NEW BUILDS
Jackie Scott Ltd will be delighted to assist you with the purchase of a newbuild property.
When purchasing a newbuild property, it is likely that the completion date will be set as ‘On Notice’ so that when the property is completed and signed off by the Building Control and/or the NHBC, Notice will be served by the Developer giving ten days in which to complete.
Unfortunately when you are selling a property and purchasing a newbuild, it may be hard to convince your Buyers and the rest of the chain to also complete on Notice. You should therefore be prepared to sell your house and move into temporary accommodation pending completed construction of the newbuild.
You should be wary of any time estimates given by the Developer or the sale office. There are little or no remedies available if you feel the Developer has been tardy!
Developers are usually bound by a Code for Completion. More information can be found at consumercode.co.uk. Newbuild properties are usually sold with a guarantee. The NHBC ‘Buildmark’ scheme provides you with a two part guarantee. The Developer agrees to be responsible to remedy all defects that occur within the first two years of purchase.
If the Developer defaults or becomes insolvent, the NHBC will step in. After the first two years, the NHBC provides an insurance-style guarantee to rectify any specific structural defects, for example defective plasterwork.
A NHBC guarantee is the most common. There are other similar insurance backed guarantees in existence. Alternatively, the building work may be supervised by an Architect or Surveyor and a certificate given in this respect.
This certificate allows an action to be brought against the certificate provider in the case of structural defects arising from their negligent supervision. However, please bear in mind that the insurance cover will only provide protection if the Architect has a current insurance policy at the time when the insurer is notified. If the architect has ceased to practice, there will be no insurance in force to meet the claim.
Before legal completion, Jackie Scott Ltd strongly recommends that you visit the property and prepare a snagging list. This may be simple items such as retouching the areas around light switches and windows or ensuring the kickboards have been fitted correctly in the kitchen. It can sometimes be hard to convince a Developer to come back after completion and rectify these items as they will have already moved on to building other properties on the site.
Costing Information
For dealing with a new build purchase, our fees start at £1500 plus VAT and any disbursements. The disbursements will be the same as quoted on our purchase page except for the Land Registry fees which will be double as the online registration discount is not available for new build properties.
Please contact us for a no obligation, fixed fee quote.