Purchasing a new build house is an exciting milestone, offering the allure of a fresh start in a home built to your specifications. However, amidst the excitement, it’s crucial to approach the process with caution and diligence, particularly when reviewing the contract. This is where the expertise of a solicitor becomes invaluable. Here’s why having a solicitor review your contract when submitting an offer on a new build home is essential.
Understanding Legal Terms and Jargon
New build contracts often contain legal jargon that can be difficult, sometimes deliberately, for the purchaser to understand. A solicitor has the expertise to decipher the contract’s terms explaining them clearly and transparently. They can clarify your rights and obligations, ensuring you fully understand what you are committing to, whilst ensuring that the contract is not misleading.
Identifying Unfair Terms and Conditions
Developers may include clauses in the contract that are unfavourable to buyers. These could range from restrictive covenants and unfair penalty clauses to terms that work in the favour of the developer when faced with delays or defects. A solicitor can identify potentially unfair terms and try to negotiate amendments to ensure the contract is fair, safeguarding the home buyer against unwanted problems during the conveyancing process.
Ensuring Compliance with Regulations and Reviewing Plans
New build contracts must comply with various legal standards and regulations. A solicitor will ensure that the contract adheres to these legal requirements, protecting you from potential legal issues down the line. They will check for compliance with building regulations, planning permissions, warranty conditions, and the Consumer Code for New Homes. Contracts for new builds typically include plans for the property. A solicitor can review these documents and ensure they comply with land registry requirements.
Handling Deposits and Payments
Financial transactions in the purchase of a new build can feel overwhelming. The purchase will involve paying deposits, and final settlement amounts. A solicitor will ensure that your money is protected and that the payments due are reasonable and clearly set out in the contract.
Protecting Your Investment
A solicitor will ensure the contract includes provisions for dealing with potential issues such as construction delays or defects. They can check the contract includes clauses to protect you if the developer fails to meet the agreed-upon deadlines or standards. Delays during the build of a new build home can result in issues such as your mortgage offer expiring before the completion date. Your solicitor can help ensure that appropriate measures are in place to limit the adverse effects of a delay.
Speak to a New Build Conveyancing Specialist
In the excitement of purchasing a new build house, it’s easy to overlook the importance of a thorough contract pack review. However, this step is crucial in ensuring a fair, compliant, and secure transaction. A solicitor’s expertise not only protects you from potential pitfalls but also provides the confidence to move forward with your investment. By involving a solicitor from the outset, you can enjoy the journey to your new home with greater peace of mind.
DTM Legal has an experienced team of new build conveyancers who pride themselves on acting as your trusted partner, providing legal excellence and an outstanding service. For a no-obligation quote, contact our specialist conveyancing team on 0151 321 0000 / 01244 354800.
