Once you have chosen your Meadowview home, you will be invited to a reservation meeting where your sales adviser will guide you through the reservation agreement. We will discuss your new home and ensure you are fully aware of the details relating to the house you are purchasing. We will also explain to you the various options and upgrades available.
At this point you will need to pay a non-refundable reservation fee of £1,000 (or £500 if using Help to Buy), which will be deducted from your deposit payment. We will also complete the Council of Mortgage lenders (CML) disclosure form and request your proof of identity.
If your house is being built, then we will give you a two-month completion window unless you reserve at the very early stages of a build. In this case we will provide you with a date once the house is nearer to being built.
If the house isn’t built when we are ready to exchange then we will exchange based on a ten days’ notice of completion. This means that once the building inspector has signed off the house and we are confident it is finished, we will confirm with solicitors. At this point your solicitor will give you and your mortgage company notice to release the funds.
If your house is ready when you reserve then it is likely that completion will be between six to eight weeks from the initial reservation date. This will obviously depend on how long it takes to get your mortgage and solicitor sorted. We aim to be as flexible as we can be on timings but if you are outside your reservation period, haven’t sold your house or haven’t had a mortgage confirmed then we might have to withdraw your reservation. This would result in your deposit being lost.
We aim to outline the buying process clearly to you at the reservation meeting however, if you have any questions at this point or indeed at any stage of the process we will be on hand to discuss your concerns or explain the steps that need to be taken.
Once all of the above has been agreed and signed by both parties, we will take the house off the market for you and will not offer it for sale to anyone else, subject to contracts and meeting the agreed timescales.
If you have not already arranged a mortgage, you will need to do so.
To help you, we will provide you with the details of our recommended independent financial advisor, Oviso, to help the purchase go through as quickly and smoothly as possible. To confirm the reservation we will need your solicitor’s details and again will recommend you use our approved solicitors who will ensure that completion is achieved as soon as possible from both sides. If you decide to use our recommended solicitors then we will pay for your legal fees.
We use different solicitors for our different site locations, making it easier and more convenient for you when having to sign paperwork.
As your home nears completion we will invite you to meet your Site Manager so you can get a feel for how your home is taking shape whilst providing you with an opportunity to ask any questions about any aspects of the build.
We understand that it is your new home and so are happy to arrange additional visits to see it progress with your sales advisor, providing it is convenient and safe to do so.
At this time, we would usually ask you to confirm choices regarding fixtures and fittings or make selections that are appropriate to the stage of the build. Furthermore, if timings allow, we will invite you to the house at pre-plaster stage to discuss any options you have chosen that are different to our standard specification for plumbing and electrics.
Usually around five to six weeks before your home is finished we will get in touch to confirm your legal completion date. This is normally within seven to fourteen days of construction ending. Your home will undergo thorough internal and external quality inspections to ensure that it meets our quality standards and will be subject to several inspections by the warranty provider.
It’s around this time that we will invite you to a home demonstration to show you around your new home and explain how everything works; from the heating system and the appliances to the location of your fuse box. We find that completion day is very busy for you and so it helps to already be familiar with your house beforehand where you will have been given plenty of time to ask questions.
About four to six weeks after reservation (depending on the build stage of your new home) and assuming that mortgage and legal documents are in place, we will exchange contracts.
You will need to pay the balance of the deposit at this stage and the whole transaction becomes legally binding. Please remember that if your deposit is in an account requiring notice of withdrawal that you inform the bank well in advance to avoid having to pay any penalties.
Legal completion is the final step in the house buying process, when your mortgage lender releases the funds to pay for your home. All of this is done through your solicitor.
If your new home is already built when you make your reservation then completion will be as soon as possible after the exchange of contracts.
Don’t forget, we are always on hand to help you, every step of the way. And we will do whatever we can to ensure you move in and start enjoying life in your new home – as soon as possible!
For a quick and effective response contact our friendly and experienced team.
With the Government backed Help to Buy scheme you can move in to a new home with as little as a 5% deposit.
The 'Help to Buy Equity Loan' is available to first time buyers as well as existing homeowners.