Are you looking to take that all-important first step on the property ladder? Or do you own a property and are currently looking for somewhere new? Whatever stage you're at, we are here to make your life easier. The process of buying a house may seem difficult, but our Sales Advisors can offer guidance to help you choose the right home.
1. FIND A PROPERTY YOU WANT TO CALL HOME
Come and visit our sales teams on site and view our show homes to find the right property for you. Our sales teams will give you all of the information you need to find the home that fits you. If you are not sure whether to buy new or old, consider all the benefits of buying a new build home.
2. GET QUALIFIED BY OUR FINANCIAL ADVISORS
Once you have found a new home that is right for you, the first step is to speak with our recommended financial advisors (Torc24) to confirm you can financially proceed with the property you’ve chosen. This is easy, just call them on the number below, 7 days a week;
Torc24 - 01442 860700
3. CONFIRM IN WRITING THE PROPERTY YOU WOULD LIKE TO PURCHASE
When you have been financially qualified, email our sales team to confirm in writing the property you would like to secure. Please make sure that you are clear on what incentives have been agreed so there are no surprises later.
4. RESERVE YOUR PROPERTY
Once you have found your new home and had your offer agreed, you can secure this property by paying a reservation fee. This fee varies depending on the development and value of the property. Once the purchase completes, this fee will be deducted from the final price. At this point you should also complete a written reservation agreement with our sales team to secure your property for 14 days.
5. APPLY FOR YOUR MORTGAGE
You will need to speak to your mortgage advisor and discuss the best product and lender for your needs. Your mortgage advisor will then submit your application to the lender of your choice. You should expect to receive your mortgage offer within 5-10 working days after this has been submitted. We recommend the mortgage services of Torc24 mortgage specialists if you don’t have your own broker. Torc24 specialise in new build homes and particularly with the Help to Buy Scheme so you are in good hands.
At this point, if you are intending to buy your home with assistance from the Government backed Help to Buy Scheme or London Help to Buy Scheme, now is the time to start that process also. Your broker should assist you with this.
6. APPOINT A CONVEYANCING SOLICITOR
Conveyancing is the legal term for transferring ownership of property, and your appointed conveyancer will ensure that all the legal aspects of the purchase go smoothly. They will prepare all legal documents for the sale of the property, conduct searches, provide legal advice, and register you as the new owner.
We have a list of tried and tested solicitors on our panel that have been recommended by our customers. We do recommend using one of our panel solicitors as they specialise in new build and have experience of our developments and paperwork. Details will be given to you from our sales team if you don’t already have your own solicitor.
7. EXCHANGE CONTRACTS
When you exchange contracts you are legally bound to complete on the purchase of your new home and likewise the developer is legally bound to provide you with your new home. Exchange will usually take place between 14 to 21 days after you reserve the property.
On the day of exchange, both your solicitor and the developer’s solicitor will exchange signed copies of the contract for your new home. The transaction is not legally binding until exchange has taken place, and you have transferred your deposit to your solicitor. Your deposit will be 10% of the purchase price, or 5% if using the Help to Buy Scheme. At this point, both buyer and seller are legally obliged to buy or sell the property and may have to pay penalties for pulling out.
8. UNDERSTAND YOUR ESTIMATED COMPLETION DATE
Most of our developments are sold off plan which means that your property is still under construction. This means that we won’t be able to confirm a fixed completion date but will be able to give you an estimated date. We keep you updated on your estimated completion date throughout the process and when the property is ready to occupy, we will give you 10 working days’ notice to provide your completion funds and move into your new home. Your completion funds will come from your lender (your mortgage) plus any other funds due such as stamp duty, payment of legal fees and upfront service charge costs.
On completion day, the conveyancer on both sides will arrange for the transfer of funds, and the deeds of the property. Once this is completed and receipt of payment and deeds are confirmed, the transaction is complete and you can collect the keys for your new home. Now all you have to do is make it your own and settle in!
Contact us to find out how we can help you find your new home and make your move. We will make the house buying process as simple as possible for you and guide you through every step of the process. Telephone 020 8003 4546. Email: email@example.com
Land to sell? Talk to Fairview.
We are always looking for opportunities to buy land for future development in London and the South East.