New Build Properties
If you are buying a property in the course of construction, the Builder may not be able to offer a fixed completion date. In these circumstances the contract will provide for completion to take place "on notice". This means that when the property is ready for occupation the Builder's Solicitors will send us a notice confirming that the property is structurally complete and requiring you to complete your purchase of the property within a certain number of days.
If you are having a mortgage, the Lender (if required) must be notified that the property is ready for re-inspection. You may have to pay a re-inspection fee. The Lender will not release the mortgage advance until it has re-inspected and is satisfied with the property.
In addition to any Lender's inspection, you should inspect the property yourself and let us know if you have any concerns or if there is unfinished work.
It is advisable to have your own Surveyor inspect the property once you have been told it is ready for occupation.
The contract will contain a clause stating that you cannot delay completion of your purchase if there are minor snagging defects.
New Build Properties Frequently Asked Questions
- Why Do We Exchange With Completion On Notice?
- What Is A Long Stop Date?
- Do I Need A Survey On The Property?
- What Does Exchange On Notice Mean?
The Residential Property Team at Fosters Solicitors have a wealth of experience and knowledge to assist you in relation to any legal property query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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