We’ve put together this handy introduction to the buying process so you can familiarise yourself with what to expect. We hope it helps!
You need to be in a position to reserve your plot on the day, this is also known as being 'proceedable', this includes the following:
- Need a mortgage to buy? We’ll need to see a ‘decision in principle’
- Sold your house? We’ll need to see a ‘memorandum of sale’
- Or if you tick both of those boxes, you’ll need to bring both documents
- Engaged the work of a solicitor or conveyancer
- Have viewed our show home / development to ensure the purchase is right for you
In order for MBH to confirm acceptance of an offer from an interested party, the Reservation Form should be completed in full and signed by both the purchaser/s and a representative of Mill Bay Homes.
Paying the reservation deposit is the first step in the buying process. It ensures your new home is exclusively yours for a set duration. Your Mill Bay Homes sales representative will help you complete the reservation paperwork. We forward a copy of this to both our and your solicitors so that they can prepare your contract of sale.
It’s important to seek financial advice to ensure your purchase is right for you.
If applicable, you’ll have had a conversation with a mortgage advisor prior to reserving your home, but now is the time to engage their services as you will need a mortgage advisor to help with your mortgage application.
Your mortgage broker will require a copy of your reservation paperwork so that they have exact information about you and the property you are buying.
If you are making an application for Help to Buy funding, you will need to complete a Property Information Form (PIF) with your mortgage broker. Once your application has been submitted and approved by Help to Buy, you and your financial advisor will receive an Authority to Proceed (ATP).
You will need to instruct a solicitor to take care of conveyancing. This is the legal process of transferring ownership of the property.
This will include:
- Conducting local authority and Land Registry searches
- Answering your legal queries
- Acting on your behalf as a third party protecting your legal and financial interests
- Exchanging contracts to legally completing the sale
Your solicitor will receive a draft contract which they will read and forward to you. They will ensure that the price, deposit, and title deeds are all correct.
The final contract is the legally binding version of the contract, which is only signed after:
- You and your solicitor are satisfied with the outcome of all enquiries and surveyors reports
- You have received your formal mortgage offer, if applicable.
- You have confirmed eligibility for any schemes such as Help to Buy, if applicable.
- You have arranged to pay your deposit (you pay these direct into your solicitor’s account)
- If you are using Help to Buy funding your solicitor will now apply to Help to Buy for Authority to Exchange (ATE)
We expect buyers to use all reasonable endeavors to exchange contracts within 12 weeks of the Reservation Date, or as soon as possible thereafter. Where indicated on the Reservation Agreement that the purchase is not subject to sale of another property, the Purchaser/s agree to unconditionally exchange contracts no later than 14 weeks from the Reservation Date. Where indicated on this form that the purchase is subject to sale of another property, the Purchaser/s agree to unconditionally exchange contracts no later than 18 weeks from the Reservation Date.
Failure to adhere to these timescales by the reservation expiry date may result in the reservation being cancelled and the property being offered for sale to other parties.
Depending on the construction phase when you reserve your property, you may have an opportunity to visit while your new home is being built. Normally, the first opportunity for our purchasers to visit would be once the walls have been plastered and the kitchen units are in place.
Before you move into your new home you will be invited to complete a home demonstration with our sales team. This is a great opportunity to gain a better understanding of the systems and appliances in your home to help you settle in quickly and comfortably. Should you have any questions or queries about moving into your new home we will also be happy to assist.
Just before completion:
- Your solicitor will apply for mortgage funds to be released from your lender, if applicable.
- If applicable, your solicitor will make an application for an Authority to Complete (ATC) before Help to Buy release their funds on the day of completion in line with other mortgage funds (please note that the HTB funds need to be requested at least 12 days before the agreed legal completion date).
On the day of legal completion:
- The Council of Mortgage Lenders (CML) standard certificate has been issued by the warranty provider
- Your mortgage provider releases the funds for your new home
- You pay other assorted costs, such as Land Transaction Tax and solicitor's fees
- Your solicitor receives the title deeds for the property, and registers the transfer of ownership with the Land Registry
Once legal completion has taken place, we will be delighted to hand over the keys to your new home and you are free to move in. We will also read all meters with you and send this information off to the relevant utility providers.
Following your key handover, you will be introduced to a member of the aftersales team who will be assisting you throughout your Defects Insurance Period. All Mill Bay homes are covered by a Defects Insurance Period which covers the first 2 years following construction.
Your Mill Bay home will come with a 10 year warranty form a recognised new-build warranty provider. On expiry of the Defects Insurance Period, you are able to report any structural issues directly to your warranty provider who will be able to help.
While your solicitor is handling the conveyancing, you may need to arrange insurance for your new property.
Buildings insurance covers the structure of your home against fire, floods or accidental damage. Mortgage providers usually want to see that you’ve arranged buildings insurance from the date of legal completion.
Contents insurance covers the contents of your home in case of accidental damage or fire, floods, and theft. Mortgage providers don’t usually require you to have this, but it’s in your best interest to have it anyway.
We are sure that you will enjoy living in your new Mill Bay Home!