Investing in a new build property differs from buying a typical house. As well as getting an energy performance certificate your solicitor should find out these information concerning the land before the sale goes ahead:
Access – you will require an excellent right of access to the property and you should not have to cover extra towards road maintenance. Normally an agreement is formed between your website developer and the neighborhood authority (under s.38 Highways Act 1980). Under this agreement your website developer is accountable for the upkeep of the estate roads’until they become adopted (maintained by public funds). The developer will normally sign up for insurance against your agreement.
Planning permission – your solicitor will check that planning permission has been received for your property and find out if any conditions have been attached to the grant. If the permission is associated with conditions (as they often are) you need to check that the developer has abided by these.
Building regulations – building regulation consents have to be obtained by the developer for your property. Building regulations provide some standards for the construction industry to stick to regarding the utilization of certain materials and the methods employed. New Apartments Spain The area authority comes with an unlimited retrospective time frame to enforce building regulations and there may be hefty fines involved if the consents weren’t obtained.
What else becomes necessary ahead of 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 completed to the agreed standard by completion. A typical example of something that is normally agreed upon involving the parties is easement and covenant rights for the property. You need to try to ensure that these rights incorporate; the right of access, the right of way, a right to sewerage, water and drainage and the right of usage overall pipes and cables for utilities.
While not included in the contract, these agreements must be obtained typically to protect purchasers of new builds. These can be particularly relevant if buying a house off-plan:
Structural guarantees – a structural guarantee must be distributed by the developer and/or his building contractors. This means that if unfortunately the property suffers structural problems, you can seek compensation. A structural defect does not only cover the external composition, but also internal problems such as for example bad plasterwork and decoration.
New building insurance – like the NHBC Buildmark scheme. Insurance like this will cover any problems the property has for 10 years.
It can also be recommended where possible to obtain a certificate of approval from a specialist supervisor present on site (such since the architect); this individual should manage to guarantee the property’s structural quality.
Given the differences in purchasing newly built property, it is very important that after choosing your conveyancing solicitors, you choose solicitors who have particular specialist experience of buying new build property.