We’re here to help
Buying a home is an exciting time, but there’s a lot to remember and it’s easy to feel like it’s all a bit much!
At Joseph Homes, we’re here to help. Our friendly and knowledgeable advisors will be with you every step of the way, providing everything from progress reports throughout the build to a friendly face and jargon-free advice.
We’ve put together this handy introduction to the buying process so you can familiarise yourself with what to expect. We hope it helps!
Reservation
Paying the reservation deposit is the first step in the buying process. It ensures your new home is exclusively yours for 28 days. Your Joseph Homes sales consultant 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.
Financial Advice
It’s important to seek trustworthy, plain-speaking financial advice.
You’ll have had a conversation with a financial advisor prior to reserving your home, but now is the time to engage their services as you will need a financial advisor to help with your mortgage application. Our advisors have been specially chosen to help guide you through the mortgage maze and give plain-speaking, independent advice so you can make the right choice to meet your particular needs.
Your financial advisor 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 financial advisor. Once your application has been submitted and approved by Help to Buy, you and your financial advisor will receive an Authority to Proceed (ATP).
Legal Advice
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
If you’re unsure who to use, Joseph Homes can recommend a selection of trusted solicitors. It’s important to remember that legal and financial advisors incur additional costs, so be aware of what these amount to.
Exchanging Contracts
Your solicitor will receive a draft contract which they will which they will read and forward to you. They will ensure that the price, deposit and title deeds are all correct. You will also receive a copy of the lease if you are buying a leasehold property.
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
- You have confirmed eligibility for any schemes such as Help to Buy
- 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)
First Visit
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. We will provide you with hats, boots and safety instructions for your guided tour.
Home Demonstration
Before you move into your new home you will be invited to complete a home demonstration with our Customer Service 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.
Legal Completion
Just before completion:
- Your solicitor will apply for mortgage funds to be released from your lender
- 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 (warranty provider may differ from development to development)
- Your mortgage provider releases the funds for your new home
- You pay other assorted costs, such as stamp duty and solicitors fees
- Your solicitor receives the title deeds for the property, and registers the transfer of
ownership with the Land Registry
Handover
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 your electricity, heat and water meter with you and send this information off to the relevant utility providers.
Post-Handover
Following your key handover, you will be introduced to your Customer Service Team who will be assisting you throughout your warranty period. Joseph homes provide a two-year warranty period to all residents, and during this period any queries about the property or defects reported will be addressed by your Customer Service Team.
CML Warranty Provider
Your warranty gives the added reassurance that if there was an issue in the first 10 years that was no fault of your own, you would be not be liable for the cost of repair. The warranty providers are an external body who inspect the building process throughout construction to ensure it meets the highest standards and is safe to occupy.
Insurance
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. If you’re buying an apartment, then buildings insurance may be included in your service charge. Please ask your sales consultant.
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.
You may also want to consider getting some form of personal insurance such as life insurance, income protection, or mortgage payment protection. These will provide some support and reassurance if your circumstances change and you’re unable to work or pay your mortgage.
Managing Agent
If your new home is an apartment, the managing agent will introduce themselves and is there to look after the building that you live in and all of the communal areas to ensure that they are all well maintained.
