Home buying should be hassle free! So here are some simple steps to help you understand the process and get things moving quickly. Our Sales Team will always be on hand to take care of you, offering advice and practical assistance throughout the buying process. We’ll keep in touch to keep you informed of what’s happening and will always be there to answer your questions promptly and keep the solicitors on track. If there’s anything else you need to know, please just ask.

Make your reservation
Once you have decided on your chosen plot you will be required to sign a reservation form and pay a reservation deposit. This usually secures your new home for 28 days but we can discuss alternatives. The reservation deposit forms part of the deposit (usually 10% of the purchase price) paid upon exchange of contracts.

We will also require the name of your solicitor so the legal documentation can be issued and the name of your selling agents (if applicable) to enable us to keep everyone in the chain informed. It may be useful to let your solicitors and agents know that we will be in regular contact with them.

Arranging Your Finance
Prior to exchange you'll need to guarantee that you have the necessary funds in place to complete your purchase. If you are a cash buyer your solicitor will let you know when your cleared funds are required. If you require a mortgage it is important to arrange this as soon as possible after reservation. A survey will usually be required and references provided before a mortgage offer is issued.

The Legal Side
Once contracts have been issued an exchange deadline will be set. This will usually be 4 weeks after receipt of contract. It is important that all parties concerned are aware of the exchange date.

During this time your solicitor will apply for the Local Authority Search and raise enquires. Once he is satisfied he will go through the contact with you and give you the opportunity to raise any issues of your own. Once the contract is approved you will be required to sign it, you will also need to provide your solicitor with a signed copy of your mortgage offer or proof of funds. It is at this point you will be asked to pay your 10% deposit. If the deposit is paid in the form of a personal cheque sufficient time must be given for the funds to clear in order to meet the exchange deadline.

Exchange of Contracts
Once contracts have been exchanged the agreement becomes legally binding. At the time of exchange the completion date will be discussed. If the property you are purchasing has already been built then a fixed date will be agreed. If the property is still under construction you will exchange on a 10-day notice period. This means that on completion of the property we will issue a notice to your solicitor informing him that the property will be ready to move into ten working days from receipt of the notice. This will become your moving date. This will not come as a surprise because during construction our sales team will give you regular updates of progress.

Completion
During the week prior to completion you will be invited to attend a Home Demonstration with your Site Manager. This will give you an opportunity to learn about your new home. You should allow at least an hour for this. On the day of completion the Site Manager will be on hand to make sure you are completely happy with your new home. He will also take the meter readings, issue any, warranties and of course hand over the keys.

Congratulations, you are now the owner of your new Silver home!

Useful terminology

Local Authority Searches
These check that your new home is not going to be adversely affected by other local planning decisions or proposals. A fee is payable and the searches will be arranged by your solicitor.

Land Registry
This government department registers your ownership of the property. A fee is payable as above and registration is arranged by your solicitor.

Stamp Duty
This is a tax levied by the government on all property transactions above a specified price threshold. The threshold and tax rates applied are varied by the government from time to time. The tax is collected by your solicitor on behalf of the government.

Freehold or Leasehold
Freehold – the owner of the property also owns the land that the property is built upon.

Leasehold – gives you the right of possession of a property for an agreed period of time. The lease will set out details of obligations for repairs and maintenance of the property.

Common areas
These are generally found within apartment developments where there are communal stairways or gardens. They may also be found on other developments where there are communal parking areas or roads and footpaths not intended for local authority adoption. Your solicitor will advise you of any formal obligations in respect of Common Areas.

Private Roads
These are new roads serving the development, constructed by the developer to appropriate standards. They will become the responsibility of residents to maintain. Your solicitor will advise you of any formal obligations that you may have in relation to any private roads on the development.

Management Company
A responsible body appointed in the first instance by Silver Homes to maintain any common areas. Your solicitor will advise you of any obligations that you may have in respect of the management company, if one has been appointed.

Adopted roads
Roads to be adopted on a development are constructed by the developer to standards specified by the local authority. When they are finished and have gone through the maintenance period, the local authority takes them over or ‘adopts’ them. They then become the responsibility of the local authority for all future maintenance.

The Council of Mortgage Lenders (CML)
The Council of Mortgage Lenders includes all the leading finance houses that lend money for house purchase. They have a Code of Practice, which requires that each property has received a satisfactory final inspection by the NHBC before they release the mortgage funds.

The National House-Building Council (NHBC)
This national body sets standards and Codes of Practice for house builders and provides the Buildmark warranty for house purchasers.

HIPS.
From the 1st June 2007 it is a government requirement to supply a Home Information Pack to anybody interested in purchasing a property released for sale after that date. A copy of the pack can be initially requested from our solicitor via email.