With a new build, you're the first person to live there, and everything is brand new! Sometimes, the completion date isn't fixed until the building is finished. Existing properties have usually been lived in before and you can often move in sooner. New builds might come with a warranty but could have snagging issues (minor problems needing fixing).

The costs of buying a new build include your mortgage fees, legal fees paid to a solicitor like Lyons Bowe, and Stamp Duty Land Tax (if applicable). You might also have costs for any extras or upgrades you choose with the developer. Lyons Bowe will give you a clear quote for our legal fees.

Buying a new build starts with reserving your plot and paying a reservation fee. You'll then instruct a solicitor, like Lyons Bowe, who will review the contract from the developer. You'll get a chance to order property searches. Once everything is in order, you'll exchange contracts. Often with new builds, you'll get a "Notice to Complete" once the property is finished. Finally, completion happens, and you get the keys! Lyons Bowe will guide you through each of these steps.

Definitely! However, when buying a new built you need to be aware that the buyers of your current property may not be comfortable with a completion on notice. You may want to consider “breaking the chain” i.e. selling your property before you complete on your new build. This may mean temporarily moving into rented accommodation.

You can do this but it is not advisable if there is a long time between exchange and completion. This is because the LISA monies have to be used within 90 days of them being drawn down. Your conveyancer will advise but if the completion date is likely to be longer than two months, it is advisable not to use as a deposit.

No, we do not act for the developer. We act for you and your lender (if you have one). Our duty is to you and we will report to you on our findings on the site. Once you have received our reports, you can decide whether or not you wish to proceed with the purchase.

Some new builds are built and ready by the time you instruct us, in these cases a fixed completion date can be offered. Most new builds are subject to completion on notice, meaning that the developer provides you with a “Notice to Complete” once the property is finished. This means that in most cases, you will be contractually bound to buy the property at the time contracts are exchanged, but you won’t have a fixed completion/move-in date until the property is built. Once the property is built, you are usually given a fixed notice period prior to your completion date.

We will begin work on your transaction with the aim to meet the exchange date set by your developer. Exchange dates vary between four to eight weeks with the average being six weeks.