Investing in a new build property differs from buying an ordinary 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 need an excellent right of use of the property and you ought not have to cover extra towards road maintenance. Normally an agreement is formed between the site developer and the neighborhood authority (under s.38 Highways Act 1980). Under this agreement the site developer is responsible for 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 this grant. New Apartments Spain If the permission is combined with conditions (as they often are) you should check that the developer has abided by these.
Building regulations – building regulation consents have to be obtained by the developer for the property. Building regulations provide a couple of standards for the construction industry to stick to regarding the use of certain materials and the methods employed. The local authority posseses an unlimited retrospective period of time to enforce building regulations and there may be hefty fines involved if the consents were not obtained.
What else is 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 finished to the agreed standard by completion. A good example of something that’s normally agreed upon between the parties is easement and covenant rights for the property. You ought to make an effort to be sure that these rights incorporate; the right of access, the right of way, a right to sewerage, water and drainage and the right of usage over-all pipes and cables for utilities.
But not included in the contract, the following agreements should be obtained in most cases to protect purchasers of new builds. These could be particularly relevant if buying home off-plan:
Structural guarantees – a structural guarantee should be given by the developer and/or his building contractors. This means that if unfortunately the property suffers structural problems, you are able to seek compensation. A structural defect does not merely cover the external composition, but in addition internal problems such as bad plasterwork and decoration.
New building insurance – like the NHBC Buildmark scheme. Insurance like this will cover any problems the property has for up to 10 years.
It can also be a good idea where possible to acquire a certificate of approval from a professional supervisor present on site (such because the architect); this person should be able to guarantee the property’s structural quality.
Given the differences in purchasing newly built property, it is specially important that whenever choosing your conveyancing solicitors, you pick solicitors who’ve particular specialist connection with buying new build property.