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A & J stephen (Builders) Ltd
News from A & J Stephen Builders Perth Scotland

Buying Your Home: The Process

Buying a property, especially your first, is a huge step and might feel like a daunting prospect.

If you’re planning to buy a new build, what’s involved?

When do you involve a solicitor?

How much of a deposit do you need, and when do you hand it over?

What happens on move-in day? 

You’ll be glad to hear the buying process is easier than you might imagine!

The legal and financial bit

Perhaps you’ve visited one of our showhomes, or taken a virtual tour, and have seen a plot you’re interested in.

Before you’re ready to reserve a plot, you must be in a position to complete the missives so now is the time to approach a solicitor, if you haven’t already done so. Further down the line, the solicitor will also negotiate your move-in date and manage the funds to buy the property. 

Speaking of which, now is also the time to get your finances in order and apply for a mortgage – again, if you haven’t already done so. It may be helpful to have a mortgage agreement ‘in principle’ before you start house-hunting, particularly if you're a first-time buyer. This is a document from a mortgage lender confirming that they will, 'in principle', give you a mortgage for a certain amount, which you can use to show you can afford the property.

Legal and Financial

Reserving your plot

Now, you’re almost ready to reserve. You might have noticed that we sometimes release plots for ‘reservation’ and, in other cases, ‘advance reservation’. So what’s the difference, and what does each cost?

When a plot is available for ‘reservation’, it costs £1,000, deducted from the purchase price of your home when you complete.  If you later decide to pull out of your reservation, you would be refunded £500 of your £1,000 reservation fee. This can be paid by debit or credit card, or bank transfer. You can do this over the phone, at one of our showhomes or our main office in Perth. Once the reservation fee is paid, you’ll be invited to our main office or showhome to discuss the floor plans, plot specification and so on in more detail, and complete your reservation paperwork.

Once your reservation fee is paid and paperwork completed, this reserves your plot for 30 days. Our solicitor will then forward our "Offer to Sell" to your solicitor, who will complete the necessary paperwork.

When a plot is released for ‘advance reservation’ it is released without a price or anticipated entry date. You can pay a £400 advance reservation fee which essentially holds the plot in your name until the price and entry date are released. Once the price and anticipated entry date are released, you’ll then have first refusal on the plot and are given seven days to choose to either convert up to a full reservation by paying a further £600, or you can cancel your advance reservation and you would be refunded £300 of your £400 fee. If you choose to convert to a full reservation, the process continues the same way as a typical full reservation.

Reserving your plot

Completing Missives

When we receive the completed missives, we will prepare the Plot Details and send two copies to you; one for you to keep and one for your solicitor. The Plot Details contain information on the house specifications, the price and the anticipated entry date. Provided the completed missives are received by our solicitor within the 30 day reservation period, your £1,000 reservation fee will be deducted from the purchase price of your home.

Completing Missives

Making your home your own!

Now, for the fun bit, when you’re invited to pick your choice of kitchen and bathroom finishes. We have a wide range of standard choices from kitchen units to wall tiles, meaning you can really put your stamp on your home. Looking for something more bespoke? We can do that too! We also offer a range of optional extras, which can be yours for a little more.

Making your home your own!

The big day

Before your anticipated entry date, you’ll be contacted by a member of our Sales team to confirm your entry date and arrange a mutually convenient time for your handover with the Site Manager and Sales Adviser. 

Approximately two weeks before this, we’ll send an invoice to your solicitor for the total sum due, the agreed purchase price and any further balance to be paid for optional extras. The title deeds will then be prepared and handed over on entry or as soon as possible after that. You can then move in and enjoy your new home!

The big day!

For more information on what’s available today, please get in touch on 01738 620721 or by emailing sales@stephen.co.uk.

Registered in Scotland 57720

Consumer Code for Builders
Homes for Scotland