New-Builds

HOW NOT TO LOSE THE PLOT!

Buying a brand new property sounds like a straightforward proposition.

The whole experience can be a glorious whirlwind of activity – offer to completion in four weeks or less – and no onward chain to cause delays!

You want to exchange contracts – to commit to that purchase and secure your new home as soon as you can. The developer wants to exchange contracts and meet those sales targets as soon as it can. Everyone can be a winner…

On the other hand, this can be even more pressurised than buying an existing, lived in, property. You are in love with your home-to-be. Whereas the average seller might be happy to be patient and wait for the chain below to be ready to exchange, this is not always the case with developer sellers – it’s just business.

Developers may offer incentives for quick exchanges and completions – if you are not in a chain at all this can be an easy way of getting a better deal. If you are in a chain, however, there can be the almost constant threat of losing the reservation fee, losing the incentives and so losing money.

At Palmers, our advisers have considerable experience of acting for developers in sales, and for their buyers. We see all sorts of transactions – and from both points of view. We can get the job done as quickly as possible, talk each party’s language and help to defuse any of the seller-buyer tensions associated with new-build properties.

Please do contact us for an estimate of costs and a member of staff will be pleased to talk about other issues too:

• Incentives and impact on Stamp Duty
• Part exchanges: how to get that deal done quickly!
• Can you rely on a developer’s local search?
• When might you lose a reservation fee?