Posted in: Buying Guide, 23rd November, 2015

Buying a new build home with us

Buying a new home can be a long and complicated process, so it’s important to know what is happening and when.

Our sales advisors and site management team will be there to support you, along with your solicitor, financial adviser and mortgage provider. Here’s a quick guide outlining what to expect:

From Reservation to Exchange of Contracts

Once you have paid your reservation fee, Russell Homes is committed to retaining the plot you have chosen, in your name, for an agreed period. This fee then becomes part of the final purchase price, and will be deducted from the balance you pay when you move into your new home.

If, for whatever reason, you are unable to exchange contracts at the end of the agreed period, Russell Homes reserves the right to re-offer for sale the plot in question.

At the time of making your reservation, you will be informed of the expected time period for the completion of your new Russell Homes property. We are unable to provide a confirmed date at this stage as there may be potential delays caused by factors outside of our control, such as bad weather and interruptions in provision of utility services.

The estimated month of completion will be given after the property has been plastered, and our sales consultant will keep you informed of progress as the build of your new home progresses.

Exchange of Contracts

This is when two identical documents, one signed by Russell Homes and one by the buyer, pass between the respective solicitors. After the exchange of contracts, both parties are legally committed to the sale and purchase of the property.

The deposit will need to be paid to Russell Homes at this time, and is subject to the conditions of the contract. In most circumstances, the deposit is non-refundable in the event of non-completion by the customer. Our sales team and your solicitor will assist you throughout this process.

From Exchange of Contracts to Legal Completion

Once you have legally committed to the transaction by exchanging contracts and paying the deposit, it is only a matter of time before the process leads to Legal Completion. This is the moment when ownership of the property transfers to you, and you can move in. We will keep you updated as to when the property is ready to be handed over and when we expect you will be able to move into your new home.

Checking progress on your new home

While arrangements can be made to visit your new home during the construction process, this can only take place provided it is safe to do so, and by prior arrangement with the site manager.

It would not normally be considered safe to visit the property while scaffolding is in place, so visits will not be allowed until the scaffold is down. In addition, for health and safety reasons, it is not possible for young children to accompany any arranged visit into a construction area. Please be aware that visitors will also be required to wear appropriate personal protection equipment during visits to any construction areas. We hope you understand that these policies are there to protect you and your family.

To arrange a suitable time for your accompanied visit, please liaise with our sales team. You will be invited to a new home demonstration once the property is build complete to help you familiarise yourself with the property, the appliances, heating and security systems etc. Our site manager and sales consultant will accompany you on this occasion,

Legal Completion

Once the work on your new home is finished, a formal notice is served to your solicitor and Legal Completion takes place within the period specified within the contract. If applicable, you should liaise with your solicitor who will contact your mortgage lender to arrange a final survey of the property. By this time you should have signed the mortgage and transfer deeds.

On the Day of Completion

Your solicitor will take care of everything on your behalf, with help from the Russell Homes team.

Through your solicitor, the balance of monies due – ie. the agreed purchase price, less the amount of your reservation fee and the exchange deposit – will be transferred to Russell Homes.

It is important that the transfer of monies takes place as early in the day as possible. For legal reasons, we will not be able to allow you to move in to the property until the balance of monies due has been received by Russell Homes’ solicitors. Our sales team will contact you when monies have been received and arrange for you to come and collect the keys.

At the same time, key documents such as the deeds of the house, will be passed on to your solicitor. If applicable, the title deeds to your property will subsequently be held in safe keeping by your mortgage lender.

Our sales consultant will meet you at the sales office to handover the New Home Buyer pack which will contain information about your new new home, the appliances, security measures and any further documents relating to your ownership, before you take the keys and move into your brand new Russell Homes property.

Happy househunting!

If you have any questions at any stage of the process, please do not hesitate to contact the Russell Homes sales team on 0161 868 4326 or email them on sales@russellhomes.co.uk