The Business Exchange Swindon & Wiltshire Edition 42: April/May 2019 | Page 9

LEGAL 10 Minutes with Bower & Bailey’s New Build Property Expert Lesley Stone is an experienced Chartered Legal Executive and a Senior Associate at Swindon’s Bower & Bailey Solicitors. She has worked in the new build market for over 15 years. We met with Lesley to find out more about the current new build property market conditions and her top purchasing tips. How is the property market in 2019 so far? The new build market is certainly keeping me busy. There are a lot of new developments in our region. These range from small developments in village locations to large developments on the outskirts of town. Are there any trends in what people are buying? And have you seen an increase in people buying new build properties for investment purposes? In terms of new builds, I would say most clients are buying properties to live in although there are some investment purchases. Some clients choose to retain their existing property and rent it out to enable them to buy a new build to live in. What stages might we expect in the purchase process? The first key stage is to formally instruct solicitors which involves completing some paperwork and making a payment on account of initial costs and disbursements. Next is receipt of contract papers. The searches are requested at this stage and any enquiries raised. When the purchaser’s mortgage offer has been received, searches received, enquiries answered and the contract signed then exchange of contracts can take place. If the Help to Buy Scheme is being used then the Authority to Exchange also needs to be issued to enable exchange of contracts to take place. What is your key advice when buying a new build? Check the conveyance plan to ensure it shows the correct extent of the property you are buying. It’s much easier to correct any discrepancies earlier in the transaction than after completion. Communication is always key as well. I would also say be aware that the completion date is often on notice rather than a fixed date agreed on exchange of contracts so being as flexible as possible is helpful. portal. They should do this and also choose the option to share information so that the solicitor can access their case on the portal. If buying a flat, what are the questions to ask around leaseholds? How much is the ground rent, how often will it increase and how much will it increase? I would also ask about the service charge payable and whether there is a resident’s management company responsible for managed areas. What do you enjoy outside of work? I like an early morning walk at weekends having spent the week indoors. I also enjoy having dinner with and catching up with friends either entertaining at home or going out to eat and spending time with my family. Do you have any top tips if a purchaser is using the Help to Buy Scheme? Using a mortgage advisor and solicitor familiar with the Help to Buy Scheme will avoid delays. Help to Buy has launched an online portal and our Swindon office is taking part in a pilot of the Solicitors Portal. The portal has been developed to help streamline the process and purchasers will receive an invitation to activate their case on the What part of your job do you most enjoy? I enjoy the variety of my role at Bower & Bailey Solicitors. No two days are the same. Every day is a challenge dealing with strict deadlines. I experience great satisfaction in overcoming legal issues to ensure that my clients achieve their goals. Lesley can be contacted via email: [email protected] or by telephone [phone] @BowerBailey Local expert legal advice for you, your business and your family • Accident and Injury Compensation • Commercial Property • Divorce and Children Matters • Employment issues • Company and Commercial • House Sales, Purchases, Mortgages • Consumer and Civil Disputes • Wills and Estates Cambridge House, 4 College Court, Regent Circus, Swindon, Wiltshire SN1 1PJ T: 01793 610466 F: 01793 511505 www.bowerandbailey.co.uk Bower&Bailey_TBE_Swindon_59x210mm_Ad_v3.indd 1 06/11/2015 08:23 A GREAT ENVIRONMENT TO DO BUSINESS Grangeside Workspace is a modern fully refurbished office environment in a country house setting where your business or organisation can thrive. We offer Serviced Offices, Hot Desks and Meeting Rooms, plus a range of additional services to cater for your individual needs. Situated near Trowbridge – Calne, Chippenham, Devizes, Frome, Bath and Bristol are in easy commuting distance. Hilperton | Trowbridge | Wiltshire Call us now and find out about our all-inclusive pricing. Or visit our website to find out more about how we can help you focus on your business better. 01225 697 700 | grangeside.com THE BUSINESS EXCHANGE 2019 9