Once marketing of your new-build residential plots has commenced and the first reservation has been secured, the next stage in the process begins.
Preparing the contract pack
Plots are typically released for sale while construction is still underway - commonly referred to as selling “off-plan.” Prior to marketing, our site setup team will already have collated all documentation required for the contract pack, including a comprehensive information sheet to accompany the legal documents.
Draft contracts and plot-specific documents
Upon receipt of the reservation paperwork, we will prepare the draft contract and either a transfer (for freehold plots) or lease (for leasehold plots) specific to the buyer and their chosen plot. These documents will contain all necessary rights, covenants and obligations. A detailed plot plan will also be provided, showing the extent of the property and any relevant communal or scheme-related areas.
Review by the buyer’s solicitor
The buyer’s solicitor will review the transfer or lease alongside the contract documentation and information sheet. The information sheet is designed to anticipate and address the majority of enquiries a buyer’s solicitor may raise, thereby helping to streamline the process and reduce delays.
Key documents included in the contract pack
The contract pack will include copies of all available planning documentation and confirmations of discharge, together with details of any Section 106 agreement financial obligations. Where applicable, evidence of Community Infrastructure Levy payments to date and confirmation of responsibility for future payments will also be included. In addition, the pack will provide copies of any Section 38 and Section 104 adoption agreements, or where these are not yet available, the contract will contain provisions governing their completion.
Speeding up the conveyancing process
To further expedite the conveyancing process, we may also arrange for standard property searches to be obtained in advance. This proactive approach can significantly reduce waiting times, as local authority search results are often one of the main causes of delay. Having these ready for inclusion with the initial contract pack enables a quicker progression towards exchange.
Exchange of contracts and completion
Once all documentation has been agreed, signed, and returned, we can proceed to exchange contracts. This may be on the basis of either a fixed completion date or, where construction is ongoing, an estimated build completion date.
Upon completion of the build and receipt of all relevant completion certificates, we will serve notice on the buyer’s solicitor to complete within the notice period - typically ten working days, or sooner by mutual agreement.
On the completion date, the buyer’s solicitor will transfer the purchase funds to us, along with any additional agreed sums. Once funds are received, completion can take place, allowing you to hand over the keys to the buyer. We will then transfer the balance of the purchase monies to you on the same day, finalising the transaction.
If you require any assistance with the setting up of your residential development scheme or residential new build sales, please contact Mel Mason.
The information provided in this article is provided for general information purposes only, and does not provide definitive advice. It does not amount to legal or other professional advice and so you should not rely on any information contained here as if it were such advice.
Wright Hassall does not accept any responsibility for any loss which may arise from reliance on any information published here. Definitive advice can only be given with full knowledge of all relevant facts. If you need such advice please contact a member of our professional staff.
The information published across our Knowledge Base is correct at the time of going to press.
