New Build Conveyancing - What Can Go Wrong?
Although the same property statutes and conveyancing procedures apply equally to a new build conveyance as for other transactions, there are special features that make this area of the law challenging.
For one thing, over 80% of new build purchases are ‘off plan’, so the buyer cannot see what they are buying and warranties become important. For another, there are ‘buy to leave’ investor clients and Government assistance such as the Home Equity Loans scheme adding yet another dimension. Get any of this wrong and there is not only liability to your client, but also the mortgagee.
What You Will Learn
This webinar will cover the following:
- NHBC procedures and the Buildmark Warranty - particularly its exclusions and limitations
- Deposit protection - Alpha Student v Eason . Alternative warranty providers, the insurance basis of the cover and what can go wrong
- The 4th Edition of the Consumer Code for Homebuilders - how this helps your buyer client and what it involves for the builder - how does it address the problem of non-refundable reservation deposits and open-ended completion dates?
- UK Finance (CML Retainer) - which particular parts apply to new build homes and a look at the duty of disclosure including incentives and the consequences?
- The 'Help to Buy’ schemes of assistance for buyers including the ‘Home Equity Loan’ conditions for the extended scheme from 2021 to its end in 2023, 'Lifetime ISAs', shared ownership and the extra duties and liabilities imposed on the conveyancer
- 20% starter homes discount - a look at the Housing and Planning Act 2016
- A look at points to bear in mind when approving a new build contract, including planning pitfalls, easements and escalating ground rents
- Land Registry - what assistance does it offer and the importance of getting the description right
This webinar was recorded on 28th April 2020