer. This process requires a lot of time, so find a conveyancer or solicitor as early as possible.

If you are a seller, the solicitor will help with anti-money laundering checks for both you and the buyer. To go over the legal process smoothly, make sure to comply with any paperwork necessary.

Survey the Property

Both buyers and sellers need to do a complete perimeter sweep of the property to make sure everything is in place. For buyers, you need to make sure your new home is stable and well-structured. Should any problems arise, you have the chance to know early on and even opt out of the sale. 

For sellers, you have to ensure that you know all the details about the property. Should the buyers or solicitors have any questions, make sure you can answer them. Complete a property information form for full transparency. That way, the buyer is informed of any issues they may need to fix.

Have the Necessary Paperwork Ready 

To ensure smooth transactions, both parties must have the necessary paperwork completed and filed as early as possible. Estate agents must disclose all the information the buyer needs to make an informed decision.

If you are buying with a mortgage, you will also need paperwork to let your broker know specific details about the property.

Sort Out Your Mortgage (For Buyers) 

It is vital for buyers to take care of their mortgage before the purchase is complete. If possible, this should be one of the first things you do when you are heavily considering a sale. 

Sorting out your mortgage will take quite some time. You have to consult your lender before making an offer for the property. As soon as everything is taken care of, you will have a better understanding of your spending process. This should make your financial decisions clearer.

Follow Safety Measures to Protect Sensitive Information

When buying or selling a house, you will have to work with a number of people to complete the transaction. To ensure that both sides are protected, you need to find people you can trust. 

For your protection, make sure your solicitors, lenders, brokers and lawyers have your best interests at heart. Before sending any sensitive information, secure communication channels and follow security precautions as well.

Conclusion

Moving houses is not as simple as making a sale on a standard product. There are a lot of processes involved and sensitive information to be exchanged. You need to make sure that you have everything in order to make the experience as stress-free as possible.

If you’re looking for a reliable conveyancer in Manchester, you can trust a Conveyancing Expert. We provide consultancy for everything you need before the big move. Consult with us now, and we’ll help take care of everything.

Buying your home for the first time is a significant milestone. It’s exciting and opens up a whole new set of responsibilities to prepare for, including moving house. It’s something you may have done before, but the experience is still different when you’re moving to your own home. 

Even if you’re doing it for the nth time, it also pays to be prepared before a house move. Even seasoned house movers know that they can’t just wing it when it comes to moving house. They must be as prepared as possible to ensure that the move goes on without a hitch. 

For those buying their first home or those who have moved before but want to learn some new techniques, we’ve put up a list of our top pointers for moving houses:

1.Make a List of Your Top Priorities

List down the furniture and essential pieces of your home that need to be prioritised during the move. Include all beds, living room couch, closet, and the majority of your cooking utensils, cookware, and crockery may also be a priority. If you need it right away, prioritize them on your moving list, so you know what’s most essential on the day of your move.

You can’t treat all of your things the same way. While you may be able to spend a few days without a sentimental item, a favourite pillow, old records in the attic, or old books on your bookshelf, you won’t be able to do so with other things.

2.Create a Checklist

When relocating, it may be challenging to know where to begin packing, so one of the first things on your mind is making a checklist or a plan of action. You can research on the internet for a template for house moving, so you can start getting organised before buying anything, packing anything, or moving stuff around. 

Making a list of all the rooms in your house, as well as areas like garages, lofts, basements, and gardens, can help you figure out what you need to pack. You may write down which things or locations still need to be packed and then check each room when completed.

3.Start from the Top Floors

Start with all your room upstairs so you can maximise tasks that involve climbing up and down the stairs. If you made a list of moving tasks, itemise everything from the upper floors so you’ll only climb up and down the stairs when needed. That alone can make you feel tired even before completing tasks on the lower floors. 

Start by locating a suitable location to store the storage boxes that won’t be unpacked right away. It’s a good idea to work your way from the top down through your house’s floors. Unloading your belongings at your new house follows the same approach.

4.Label Your Packages

Nothing is more frustrating than digging through containers, boxes, and bags of your belongings in search of something, particularly after a possibly lengthy and challenging relocation. Label all storage boxes, containers, and whatnot with the room they came from and a brief description of what’s inside.

Label items like appliance cables by putting masking or packing tape over them, and with a permanent marker, label what they’re for, where they’re from in the old house, and their location in the new house. Keep all things from the same room together, so movers would identify them and move them together as well. 

5.Ensure All Furniture Are Labelled

If you don’t have the original instructions for your furniture, assembling it back together may be difficult. Mark everything, from the biggest components to the tiniest screws, and if you need to, create step-by-step guides, or snap pictures of each step to make it easier to put back.

