THE LATEST NEWS ON NEW BUILD PROPERTY IN SUSSEX, SURREY & HAMPSHIRE

How to buy your new home

24 April 2017

1. What if the plot I’d like hasn’t been released for sale yet?
Ask the sales negotiator on site whether your chosen plot could be specially released but don’t be surprised if that doesn’t happen immediately. Developers generally release homes to reflect the different property styles available and their building schedule, rather than release plots for sale out of sequence. 

If the plot you’ve set your heart on is not about to be released just yet, our sales team will make a note of your details and keep in contact with you about timescales and when future releases are likely to happen. 

2. How much is the reservation deposit?
This varies according to each developer but is generally in the region of £500 to £1,000. The deposit secures your reservation and the developer will instruct their solicitors to send out legal documentation to your solicitor and the buying process begins in earnest. 

The reservation conditions will require you to exchange contracts within a set time period, usually 28 days, but if you withdraw during that time for any reason, you may be refunded part of the reservation deposit. Check the small print on the reservation form to make sure you understand the terms before signing them.  At completion, the deposit is credited towards your purchase price.  

3. Will the developer take the house off the market?
Once you’ve completed the reservation paperwork, paid the initial deposit and the sales negotiator has checked details of any chain and financial arrangements, the reservation is ready to proceed. 

The property is then taken off the market for the agreed reservation timescale, usually 28 days, giving you time to reach exchange of contracts. 

4. What happens if I can’t exchange on time?
We’ll keep in touch with you, your estate agent and your financial advisor every step of the way so that delays are kept to an absolute minimum.  If, for reasons beyond your control (such as your chain falling through or a declined mortgage application) you’re unable to exchange as agreed, then the property will go back on the market to be resold. However, these occasions are rare and the vast majority of exchanges take place on time. If you have any worries at any time, please let us know so we can help. 

5. Will carpets or special offers be shown in the contract?
Any special incentives will be included on the paperwork so that everyone is clear about the agreement but naturally if carpets, for example, are part of the standard specification, they won’t be mentioned separately. 

All terms and conditions vary with each developer and sometimes even between different developments, so check the details carefully at the point of reservation and if you do have any questions, just ask, we’re ready to help. 

Tags:

Home Buying Advice