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New Build Contract
follyfoot
Posts: 476 Forumite
I have just received a contract from my solicitor for a new build i am buying next year. Just reading it and it all seems like a lot of legal jargon. but i was wondering if there was anything investors would expect to have in a contract particularly for new builds? I notice the developer seems to be able to change the size of the rooms - but not adversely so.
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Your solicitor should be able to tell you if there is anything odd in the contract.
If your planning on selling it on before completion you might ask for a clause to be put in the contract allowing you to substitute another name in the clntract prior to completion. It would save you stamp duty and financing if you could.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
silver car is referring to an assignable contract - not all developers want to do that - but if you do want to sell on before completion, an assignable contract makes life a lot easier.
""change the size of the rooms - but not adversely so."" - no developer is going to give you bigger rooms than you originally thought you were getting !!
there has been a recent legal ruling against a particular developer who changed the specifications between exchange and completion - they were sold as 2 beds, and they were one bed when completed. Caveat emptor
I would take legal advice about anything that refers to changes of specification - developers know exactly what they plan to build when they put in for the planning permission, they use these "changes clauses" to pay for extra contingency costs which occur throughout the build time which they had not thought about earlier on.0 -
clutton wrote:silver car is referring to an assignable contract - not all developers want to do that - but if you do want to sell on before completion, an assignable contract makes life a lot easier.
""change the size of the rooms - but not adversely so."" - no developer is going to give you bigger rooms than you originally thought you were getting !!
there has been a recent legal ruling against a particular developer who changed the specifications between exchange and completion - they were sold as 2 beds, and they were one bed when completed. Caveat emptor
I would take legal advice about anything that refers to changes of specification - developers know exactly what they plan to build when they put in for the planning permission, they use these "changes clauses" to pay for extra contingency costs which occur throughout the build time which they had not thought about earlier on.
they could make the rooms smaller.0 -
is it possible to delay completion date if i have snagging issues? my solicitors says no as long as developer agrees to fix. also am i allowed to bring in my own independent snagging expert?0
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you can bring in a professional snagger - but its how long it takes you to then get those snaggings fixed that is the main issue with new builds !0
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