Before you reserve

It is best practice to obtain a decision in principle or an agreement in principle before you reserve a home. Speak to your bank or financial advisor they will be able to help you with this. Make sure you let them know that you need a mortgage for a new build property as these differ to mortgages on second hand properties. We advise that you appoint a professional legal advisor (solicitor or conveyancer) to carry out the legal formalities of buying the home and to represent your best interests.

The reservation

When you are ready to reserve your new home our appointed agents will talk you through the reservation process and  help you complete your reservation form. You  will need to pay the reservation fee, the purchase price will then be secured and the property will be removed from the market for the reservation period. You will then have 28 days to exchange contracts. 

Important information about your reservation agreement

Your reservation agreement provides key terms and dates and includes details of the reservation fee which will form part of your exchange deposit for your new home. The reservation fee will of course be refunded if you change your mind before contracts are exchanged but will be subject to the deduction of reasonable administration & legal fees incurred to date. Therefore if you have any problems meeting the agreed deadlines or if you change your mind during the reservation please let our selling agent know as soon as possible.

We will not enter into any reservation or sale agreement on the same home whilst your reservation agreement is in force, therefore it is important to both parties that you maintain regular contact with our selling agents, solicitor/conveyancer & mortgage advisor(s) through out the process. Any paperwork or forms that require completion, review or signatures should be processed as soon as possible to avoid any delays. If you require assistance at any stage of the purchase your first point of contact should be the sales agent we have appointed to market the property. In the event that they cannot help or offer advice speak to your solicitor/conveyancer or mortgage advisor before making contact with us.

Instruct your solicitor or conveyancer

We strongly recommend that you make contact with your solicitor or conveyancer on the day you reserve your property (if not before). Formally instruct your solicitor straight away and ensure you complete and return any paperwork they give you as soon as possible. You will also need to provide them with funds on account and two forms of identification documents like a passport and bank statement or utility bill. 

Arrange your mortgage. 

If you need a mortgage it is advisable that you complete a full mortgage application within 3 days of making you reservation. If you are using Help to Buy you will need to wait until you have your ATP. Make sure you provide your mortgage advisor with the full details of the property, a copy of your reservation form and our selling agents contact details so the mortgage providers valuation can be booked without delay. If you need help finding an advisor we have a number of financial advisors we can recommend who are familiar with the market and who specialise in new build mortgages. You can speak to our appointed sales agent for further information.

Important information regarding your solicitor/conveyancer and mortgage advisor.

You must maintain regular contact with your solicitor and mortgage advisor, make sure they are fully aware that you are required to exchange in 28 days and that they will work with you to achieve this. Our appointed sales agent will liaise with you and your appointed solicitor/conveyancer and mortgage advisor and provide updates and guidance. 

The next steps.

Your solicitor /conveyancer will need to make contact with our solicitor within the first couple of days of making your reservation. Our solicitor will send them the contract and documentation relating to the property you are buying. Your solicitor/conveyancer will look after your interests and you should make sure you discuss anything that is specifically import to you with them. 

Searches.  

Once you solicitor has a contract, they will request searches. Searches provide additional information the main ones being local authority, environmental and water. It will take around 10 days for the information to come back so it is advisable to ensure your solicitor has the funds and have requested them as soon as possible.

Mortgage Valuation

Following your mortgage application the lender will send a surveyor out to asses the property and confirm the valuation. Ideally this will be carried out with the first 10 days of reserving your property (slightly longer if you have been waiting for your ATP). Check in with the sales agent they will let you know if it has been booked or carried out before you give your mortgage advisor a nudge. 

Enquiries  

Your solicitor may have a few questions they want to raise with our solicitor these are called enquiries. Our solicitors will respond quickly to ensure there are no delays in exchanging contracts.

Mortgage offer

If your mortgage application was processed within the recommended timescales by the end of the third week you should expect to have received your mortgage offer. We recommend you liaise with your mortgage advisor on a regular basis. If your lender requires any further information your will need to respond quickly in order to meet the 28 day  deadline.

Time to sign.

Once you have your mortgage offer, your solicitor should have the search information back. They will need to send you your legal report with your mortgage deed and contract to sign. Some solicitors will invite you into their office to sign the contract, you can also ask them to sign on your behalf, If your signing it at home and sending it back to your solicitor make sure you send the contract back to your  solicitor without delay and they will hold onto it until you have sent them your deposit and you/they have confirmed you are ready to exchange contracts.

Exchange of contracts

Exchange of contracts needs to take place within 28 days of the date of reservation and is the point in which both parties are legally bound to complete the transaction. The agreed deposit (normally 10% or 5% for Help to Buy) is paid at this point. If you have any problems meeting the agreed deadlines or if you change your mind during the reservation please let our selling agent know as soon as possible. If the exchange of contracts does not happen within the agreed period without prior agreement then the reservation agreement ends immediately and your home may be put back on the market. 

Between exchange and completion

Once you have exchanged contracts our appointed sales agents will contact you to book a home demonstration appointment. This will normally take place a few days before you move. A representative from Spring Developments will personally meet you at the property to provide a demonstration of the appliances within the property, show you how the heating system works, show you where the main switches, electrical consumer unit and stopcocks are located. 

We will provide you with a Home Owners Manual which will include 

• Advice on how to run your new home in. 
• All warranties, guarantees and operating manuals.
• Details of how to care for your new home
• An explanation of what constitutes an emergency, what to do and who to contact.
• Customer care contact details
• Services Record including meter locations, serial numbers & service providers details (meter readings will be taken on handover and added to this form).
• Customer Snagging sheet
• Customer defect form including details of how we manage defects
• An explanation of what to do in case of a complaint and details of the disputes resolution service  viable  under the consumer code for house builders.

We will also aim to answer any question you may have and offer advice for moving day and make a note of your contact details so we can keep in touch with you.

Completion Day . The Handover

Once our solicitors have confirmed receipt of the funds the sale will complete and we will call you and arrange to meet at the property to hand over. Before you begin moving in your furniture, we will do a final check of your property with you to ensure we are made aware of anything which may require our attention. This is extremely important and is your chance to highlight any defects or any items which are damaged It is essential you ensure all scratches and damages are reported on this initial defects list as we cannot be held responsible for any additional damage or scratches incurred during or after the moving in process. We will ask you to complete a handover form to confirm that you are happy with the condition of the property and you will receive your new home keys.

Spring Developments allows a time period of 72 hours for you to snag the property, this enables you to thoroughly check your new home after moving in!

There is a snagging sheet in your home owner manual for you to report any items you have noticed. If not please contact us and we will be able to provide you with one. Please note that this does not cover damage caused during moving in or caused by normal wear and tear. Snagging sheets should be emailed to info@spring-developments by no later than 48 hours after you have moved in.

What is the difference between a defect and a snagging item?

In simple terms, a defect is something which requires repair or replacement, therefore it already exists, a Snagging Item is something which is missing, and/or need to be installed/added/finished. If you are uncertain you should always refer to the guidance on our buying guide page, your warranty policy documents or contact our customer services.

Our top tip: Most completions take place around mid day. Once you have exchanged contracts we normally advise that you take the day off work to move home.on the completion day. Ideally we would normally like to arrange to meet you around 11.30 am on moving day to give you plenty of time to check the property and complete our handover form before completing and receiving the keys. If you are using professional removals they wont want to be kept waiting while you check over the property.