The Buying Process
We’ve helped countless buyers successfully purchase their new homes – so we have the expertise to help guide you through the process.
As a leading regional housebuilder with an exemplary reputation, we are totally committed to customer care and want this exciting time of your life to be as stress free as possible.
We’ve helped countless buyers successfully purchase their new homes – so we have the expertise to help guide you through the process. Our experienced Sales Executives are also on hand to help you every step of the way. We know that the experience of buying a new home may be different for everyone, so we hope that the information below will be helpful…
The Buying Process
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1. Speak to a Mortgage Broker or your Financial Adviser
They will be able to advise you on how much you can borrow, what the costs will be and have a mortgage agreed in principle for you.
Our Sales Executives are able to recommend a reputable Independent Financial Advisor to you, please be reassured we receive no financial gain from doing this.
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2. Reserve Your Home
You’ve found your dream home and it’s everything you’ve wanted, so now you’ll need to reserve it to make sure no-one else can buy it. You’ll be required to complete a reservation form and pay a reservation fee of £500 to secure it which will be deducted from the final purchase price on legal completion. Once this process is complete, we’ll take our property off the open market and it will be reserved in your name.
Our Sales Executives will go through this process in detail with you to explain any terms and conditions and ensure you know what you are signing up to and are happy with everything.
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3. Appoint a solicitor
The legal process involved in buying a home can be complicated and you will need to instruct a solicitor to act for you when you reserve your new home.
Don’t just use the first solicitor you see, take a look at several and choose the best one for you. Make sure that they specialise in residential conveyancing and that their initial quote covers everything and there are no hidden extras.
Our Sales Executives can help and can give you more information about choosing a solicitor. It is worth noting that searches can take several weeks, and you should start this process as soon as possible.
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4. Arrange your mortgage
Many buyers still need a mortgage to help them buy a home. You can apply for a mortgage directly from a bank or building society, or you can use a mortgage broker or independent financial adviser (IFA) who can compare different mortgages on the market for you.
If you are using Help to Buy or Forces Help to Buy you should also make this application now.
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5. Valuation and Survey
Your mortgage provider will arrange a mortgage valuation of your new home as part of the application process. Many lenders will charge a fee for this and you may be able to add this to your mortgage but please remember you will be charged interest on this amount for the life of the mortgage by doing so. There are different types of survey available from the basic mortgage valuation, to home buyers report and then structural/building survey but your mortgage advisor should be able to confirm what you require. Generally when buying a new property only a mortgage valuation will be required.
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6. Complete the legal work
Your solicitor will check the contracts, title deeds and undertake searches and enquiries on your behalf, making sure there are no issues that may negatively affect the purchase of your new home.
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7. Exchange contracts
Once all the legal work is completed and all finances are in place, your solicitor will arrange to exchange contracts. At this point you are legally committed to buying your home and we are legally committed to selling it to you, you can now start to organise your move.
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8. Home demonstration and unique pre-occupation inspection
We invite our buyers two weeks prior to legal completion to join us in familiarising themselves with their new home and learning how it works. We appreciate it’s a lot to take in so we are always there to answer anything that has been forgotten.
This home demonstration is then followed by the pre-occupation inspection which is unique to Peveril Homes and gives you the opportunity to highlight any issues that we need to address before you move in.
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9. Legal completion and moving in
On the completion day your solicitor will transfer the balance purchase price to our solicitor and when the money is received we will give you the keys to your new home.
If you’d like a hand calculating your budget, or would like to find out how Peveril Homes can help you move in for less, please contact one of our Sales Executives. There are also schemes available such as Help to Buy to make life a bit easier for you.
Don’t forget – you can talk to any of our Sales Executives for more information about the buying process. Happy home buying!
First Time Buyers
Deciding to buy a home is one of the biggest steps you can take in your life, and most likely your most expensive purchase, so it’s important to make sure you fully understand everything that’s involved.
Why Buy New?
We take great pride in supporting the communities that we create, and make solid commitments to support many schools and community groups as part of our journey.
Quality Assured & Guarantees
Throughout the construction process, your new home receives the meticulous attention of our experienced construction team, including thorough inspections and reviews.
Jargon Buster
Sometimes it can be difficult to see the wood for the trees. Use our handy jargon buster to help decipher the technical terms you may hear throughout the buying process.
