Do I Need a Conveyancer to Buy a New Build Home?
TL;DR:
Many mortgage lenders actually require it. However, if you’re a cash buyer, there is no legal obligation to hire a conveyancer but, in reality, it is much safer to use one. The road to buying a home is complex – deadlines are tight and mistakes can be costly. The best approach is to include a conveyancer in your budget, instead of considering it an optional extra.
You’ve found the dream plot…
…and you’re already dreaming of cabinet finishes and colour schemes, not to mention the house-warming party! It’s all super exciting – until the paperwork lands that is. Suddenly, you’re staring at contracts full of legal jargon that all needs to be deciphered and completed within a tight timeframe.
This is where hiring a conveyancer really helps. They take care of all the legal heavy lifting, helping you navigate the process from reservation to completion with far less stress – and far fewer risks!
In this guide, we’ll walk you through exactly what conveyancing involves, what it costs, the timeframe you can expect, and why hiring a professional is usually the smartest move.
What is conveyancing?
Conveyancing is the legal process of transferring ownership of a property from the seller or developer to the buyer. The services of a conveyancer typically include:
- Verifying ownership and legal title
- Checking planning permissions and restrictions
- Confirming plot boundaries and conducting site-specific checks (Local authority, drainage, environmental)
- Managing contracts and deposits
- Registering the property in your name
New builds have some added complexities for conveyancers to consider, as you’re buying into a wider development instead of just the home itself. This means extra scrutiny is needed to understand site and location plans, as well as agreements with local authorities to ensure the finished home you receive matches what you’ve paid for.
In short, conveyancing protects you from legal surprises and makes sure your ownership is secure.
Can I do my own conveyancing?
In theory, yes – if you’re a cash buyer, there’s no existing legal requirement to use a conveyancer. However, it is important to keep in mind that not doing so can be risky.
The reality is that most buyers don’t have the legal know-how necessary for navigating the process without any hiccups. Property law is complex and unforgiving, with mistakes expensive to fix! It is much safer to invest in an expert if only for peace of mind.
For buyers who require a mortgage, the decision is usually made for you anyway, as lenders almost always require a solicitor or licensed conveyancer to act on their behalf.
Ultimately, a conveyancer shouldn’t just be considered an optional extra. They provide an important layer of legal protection and reassurance for what will be one of the biggest financial commitments in your life.
If you’re unsure where to start, here are some we recommend:
How long does conveyancing take?
Timescales for new build purchases are slightly different from standard property transactions. Developers and buyers tend to exchange contracts within six weeks of reserving a plot, although the exact time until completion can vary, especially if the home you’re buying is still under construction.
Although some delays, such as waiting on documents from the developer’s solicitor, or resolving unexpected issues in legal paperwork, are outside your control, there are a few steps you can take to keep the process on track. Instructing a conveyancer as soon as you reserve your plot makes a big difference, as does beginning your mortgage application early.
What are conveyancing fees and how are they calculated?
Conveyancing fees are what you pay the solicitor or licensed conveyancer to handle the legal work of buying a property. They are typically made up of two parts: the legal fee and disbursements.
The legal fee is what you pay for the conveyancer’s time and expertise, while the disbursements are the third-party costs that they pay on your behalf, such as Land registry fees or bank transfer charges.
How much does conveyancing cost?
The total cost really varies, and takes into account several factors, including the price of the property and how complex the transaction is. New builds often sit at the higher end of the scale due to added documentation, as well as the additional legal considerations around planning and infrastructure.
In general, buyers can typically expect the total costs (including legal fees and disbursements) to reach from the high hundreds into the low thousands for new build homes.
It’s worth noting that unusually cheap quotes should be treated with caution, as they may exclude key elements of the process and add them on later as extras. A clear, itemised quote is always the safest option to take – even if it means paying a bit more!
Final Thoughts
While it’s technically possible to handle conveyancing yourself in certain situations, the reality – especially with new builds – isn’t quite so simple.
The combination of complex legal documentation and tight deadlines, not to mention the financial scale of the purchase, means there’s a lot at stake that you don’t want to get wrong. The most practical approach is to plan ahead and treat conveyancing as a core part of your home-buying budget, not an optional extra expense.
For further information on the legal side of home-buying, check out our Financial and legal guides for all you need to know when buying a Wain Homes’ property.
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