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  • We recognise that through our experience of dealing on a daily basis with selling homes, that many words and phrases we use become daunting to those outside of the housing industry.
    Here we have compiled a list of those key words or phrases with a short explanation of them, to try and provide you with an understanding of the home buying process.
    Reservation Fee
    • This is a fee that is payable at the point of reservation. What it does is reserve your new home for a period of 6 weeks at the agreed asking price. This means we will no longer market the property for this period of time, on the understanding that satisfactory progression is made regarding the legal processes(please see our guide to buying your new home). This fee is deducted from the final figure payable upon completion.
    Valuation/Survey Fee
    • These fees vary and are sometimes refunded after legal completion, dependant upon your mortgage Lender .The fee is your commitment to your lender that you are purchasing the right loan product to enable you to move home. In return they will carry out an inspection on your behalf to confirm that the property is sound and acceptable for them to lend the money on.
    Solicitors/Conveyancing
    • A solicitor conducts the conveyance of your new home purchase on your behalf. It is the legal process where all aspects of the property you are purchasing are checked to ensure they are correct: e.g.: boundaries, title, registration of the property etc etc. There are many more things which will be checked on your behalf; however your solicitor may ask you to help provide information to assist the process.
    Searches
    • There are various searches which are carried out in relation to the property. The main two are the Local authority searches and Land registry search. These are extremely important so that your solicitor can ascertain as to whether there are any unfulfilled obligations on the property you are purchasing. (Please refer back to our Guide to Buying your New Home)
    Mortgage Offer
    • This is vital for your purchase to proceed. Your solicitor cannot exchange contracts without this in place. This document is your proof of funds for a legal completion. (Please see our notes on Guide to Buying your New Home)
    Exchange of Contracts
    • This is the confirmation that takes place between your solicitor and Redbourne Homes Ltd that all necessary checks have been and are satisfactory. It is at this point that the transaction becomes a legally binding contract for both parties concerned and that the sale is irrevocable (without considerable expense to either party, depending upon who is at fault).
    Legal completion
    • This is the point when all transferred monies are cleared and the ownership of the property is immediately transferred to you. Once we have confirmation that this has taken place we can then hand the keys of your new home to you.
    Stamp Duty
    • When you purchase a new home you are required to pay this tax to the Government. This then registers the title and ownership of the property in your name. The cost of this tax is dependant on the purchase price of the property. The payment of this tax is upon legal completion.

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