Step 1 – Reserving Your Plot
When you are ready to proceed with the purchase of your Fellside Home, we will prepare a Reservation Agreement for your chosen property, this document will include details of the plot number, the purchase price and the non-refundable reservation fee. The fee will be £1,000 for properties over £200,000 and £500 for properties less than £200,000.
The reservation period will usually be to an agreed exchange date, Fellside Homes agree to reserve the plot for this period at the agreed purchase price until the reservation expiry date. We will also provide you with an anticipated completion date. On exchange of contracts the plot the reservation fee will be deducted from the final purchase price as part payment. We will also run through details pertinent to the development and the plot you are reserving including.
- Details of the on the development
- Details of your chosen plot and house type
- Information on about any choices or extras you may be able to depending upon the build stage when you reserve.
At the point of reservation, we will also run thorough a Reservation Checklist with you. This is a chance for you to look at detailed drawings related to the plot you are reserving.
Step 2 – Conveyancing
Once you have signed the Reservation documents it is important that you instruct the solicitor you provided details of on the reservation form to act on your behalf and handle the purchase.
If you require a mortgage this is the point at which you should contact you lender to ensure you mortgage is in place for completion. If you require advice Fellside Homes recommend PBS Financial Advisers based in Lancaster, they are available to give you independent advice, free with no obligation.
Step 3 – Exchange of Contracts
During the reservation period, your solicitor would have undertaken the necessary searches to enable you to be in a position to formally exchange contracts. When all parties are happy with the agreement, the contracts can be formally exchanged at which time you will sign the contract and pay the deposit, which will be 5% of the purchase price. After exchange of contracts you are legally bound to purchase the property.
At this stage we will be able to advise you of the final completion date of the property.
Step 4 – Completion
A completion date will have been given at exchange.
Your solicitor will then give you a completion notice, which will formalise the date you will be complete.
You will need to ensure mortgage funds are available. Your solicitor will liaise with your lender once notice has been received.