The buying 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

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.

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.

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.

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.

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.

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.

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.

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!