You can reserve a property by paying a reservation deposit of £500 or £1000 for properties over £300,000 which will hold the property of a maximum period of six working weeks from the date your solicitor receives the documentation. This allows sufficient time for the sale to reach exchange of contract before the reservation period expires. At this point 10% of the purchase price will be payable upon exchange of contracts with the balance to be paid upon completion.
Help to buy is a Government backed scheme aimed at helping first time buyers and homemovers with a deposit as little as 5% to buy a new home in England.
The Government will provide borrowers with a loan for 20% of the property, meaning only a 75% mortgage is required from the lender.
No, you cannot reserve a property before it is released for sale. However you can advise the Sales Advisor of your interest in a particular plot and once the plot is released for sale we can let you know.
The earliest date you can reserve a property is when it is first released for sale. The Sales Advisor will keep you informed of the plot release dates.
If you cancel your reservation then we will retain a proportion of the reservation fee to cover reasonable costs, and the rest of the balance will be refunded.
A mortgage is a loan secured on your home. The money received from your lender is know as the mortgage advance and the mortgage deed refers to the formal document that confirms the mortgage provider’s interest in your new home. The mortgage offer is the formal written offer of a mortgage made to you by your mortgage provider.
Stamp duty is a tax on the transfer of ownership the property. The amount payable varies according to the purchase price of the property.
This is a legal process for buying and selling a home.
Disbursements are expenses incurred by your solicitor in respect of searches, stamp duty, land registry fee etc.
Searches are enquiries made of the district or borough council to identify and local issues that may affect your property.
The sale of your new home becomes legally binding to both parties and a deposit is payable.
This is where ownership of the home passes to the new owner. This is referred to as ‘handover’.
Every new build Applethwaite Home comes with a 10 Year ‘Buildmark’ warranty provided by the National House Building Council (NHBC), which covers any major defects to the structure of the property, or in its construction. We also include our two year warranty on the property, with a supporting customer care service should any issues arise in the first two years – giving further peace of mind.
They are National House Building Council, the independent regulator for the new home industry.
This will depend on the build stage when you reserve buy your sales advisor will keep you informed of progress. Kitchen choices may only be available if build has not progressed beyond roof stage so make sure you reserve early.
Your new home is insured by Applethwaite Homes until the moment of legal completion. From then on you are responsible for the insurance of both the building and its content. Your mortgage lender will insist on building insurance. They may recommend an insurer but you should also be able to shop around for the best deal. Check with your lender on the type and amount of cover required. Contents insurance can in many cases be included within the building insurance policy. However you can have separate insurance providers for buildings and content. It is your choice whether to insure your content or not.