We specialise in new build developments and newly built properties and have vast experience in dealing with the particular legal processes involved.
The New Build Property team understands the service that is required, ensuring they meet the often tight deadlines set by the developer for the exchange of contracts.
We have worked with some of the largest house builders both nationally and locally whereby we have been recommended to act for potential purchasers in buying their first, subsequent or investment home.
Our team is also very experienced in dealing with Help to Buy matters and are one of Help to Buy’s recommended panel solicitors.
The solicitors are extremely client-focused and will always go that extra mile to meeting the required deadlines set for exchange of contracts.
We pride ourselves in not only building a relationship with our clients but also building long standing relationships with all parties involved in any transaction as we believe this is key to a smooth transaction.
What is a New Build property?
A new build property is a property that has never been lived in before. It is usually purchased directly from the Developer or House Builder and can either be an “off-plan” plot where the building work has not yet commenced, in the process of being built or fully constructed. Whatever the circumstances we are here to help with your purchase.
The legal journey
The process of buying a new build is essentially the same regardless of which Developer you decide to buy from.
- Speak with a financial advisor to ensure your affordability.
- Decide where you want to buy and reserve a property with the Developer. You will normally have 28 days in which to exchange contracts.
- Instruct the New Build Team here at Meaby & Co and liaise with a financial advisor to apply for a mortgage.
- Developer’s solicitor will issue the contract package to us.
- We will apply for searches and raise any enquiries needed with the Developer’s solicitor.
- Mortgage offer should now be issued (if required)
- We will report to you on the legal contract package and also on your mortgage offer, searches and seek your lender’s approval to exchange.
- You will now be required to pay your deposit to us (this can be either 5% or 10% of the purchase price) and return all signed documentation to us.
- Contracts can now be exchanged within the 28 days deadline issued by the Developer. At this point you will be legally committed to purchase the property.
- The completion date will either be “on notice” or a fixed date will be set, this will depend on the stage of construction of the property upon reservation.
- Completion – collect your keys – enjoy your new home!!
Help to Buy – First Time Buyers
You may qualify for any of the Government schemes that have been created by the Government to assist hard-working first-time buyers take that step to buying their first dream home.
We are listed as one of the Help to Buy’s recommended specialist solicitors with dealing with their available schemes. Please refer to their website for further details.
The available schemes:
– Help to Buy Equity Loan
This is where the Government lends up to 20% of the cost of your home meaning you will only need a 5% cash deposit and a 75% mortgage. The loan is interest free for the first five years from owning your home. This is essentially entering into a second mortgage with the Homes and Communities Agency and we will ensure that we deal with the accurate registration of this against your property following completion.
– London Help to Buy – for brand new homes
The Government has increased the upper limit of the equity loan from 20% to 40% for houses in London to reflect the current property prices.
– Shared Ownership
Being one of the most established of the schemes available, this offers you the chance to buy just a share of your new home, usually between 25% and 75%, and pay rent on the remaining share. As rent is payable you will have to enter into a Lease with the Housing Association/Council. You are able to buy more shares of the property when you can afford to should you want to. This process is call staircasing. In order to qualify you need to apply via the Housing Association/Council where a criteria assessment will be applied. Once approved you will be able to reserve a shared ownership property.
– Help to Buy: ISA
The Government will boost any savings made into a Help to Buy ISA by 25%. The maximum government bonus you can receive is £3,000. There are eligibility criteria you must satisfy, and this will need to be opened with a bank or building society.
In addition to the schemes available, our New Build team assist with repaying an equity loan, dealing with staircasing, acting in sale with help to buy/shared ownerships amongst others. Our New Build team are qualified solicitor thus ensuring you are provided with the best advice taking all elements into consideration.
Please visit the Government Help to Buy website https://www.helptobuy.gov.uk/ for further details on eligibility and how all of the above schemes work. You will need approval from your local Help to Buy Agency before you can proceed.
There is additional work to undertake when buying under the schemes and we have the experience and knowledge to ensure that we act in accordance with the government guidelines and timeframes for dealing with the same.