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1.
Reservation > 2. Exchange of Contracts > 3. Completion > 4.
After Completion
Once you have selected which
development best suits you, our on-site Sales Executives will be
happy to assist you in considering, which particular property’s
design, specification, and location best suits your lifestyle. Having
done that, buying a home falls into three simple steps.
1.
Reservation
We are more than happy to take a property off the market, reserving
it exclusively for you, subject to you being prepared to pay a holding
Reservation Deposit (non-refundable) of £5,000 (£10,000 for 3rd floor properties). That way you
can relax knowing that your property will not be sold to someone
else.
You can then get on with the processes of sorting out your own sale,
organising your mortgage, and leaving our respective solicitors
to handle the legal work involved. To do this you will need to complete
a simple Reservation Form with one of our Sales Executives, providing
us with details of the proposed purchaser(s), your current home
sale details, your sales status in terms of whether you are a cash
buyer or sale dependent, information on your solicitors, and defining
the terms of your new purchase (e.g. any extras requested).
A legal pack will then be forwarded to your solicitors within 7
days of completing this form. Purchasers will then have a 6 week
reservation period, after which they will be expected to sign an
Exchange of Contract to purchase your chosen property, …at
which point it is then becomes legally yours!
2.
Exchange of Contracts
By now you will clearly will need to have appointed a solicitor,
and supplied him with a copy of the Reservation Form … which
amongst other things gives them details of the target Exchange of
Contracts and Completion dates. Our lawyers will then send on the
full Legal Pack, and between them they will then sort out all the
legal work involved.
If you are applying for a mortgage, you will have to fill out the
necessary mortgage application forms with your chosen lender. Should
your application be successful in principle, then your mortgage
company will subsequently contact us for information about the property
you are buying, and to arrange a survey.
In due course they will no doubt confirm to you a formal mortgage
offer on our property, which you will need to sign and return to
the lender. Please remember that this process does take time, and
most mortgage offers expire after 6 months. It is therefore often
best to sort out a generalized mortgage offer first with a lender,
before you start going out and looking, let alone reserving, a new
home.
If you are buying “off plan” and have had a generalised
mortgage offer some months before the property will be ready for
occupation, you may need to check with your lender if you need to
renew this mortgage offer. To this end, please ensure that your
solicitor is aware that your mortgage is in place, when it was made,
and what its expiry date is.
As the Exchange date approaches, you need to contact your solicitor
to discuss the finalized contract, and what arrangements you will
be making to pay them the required 10% Exchange deposit funds (less
the reservation fee), and what final arrangements are being made
to agree a Completion Date (and therefore moving in date)?
3.
Completion
Once you have Exchanged contracts, BrightWater Projects Limited
will be able to give you a Completion date, or estimated completion
date if the property is still under construction. We will provide
both a Building Control certificate confirming that your property
is ready for occupation, and of course a copy of the 10 year NHBC
Guarantee – both of which will be issued to your firm of solicitors.
If any extras have been requested, then subject to all monies for
the works being received, they will be completed prior to the Legal
Completion date. If you require a third party to fit carpets, curtains,
etc. you will be required to complete the necessary paperwork to
confirm that you are fully insured for any works undertaken prior
to Completion.
On the day of Completion you will meet a representative of BrightWater
Projects, to collect the keys to your new home and to go through
a handover procedure. During the handover process you will be given
advice on the running and maintenance of your new home. You will
also be given details of the Utility companies as well as your NHBC
handbook and Health and Safety card.
Please note that keys will not be handed over until our Solicitors
are in receipt of cleared Completion funds.
Upon Completion you will be asked to inspect your new home, with
our Buildings Manager, and required to sign a Handover Certificate,
either agreeing that various items were in good order and to confirm
meter readings at the time of handover, or noting whatever minor
snagging items that there may be.
4.
After Completion
BrightWater Projects pride themselves on our high level of customer
service. Although we go to a lot of trouble to de-snag all our properties,
we cannot absolutely guarantee that something as complex as a new
home can be entirely without the odd minor snag. Things also do
not sometimes go wrong, despite our best endeavors.
We do however warrant that we will correct minor snags just as soon
as it is convenient to you to so do. It will clearly be entirely
at our expense if any defect in the property is as a result of a
failure in workmanship or materials, one reported to us during
the first 24 months of completion (see terms and conditions of Warranty
on the reverse of the Reservation Form, and NHBC 10 Year Guarantee
terms). Your new home is of course covered, with respect to major
structural defects, under NHBC’s 10 Year Warranty.
Prices from £545,000
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