David Alexander Homes

The Buying Process

Once you have reserved your new home, confirmation is sent out to your solicitor setting out the terms of the agreement of sale.  Our solicitor will then issue the contract for sale and send out an information pack relating to the property.  At this stage a deadline is usually set for when the contracts are to be exchanged.

Your solicitor will then investigate the legal title of the property which includes investigating the whole of our site and any third party rights which may affect the property.  This will also include your solicitor carrying out the local searches and making enquiries about the property to our solicitor.

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Your solicitor will need to check that any finance you have applied for is in place.  If a mortgage is being obtained from a bank or building society, they will need to be satisfied that the value of the property 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.  The purpose of this form is to obtain all of the relevant information relating to the newly built property and the significant details of the transaction. Once the above have been satisfied the next stage is where both parties will formally sign and exchange contracts and you will pay a deposit to our solicitors, usually 10% of the purchase price.

With new build properties, the date of completion varies depending upon whether or not the property has been built yet.  If the property has been built, a date for completion can be mutually agreed between both parties. However, 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. The Certificate of Practical Completion is issued once the property is verified as complete, by an NHBC official.

Prior to completion, your solicitor will carry out the final searches and 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 our solicitor.  Our solicitor will arrange for the transfer deed and all other necessary documents relating to the property to be handed over to your solicitor.  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 due and registering the transaction at the Land Registry.