Keep all fittings, screws, and the like in small bags, separated per furniture piece it belonged to. In addition, use bubble wraps, cardboard, or several newspapers to wrap legs of chairs, couches, beds, and the like, to avoid any damage to the furniture and walls when moving.

6.Ensure You Have Essential Supplies for the Move

If you have listed down all the things you would need for a move, you would have included packing items like tape, markers, boxes, bubble wraps and the like. Ensure that you run to the store and get them at least a week or two before your move. Doing it so close to your move would not be wise since the probability of forgetting an item or two is a common thing.

If you don’t have enough time to run to the store or suddenly realize you’re still missing a box in the middle of the night before the movers come, it would be stressful to troubleshoot the situation. Instead, be prepared with a list, buy early, and give yourself time for last-minute runs to make sure you have everything you need for the move.

7.Use Transparent Plastic Boxes for All Your Important Items

Place necessities like toiletries, laptops, mobile devices, chargers, important documents, and the like in transparent plastic boxes to make it easy to locate, among your other things. Prepare at least a day or a couple of day’s worth of spare clothing, a jacket, towel, blanket and few pillows, and some kitchen essentials, so no matter if there’s a delay on the rest of your stuff, you will still be able to function in your new place for a day or two. 

8.Since you placed valuable items in these boxes, you need to focus on them during the move. If possible, put them in your own car or luggage, so you have them separate from the rest of your other things. 

9.Avoid Packing Heavy Boxes

Using many smaller boxes for things like your books and other heavy goods is the best way to avoid packing large, hefty containers that are prone to breaking and are a pain to carry. If boxes are heavy, mark them as such and place the boxes or containers at the base of any stack to protect lighter, breakable items.

Conclusion

Despite the fact that reading through all of these suggestions may seem tiresome, it pays to be thorough when selecting a conveyancing service. We can vouch for the fact that hiring the finest conveyancer will help your move go more smoothly. That said, make sure to keep this guide in mind as you plan!

Conveyancing Expert is a Manchester-based conveyancing firm providing online conveyancing services. When it comes to your property needs, we’ve got you covered—reach out to us today. 

If you’re thinking of selling your property, then you must be prepared to undergo a long and arduous process of filling out documents, dealing with prospective buyers, and making negotiations. However, before you get to sell the property, the first thing you must do is complete your property information form!

What Is a Property Information Form?

When it comes to selling, information is essential for you, the seller, and prospective buyers. The more details about the property you provide, the greater chances you have of finding someone willing to offer a price in exchange for ownership of your property. 

Before selling your property, you must first complete your seller’s property information form (SPIF). The property information form ensures that everything there is to know about your property is detailed and appropriately documented.

A conveyancer is a great help for managing documents and guiding you throughout the selling process, but completing the SPIF is something you have to do yourself. Every seller is obligated to complete this form—you cannot proceed with selling your property without first providing details about what you’re selling.

Also known as a TA6, filling out this legal document is crucial for the conveyancing process, as it helps prospective buyers learn more about the property. A property Information form gives prospective buyers additional details about your home unobtainable through regular searches, allowing them to make an informed decision.

What Questions Am I Supposed to Answer?

Of course, you must complete the form accurately and as truthfully as possible, but you don’t have to feel any pressure since this is not a legally binding document. When filling out the TA6, all you have to think about is answering it as best you can for the sake of your prospective buyers.

Once you’ve received the property information form from your house sale solicitor, you may feel overwhelmed and lost during the first time that you look at the document. With the form spanning 16 pages, anyone would have trouble figuring out where to start and what exactly to disclose.

The types of questions in the form are wide and varied, so it would be difficult to include them all in this article, but here are some details that are important to fill out:

• Information about the seller and conveyancer’s contact details

• Boundaries and the person responsible for maintaining them

• Neighbour disputes or formal complaints against the neighbours

• Planning applications or other notices or proposals

• Building work, planning permission, and buildings regulation approval

• Replacement windows and doors, complete with FENSA certificate where needed

• Electrical work with safety certificates

• Gas work, safety certificates, and boiler servicing details

• Council tax band

• Property guarantees and warranties

• Environmental risks

• Additional charges

• Target date of sale completion

• Sewerage information

• Current utility suppliers

The number of questions included in the form may feel like an enormous undertaking. Still, you don’t have to provide an expert answer for every question—all you have to do is answer honestly and provide supporting documents for more information. If you’re unsure about any questions, your conveyancer could help you.

