Investing in a new build property differs from buying a regular house. In addition to getting an energy performance certificate your solicitor should find out the following information regarding the land prior to the sale goes ahead:
Access – you will require a great right of access to the property and you shouldn’t have to pay extra towards road maintenance. Normally an agreement is formed between the website developer and the local authority (under s.38 Highways Act 1980). Under this agreement the website developer is in charge of the upkeep of the estate roads’until they become adopted (maintained by public funds). The developer will normally remove insurance against your agreement.
Planning permission – your solicitor will check that planning permission has been received for the property and find out if any conditions have now been attached to the grant. If the permission is combined with conditions (as they often are) you must check that the developer has abided by these.
Building regulations – building regulation consents need to be obtained by the developer for the property. Building regulations provide some standards for the construction industry to adhere to regarding the utilization of certain materials and the methods employed. New Apartments Spain The neighborhood authority posseses an unlimited retrospective time frame to enforce building regulations and there can be hefty fines involved if the consents weren’t obtained.
What else becomes necessary prior to the exchange of contracts?
Your conveyancing solicitor will draft an agreement of sale for you. The contract should contain provisions that ensure that the property is finished to the agreed standard by completion. An example of something that is normally agreed upon between the parties is easement and covenant rights for the property. You ought to try to ensure that these rights incorporate; a right of access, a right of way, a directly to sewerage, water and drainage and a right of usage total pipes and cables for utilities.
While not within the contract, the following agreements must certanly be obtained typically to safeguard purchasers of new builds. These can be particularly relevant if buying a property off-plan:
Structural guarantees – a structural guarantee must certanly be given by the developer and/or his building contractors. Which means that if unfortunately the property suffers structural problems, you are able to seek compensation. A structural defect does not just cover the external composition, but in addition internal problems such as for example bad plasterwork and decoration.
New building insurance – including the NHBC Buildmark scheme. Insurance like this will cover any problems the property has for 10 years.
It is also recommended where possible to acquire a certificate of approval from a specialist supervisor present on site (such whilst the architect); this person should manage to guarantee the property’s structural quality.
Given the differences in purchasing newly built property, it is very important that whenever choosing your conveyancing solicitors, you select solicitors who’ve particular specialist connection with buying new build property.