In our recent Sowerbys' Insights webinar, we shared essential tips to help you navigate the conveyancing process for new builds smoothly and avoid unnecessary delays and costs.
Here, we summarise the key points to ensure your transactions are efficient and successful.
When selling new builds, preparation is crucial. Ensuring all legal documents are in order before putting the first unit on the market sets a positive precedent for subsequent sales.
Here are the steps to help you get ready:
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Draft Contract Package: The conveyancing process can't start until the buyer’s solicitor receives the Draft Contract Package (DCP). Ensure it's ready and comprehensive to avoid delays.
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Planning Permission Conditions: Collect and keep evidence of all planning conditions, such as discharge notices from the local authority for any pre-commencement and pre-occupation requirements.
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S106 Obligations: Document all S106 obligations, including financial receipts and approvals for landscaping, affordable housing sales agreements, and local facilities.
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Engage Warranty Providers Early: Register your development with a warranty provider and obtain an initial site registration certificate to include in the legal pack.
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Utility Connections: Ensure all service connections, including easements and adoption agreements for drains, are in place. Obtain and provide necessary consent letters.
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Postal Addresses: Ensure all utility providers and legal documents use the correct postal addresses from the start to avoid issues with contract exchanges and mortgage applications.
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Plot Plans: Use Land Registry pre-approved plot plans to ensure alignment with buyer solicitors and avoid boundary disputes.
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Management Companies: Set up management companies in advance to handle public open spaces, private roads, and ongoing obligations like nutrient neutrality and biodiversity net gain.
Key Takeaways:
- Keep Planning Officers Happy: Ensure all conditions are discharged and obtain receipts for S106 payments.
- Match Legal and Architectural Plans: Pre-approve plans with the Land Registry and obtain correct postal addresses before the first sale.
- Establish Management Companies: Create these early to handle long-term obligations and get approval from relevant authorities.
By following these tips, developers can streamline the conveyancing process, reduce the risk of delays, and enhance buyer satisfaction.
If you have any questions or need further assistance, feel free to contact us.
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