Part Exchange & New Build

Part Exchange Experts & independent legal advice

600-banner-New-Build-and-Part-ExchangeClients buying new build property are often directed to use a solicitor chosen by the Builder/Seller. The law of England & Wales allows you to instruct a solicitor of your own choosing, not just one recommended  to you by the builder/seller. We are sure that they will provide you with the approved legal advice required, yet seeking your own lawyer, independent from the builder/seller has its own benefits.  Buying a new build property has its own set of legal rules. It can never hurt to seek a few legal opinions before you sign or bind yourself to any contract. Agreeing to buy a new build or signing up to a builders part exchange contract is no different.

Please remember that all initial legal advice requested through HBC is free and given to you without any obligation.

In short, seek some advice, it only takes a few minutes to discuss and at the end of our chat if you decide to go with the builders chosen solicitors we wish you all the best.

Part Exchange a few facts to consider

Although part exchange can be viewed as a process in its own right, it is basically a sale and purchase in the same contract. To this end many people can get confused.

The missives in a part exchange are normally issued by the builders solicitors. They will detail the usual clauses covering what is being sold for how much and what is the remedy if the contract is breached. The missives themselves can seem overly complex due to the fact that clauses for your sale and your purchase can be mixed. If you try and keep in your mind that some clauses will cover the sale of your house to the builder and others shall cover the purchase from the builder you cannot go wrong.

The search costs, are dependant on the terms set down by the builder. In many cases the builders do not pay for any searches. (A fact detailed in our Guide to Conveyancing – England) You can if timed correctly cut back on the costs by combining some of the searches to cover both, but you will still have to purchase the basic searches.

One of the issues your own solicitor must consider is to ensure that your builder is also bound into the transaction. Although this seems self evident you must remember that the formal offer produced by your builder can in some cases highlight the best position for them not you. So before you sign anything ensure that you have discussed it with your lawyer. Ensure that your own interests are covered.

800-banner-buyingThe main issue for many clients is getting the statement of account as early as possible. Given the amount of incentives, builders costs and factor charges it takes time for the builder to issue a statement of account for the transaction. As such your own solicitor may not be in a position to advise you of the final bill until the builder issues their own statement.

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