Whilst we may be one of the preferred conveyancers for several developers, we do not work for them. Each developer has their own conveyancer that deals with their involvement in the sale of a plot. We are listed as a preferred conveyancer as the developer/housing association wants to do their utmost to ensure:
- you receive excellent customer service
- you use a conveyancer that has full knowledge of new build transactions
- that the exchange deadlines are met.
A developer’s preferred list details conveyancers they are confident can do this.
When you are purchasing a new build property, you may well end up purchasing ‘off-plan’. Purchasing a home in this way, means you will be purchasing a property that has not been built yet. Although this sounds quite risky, there are advantages to buying ‘off-plan’. You may find you can secure one of the best plots available in advance, be able to have a say on finishes and specifications of your home, as well as potentially receiving incentives towards the purchase.
The downside of purchasing a property ‘off-plan’ is that there might be delays with the build and your home may take longer to complete than expected. With mortgage offers being valid for fixed periods of time, you may need to reapply and secure a new mortgage during the purchase process.
If you are buying a flat, you will be buying a leasehold property with the right to occupy and use your property for a set period of time- referred to as “the term”.
The lease is a legally binding contract between you, the leaseholder, and the Landlord. As with most residential leases, the lease covers the rights and responsibilities of the Landlord, you the leaseholder, what you can and can’t do.
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland or Wales. The current SDLT threshold is £125,000 for residential properties.
There are different rules if you’re buying your first home. You get a discount (Relief) which means you pay less or no tax if: You complete on or after 22 November 2017; the purchase price is £500,000.00 or less; you and anyone else you’re buying with, are first-time buyers. To find out more about how much you pay visit: www.gov.uk/stamp-duty-land-tax
You pay the tax when you:
- buy a freehold property
- buy a new or existing leasehold
- buy a property through a shared ownership scheme
- are transferred land or property in exchange for payment, e.g. you take on a mortgage or buy a share in a house
You must send an SDLT return to HMRC and pay the tax within 30 days of completion. We will file your return and pay the tax on your behalf on the day of completion and add the amount of our fees.