Buying a new home can seem like a long and complicated process
so we’ve outlined the usual conveyancing process for your reference and convenience.
At reservation you will receive a reservation form. You may also be invited to select kitchen cabinets, tiles and flooring depending upon the stage of build.
The terms of sale for your new house are agreed and sent to your solicitor. Our solicitor will issue the contract for sale and a pack of title information relating to the property. The deadline is also set for exchange of contracts
Your Solicitor will investigate the title of the new property and carry out relevant searches; there will be a cost involved for this. Generally, your solicitor will prepare a report on the property for you and any bank involved in financing the purchase.
Your solicitor will check that finances are in place to purchase the new property. If a loan is required, the bank will value the property to be sure that this accords with the value and security of the mortgage being given
Our solicitor will ensure that a CML Disclosure of Incentives form is completed and handed to both the valuer and the lender’s solicitor.
Once the above are satisfied, both parties will formally sign and exchange contracts and you will pay the exchange deposit which is usually 10% of the purchase price less your reservation deposit to our solicitors. You now have an insurable interest in the property and should insure the property from this point.
If the new property is ready to move into, a date for completion can be mutually agreed between the parties. If the property has not yet been built, the date of completion will most likely be fixed for 10 days following the issue of the Certificate of Practical Completion.
Prior to completion, your solicitor will require cleared funds for the balance of the purchase monies from you/your lender and will ensure that the transfer deed is signed in readiness to complete.
On completion, your solicitor will arrange for the purchase monies to be transferred to Kendrick Homes’ solicitor. Similarly, our solicitor will arrange for the transfer deed and all necessary documents relating to the property to be handed to your solicitor for safekeeping.
You can collect the keys and move into your new home
The legal title to the property will remain in our name until completion when your solicitor will deal with paying the stamp duty land tax and registering the transaction at the Land Registry.