Conclusion

Once you decide to sell a property, you should be prepared for the complexities and difficulties you may encounter throughout the selling process. Although filling out the property information is one of the more difficult tasks you must accomplish, it doesn’t have to be as challenging as expected. As long as you have a conveyancer to address every concern and navigate you through every page, you’ll be able to sell your property at the best price!

If you’re looking for a skilled and experienced conveyancer in Manchester to help you with the property selling process, you’ve come to the right place! Our conveyancers at Conveyancing Expert can deal with the legal aspects of selling a property, helping you get moving quicker. Get a no-obligation quote for the sale of your property online today!

Beginner’s Guide to the Paperwork You Need to Sell Your Home

Selling your home can be a long and arduous process even with the help of your trusted conveyancing service. This is why you’ll want to do all you can to ensure that the process goes as smoothly as possible, as this will go a long way when it comes to making selling your home easier. Now, the best way to do this is to have all of your paperwork ready so you can streamline the entire process. To help you out, we’ve prepared a list of essential paperwork that you will need. If this is something you’re interested in, read on for our beginner’s guide to the paperwork that you’ll need to sell your home.

Energy Performance Certificate

You are legally required to provide an Energy Performance Certificate (EPC) when you sell, rent, and build a home. This document provides buyers with information that details how energy efficient your property is and the typical energy costs they can expect to pay if they do push through with their purchase. The document also highlights changes and improvements that can be made to your property to make it more energy-efficient.

It shouldn’t be too difficult to acquire this document. In fact, most estate agents can arrange for this to be completed. Take note that there will be a charge for the EPC which you will need to pay off. For those of you who have requested this document before, do know that it’s valid for 10 years unless any changes have been made to the property.

ID and Proof of Address

You’ll need to provide a valid ID and proof of address when you work with a conveyancing solicitor. Be sure to have at least three forms of ID available, as they will likely ask for more than one piece of ID. IDs such as your driving license, passport, utility bills, and bank statements should be at the ready if you plan on selling your home.

Property Title Deeds

You’ll need your property title deed to prove ownership of the property that’s being sold. To add to this, this document also contains things such as leases, share certificates in management companies,  National House-Building Council and other guarantees, planning and building regulation documents, Licences, Deeds of Covenant, and indemnity insurance policies. All of these documents are something that your potential buyers will want to look into so it’s best that you are able to provide them with these documents swiftly.

Fittings and Contents Form

You won’t be leaving all of your stuff when you vacate your property. This document will outline all of the fixtures and stuff that will come with the home. It’s crucial that you abide by whatever is stated in the document to avoid any issues when selling your home.

Property Information Form

Lastly, you’ll want to be able to acquire a property information form. This document details all the relevant information about the property. It will go a long way when it comes to helping potential buyers figure out if they’re going to go through with their purchase. It’s crucial that you accomplish this form accurately as it is a legally binding document. If any discrepancies are present, a buyer can refuse to complete the purchase.

Conclusion

Hopefully, this article proves to be useful when it comes to helping you prepare to sell your home. While this process may be tricky, having all the documents ready will ultimately speed up the process and make it easier for all the parties involved.

Conveyancing Expert is your local and online conveyancing solicitor based in Manchester. If you are looking for expert Solicitors for moving house drop us a line and let us see how we can help. To discuss any of the above or if you have any specific queries, please do not hesitate to contact us on 0161 794 7799.

Although the mere prospect of purchasing a home is exciting, buyers have a lot of work to do before settling in their new property. They will have to face loads of paperwork and many other requirements before they finish the transaction. The legal and financial processes alone can confuse anyone, so hiring professional help is essential.

In the latter part of the process, buyers and sellers may encounter the terms “exchange” and “completion,” which may not be familiar to everyone. They are necessary parts of the whole conveyancing transaction, and we will explain them below.

Exchange and Completion Explained

Exchange refers to the act of transferring signed contracts between buyers and sellers. The home-buying transaction will not be legally binding without this step, and both parties can withdraw without penalties. 

The legal representatives of both parties need to undertake some work before the exchange, as everyone must agree on everything stated in the contracts. Once the exchange is complete, the buyer and seller will need to proceed with the transaction as they have legally committed to it.

Completion is when the transfer of ownership officially occurs. It will happen on a set date, and the buyer can move into their new home after this step. Although it may be exciting to think about living in your new home, setting a date for this process should be strategic.

How Long Do These Processes Take?

The exchange step is typically the longest part of the home-buying process, and it may take a couple of weeks to a few months. However, staying organised and responding right away will help prevent unnecessary delays on both ends. 

Completion typically occurs two weeks after the exchange, but it may take longer depending on many factors, such as schedules, legal proceedings, the time to accomplish the necessary paperwork, and many others. 

Who Should Be in Charge of Setting Completion Dates?

