Buying a new build property is becoming increasingly popular. Once your property is reserved, developers’ will often recommend a list of panel solicitors to use for your purchase. But why should you use these solicitors over any other firm of your choice?
Experience with the development Panel Solicitors would have acted on numerous plots for the development and are familiar with the site. They will have been provided with documentation by the developers’ solicitors so they are aware of the development layout and planning requirements, which allows them to raise pre-contract enquiries early on in the transaction. Having access to a range of documentation early on ensures that nothing is missed and there is time to build familiarity with the Site, which in turn, speeds up a transaction timeframe.
Commitment to doing everything within the strict timelines Most developers’ will impose a 21-28 day deadline for exchange. Panel solicitors will be fully aware of this timeline and will work quickly to ensure that they are within the deadline, so that there is no risk of loss of incentives or the deal itself. The fact that panel solicitors already have access to title documentation beforehand means that these deadlines are a lot easier to achieve.
Experience with the new build purchase process in general The conveyancing team will be highly experienced in dealing with new build purchases, including the Help to Buy process. New build conveyancing can be more complex than other forms of conveyancing as there are lots of things to look out for on developments, e.g. non-compliance with planning regulations, agreements for roads and sewers and any missing information regarding future plans/maintenance. Having experience with new builds and what to look out for in particular means that the purchase process will run smoother.
Always acting in the best interest of the Client All solicitors are bound by professional conduct to act in their clients’ best interest. You can be sure that whichever solicitor you do elect to act for your new-build purchase, they will be regulated.
Good relationship with the Developer As always, solicitors will act in their Client’s best interest. However, working regularly with the same developers means panel solicitors build a good relationship with their legal team. This means that any issues can be dealt with via email or phone calls to the developers’ legal team who are willing to help, respond quickly and any problem is resolved in good timing. Communication is never an issue.