Real Estate

The many Necessities Anytime Investing in New Build Property.

Purchasing a new build property differs from buying a typical house. In addition to getting a power performance certificate your solicitor should find out the following information concerning the land before the sale goes ahead:

Access – you will require an excellent right of usage of the property and you should 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 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 the property and find out if any conditions have been attached to this grant. If the permission is associated with conditions (as they often are) you ought to check that the developer has abided by these.

Building regulations – building regulation consents must be obtained by the developer for the property. Building regulations provide a set of standards for the construction industry to adhere to regarding the utilization of certain materials and the strategy employed. The area authority comes with an unlimited retrospective period of time to enforce building regulations and there can be hefty fines involved if the consents were not obtained.

What else becomes necessary before the exchange of contracts?

Your conveyancing solicitor will draft an agreement of sale for you. New Apartments Spain The contract should contain provisions that ensure that the property is finished to the agreed standard by completion. An example of something that’s normally agreed upon between the parties is easement and covenant rights for the property. You should try to be sure that these rights incorporate; the right of access, the right of way, a directly to sewerage, water and drainage and the right of usage over-all pipes and cables for utilities.

Although not contained in the contract, the following agreements should really be obtained in most cases to protect purchasers of new builds. These could be particularly relevant if buying a property off-plan:

Structural guarantees – a structural guarantee should really be written by the developer and/or his building contractors. Which means if unfortunately the property suffers structural problems, you have the ability to seek compensation. A structural defect does not just cover the external composition, but in addition internal problems such as bad plasterwork and decoration.

New building insurance – such as the NHBC Buildmark scheme. Insurance similar to this will cover any problems the property has for approximately 10 years.

It is also recommended where possible to acquire a certificate of approval from a professional supervisor present on site (such as the architect); this individual should be able to guarantee the property’s structural quality.

Given the differences in purchasing newly built property, it is particularly important that whenever choosing your conveyancing solicitors, you choose solicitors who’ve particular specialist connection with buying new build property.

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