Buying a New-Build Home
Once a suitable property has been found, the purchasing process starts with the completion and signing of a reservation. The buyer puts down a reservation deposit, which may be partly non-refundable, and provides their solicitor’s details. From the date of reservation, solicitors for both developer and purchaser will process paperwork and proceed to an exchange of contracts which must formally take place within a specified period after the reservation, normally 21-28 days. When exchanging contracts, the solicitor will ask for a deposit which is usually 10% of the asking price. This is a legally binding contract and once the contracts have been exchanged, the property is secured for the purchaser.
