Guide to buying
Helping you move – a guide to buying
Your Mortgage
When you buy a house your first step is to find out exactly how much you can afford to borrow and the size of the deposit you will need.
There are many different types of mortgages therefore we always recommend that house buyers seek independent financial advice to find the mortgage which is right for them and their circumstances.
Your Solicitor
Most home buyers appoint a solicitor to look after their interests when they purchase a property. A solicitor specialising in conveyancing will take care of all the legal processes and documents which include contracts, title deeds and making all necessary searches and enquiries on your behalf.
Our sales advisors can help you find a local solicitor and provide an idea of their costs.
Your Reservation
When you have chosen your new home you will pay a non refundable deposit to reserve the property and prevent anyone else from reserving it. The solicitors then set to work on the legal process whilst you finalise your finance arrangements, where necessary.
Cancellation Policy
If you cancel your reservation or your reservation is cancelled due to not meeting your exchange deadline, we will retain the following:
- Up to 7 days into reservation, £210 contract pack fee plus a £90 admin fee to process the reservation from sales advisor – office administration to our solicitors and accounts, which is equal to £300
- Up to 14 days after an additional £100 for administration and sales progression (total £400)
- Up to 21 days after an additional £150 for administration and sales progression (total £450)
- Up to 28 days after an additional £200 for administration and sales progression (total £500).
Your Valuation
Your mortgage lender carries out a valuation for which you will pay a fee before they agree to lend you the money to buy your new home.
Your Contract
Your solicitor handles the purchase of the property on your behalf. Two identical contracts are produced to transfer ownership of the house from the developer to the buyer and the sale of the property is legally binding when the contracts are signed and formally exchanged between parties. At this point your deposit is payable.
It is important to keep in touch with your solicitor throughout this period and advise them if your circumstances change.
Your Home Demonstration
When your property is finished and accepted by the sales advisor on site from the construction team, you will be invited to a Home Demonstration appointment. This is carried out by the Construction Site Manager and where possible the Sales Advisor will accompany you. The purpose of the meeting is to introduce you to your new home and familiarise yourself with certain aspects/information. These appointments should take approximately 45 minutes and please note that they need to be carried out within the sites working week and unfortunately cannot be accommodated at the weekend.
Your Completion
When you complete, your new home legally belongs to you and the full cost of the property is transferred by your mortgage lender to the seller. So the keys are yours and you can move in at a time to suit you.
