Buying Guide
A Homebuyer’s Guide
Whether you’re purchasing your first home or you’re an experienced buyer, Cotswold Homes is here to guide you every step of the way. Our homes are designed with quality, comfort, and sustainability in mind. Below is an easy-to-follow guide for all types of home buyers to help you navigate the purchasing process and understand key considerations, such as Stamp Duty.
Purchasing a new home with Cotswold Homes is an exciting experience, and we are here to guide you through each step of the journey. From reservation to moving in, we ensure a seamless and transparent process. Here is a breakdown of what you can expect:
- Reservation
Once you have found your ideal home with Cotswold Homes, the first step is to make a reservation on the property. Here’s what happens:
Reservation Fee: You will need to pay a reservation fee (typically £500 to £1,000) to secure the property
Confirmation of Details: At this stage, you will provide some basic details such as your buyer status (first-time buyer or experienced) and any relevant financial information. We will also confirm your chosen home and any options or upgrades you want.
Reservation Agreement: You will sign a reservation agreement, which sets out the terms of the reservation, the timeline, and the price.
- Mortgage Application and Financial Checks
After your reservation, it’s time to finalise your finances:
Mortgage Application: If you haven’t already, apply for a mortgage. Cotswold Homes can recommend mortgage brokers who specialise in new builds if you need assistance.
Financial Checks: Your lender will carry out an affordability assessment, and your mortgage offer will be subject to the valuation of the property.
Other Schemes: If you’re using government schemes (Shared Ownership), you will need to complete the relevant applications, and we will guide you through this process.
- Legal Process and Conveyancing
Once your mortgage application is approved, the legal process begins:
Instruct a Solicitor: You will need to appoint a solicitor to handle the conveyancing (the legal aspects of transferring the property). Cotswold Homes can recommend solicitors with experience in new build purchases.
Review of Documents: Your solicitor will review the contracts, including the sale agreement, and ensure all legal details are in order. They will also conduct necessary property searches (e.g., land registry, environmental, and planning searches).
Sign the Contract: Once the legal checks are complete, you will sign the contract and prepare for the exchange. At this point, your solicitor will advise you on the next steps and the anticipated completion date.
- Exchange of Contracts
Finalising the Agreement: Once both parties (you and Cotswold Homes) are satisfied with the contracts, you will exchange them, making the agreement legally binding. At this stage, you will need to pay your deposit (usually 10% of the property’s value, minus the reservation fee).
Completion Date Set: Your solicitor will set a completion date with Cotswold Homes. This is the date you will officially take possession of your new home.
- Construction and Progress Updates
During this stage, Cotswold Homes will keep you updated on the progress of your new home:
Regular Updates: You will receive regular updates on the build progress, including any estimated timelines for completion. Our customer care team is always available for questions.
- Pre-Completion Final Checks
As your home nears completion, Cotswold Homes will conduct final inspections and checks to ensure everything is in order:
Snagging List: A final inspection will be conducted, and any minor issues will be addressed in a snagging list. This ensures your new home is in perfect condition for your move-in.
Completion Pack: Your solicitor will provide the final completion pack, including details of your property, keys, and any warranties or guarantees for the home (e.g., NHBC, building warranty).
- Completion and Moving In
The big day is here! On the completion date:
Transfer of Funds: Your solicitor will transfer the remaining balance of the purchase price to Cotswold Homes, and you will officially become the owner of the property.
Key Handover: You will be handed the keys to your new home, and you can begin moving in.
Completion Statement: Your solicitor will provide you with the final completion statement, which includes a breakdown of any remaining fees, such as Stamp Duty, legal fees, or outstanding balances.
- After Moving In
The site and sales team will visit you at specified times up to 14 days after completion, the first visit 48 hours after completion, after the initial 14 days our customer care team will be in touch.
Customer Care: Cotswold Homes offers ongoing support once you moved in. Our customer care team is available to help with any post-purchase queries or if you need assistance with any aspect of your new home.
Warranties and Guarantees: All Cotswold Homes properties come with a comprehensive warranty, ensuring peace of mind regarding quality and workmanship. Your solicitor will explain the full terms of the warranty, and you will be able to make any claims if required within the warranty period.
- Ongoing Support
Even after you’ve moved in, were here for you:
Feedback: We appreciate feedback to ensure that your experience with Cotswold Homes was as smooth and enjoyable as possible.
Further Questions: Our customer service team remains available for any ongoing questions or queries about your new home, including guidance on maintenance and care.
In Summary
From reservation to completion, Cotswold Homes is dedicated to ensuring your buying journey is as straightforward as possible. Our step-by-step support helps you manage every stage with ease, whether you’re a first-time buyer or a seasoned homeowner. Were with you every step of the way to make sure your move is as smooth as possible.