Although many sellers and buyers might think that the real estate agents are the best people in charge of setting completion dates, the conveyancer should make the decision. Conveyancers are far more involved in the intricacies of the transactions, including the paperwork and legal requirements.

Because conveyancers have the experience and expertise on the ins and outs of the ownership transferring process, they can provide a more realistic date of completion. Of course, they will have to make sure that all parties agree with the date.

What to Prepare Before the Completion Date

The buyer’s party typically shoulders most of the effort when it comes to preparing for completion. They’ll have to ensure that they have the money and requirements to acquire the property. They also have to contact many companies, such as insurance, removals, utility, and others that can help with the move. Sellers usually just have to prepare the property for transfer and be there on the completion date.

Hire Trusted Conveyancing Services

The conveyancing process can be confusing, and there are many things to take care of before moving into the property you want to buy. Exchange and completion are foreign concepts to many people, but an experienced conveyancer can help them throughout the whole transaction. It’s crucial to work with a reliable firm to better navigate the complexities of purchasing a home.

If you’re looking to hire trusted conveyancing services in the UK, Conveyancing Expert has you covered. We’ll assist you throughout the home-buying process and ensure that the transaction goes as smoothly as possible. Let us help you—contact us today!

Residential conveyancing for new builds is a detailed process and takes longer than conveyancing for older properties. First, you need to ensure that your finances are secured. Most developers prefer that buyers have their mortgage financing ironed out before signing any contracts. Note, though, that most standard offers are only viable for six months. If the conveyancing does not complete within this period, you would have to apply for an extension or a new mortgage altogether. You could also look for lenders offering new build deals with extended deadlines.

Buyers also need to ask to see full landscape drawings, electrical plans, and other specification details. Visit sites by this developer, especially ones with a similar design to the home you intend to buy. Often, developers will not let buyers view the actual property they will purchase until after its completion, so seeing similar ones in person could help determine if they meet your standards.

Before the conveyancing process, it is also helpful to know what incentives the developers are offering. Many will offer free parking, a choice of fittings and appliances, and coverage for miscellaneous fees like stamp duty. Ensure you always know what is included in the computation when you begin.

What to Know About the Actual Process

Once the developer makes an offer, you should have a conveyancing solicitor to start the process. Here are typical steps you can expect.

Securing a Reservation Agreement

Once both parties agree upon a sale, the buyer will have to pay reservation fees within 28 days or an agreed-upon period. This fee could range from £500 to upwards of £2,000 on high-end properties, which is deductible from the property’s total cost. If the buyer cannot exchange contracts within the specified timeframe or has to pull out of the sale, they cannot refund this sum.

Make sure the reservation agreement contains a breakdown of the purchase price. According to The Consumer Code for Home Builders, these agreements should include the cost of management fees and other charges. You can ask to have this in the contract if the seller does not readily provide it.

Paying the Deposit

Upon exchange of documents, buyers must pay between ten to 30 per cent of the new build’s total price. You will also need to sign a contract which states that you agree to buy at the advertised price and that you’ll pay the balance upon the build’s completion. 

This stipulation is tricky for many buyers. It is because mortgage lenders’ property valuations differ at the beginning of a build and after completion. When prices fall within that period, a lender could interpret that as a reduction in security, which means the buyer will not secure a mortgage. Consequently, he could lose the deposit because of a breach of contract.

Prospective buyers should ensure that they can “lock” a price upon contract exchange. Their agreement with the seller should also include what to expect from either party should prices rise or fall before the build’s completion. An experienced residential property lawyer would know how to ensure a “locked” price for his clients.

Carrying Out a Snagging Survey

At times, buyers could feel that the quality of work on the property they buy does not meet their expectations. No one wants this to happen, so it’s crucial to have a snagging provision in the contract that allows buyers to survey and itemise errors for the builder to repair. These defects can range from simple cosmetic ones to structural problems.

Before the final payment, you should carry out the snagging survey. The builder can disregard issues that arise after you move in as wear and tear due to habitation. Most new builds come with a ten-year NHBC warranty, providing you with some insurance against structural defects, though the NHBC can take a while to resolve issues. The bottom line is that you need an independent survey before completion or as soon as you move in to ensure a fair assessment of the property’s condition.

Conclusion

New build conveyancing is a complex process. Arguably, it is even more so compared to the ones for other types of homes. There are so many other things that could go wrong when buying a new build, so you’d want to have an experienced solicitor at the helm.

Conveyancing Expert is your trusted provider of legal services in the residential property market. We are conveyancing solicitors in Manchester strongly committed to streamlined, customer-focused processes and excellent service. Get a free, no-obligation quote today!