Process and Payment Structure
To buy an apartment ‘off-plan’ from the launch date you will enter the following process:
Reservation Fee
Once you have chosen your apartment you will pay a non-refundable reservation fee of £500.
Exchange of contracts
28 days after the payment of your reservation fee you will pay a further 5% (less £500) of the purchase price through your appointed solicitor and exchange contracts. This identifies the apartment and specification and the obligations between ourselves as the developer and you as the buyer.
If you are going to require a mortgage then it is advisable that you have an ‘in-principle’ decision in place by this time (see FAQ section).
Pre - completion
After exchange of contracts you will be asked by our agent to select your choice of kitchen and tiling subject to timing making this option still available. If this is not possible then choices will be made by ourselves.
28 days before the apartment is ready your solicitor will be given a notice of completion and you will be given a chance to inspect the property with us 7 days before your completion date.
Completion
On completion, the sale will be concluded with the balance of monies due being paid over by your solicitor. The apartment Title will be registered in your name at the Land Registry and your solicitors fees / costs and any tax will become due. The apartment is now yours to move into and start living!
After-sales service
Our obligation to you doesn't just end at completion. Within 12 months we will re-inspect the apartment with you and make good any defects, subject to 28 days notice. In addition the apartments enjoy a full 10 year new build warranty against any further defects or structural problems (see warranties section).
Legal Fees and costs
pad25 has negotiated a highly competitive legal package on your behalf with Hague & Dixon in Pickering. Costs per apartment will be:
Legal Fees = £abc plus VAT
Searches = £def
Lease Engrossment Fee = £ghi plus VAT
Land Registration Fee = £jkl
TOTAL = £mno including VAT
Most lenders charge an additional fee for valuation of the property and administration of the mortgage. This is either paid directly or added to the loan. This varies between lenders with some waiving the fee on certain mortgage products. Your mortgage advisor will make this clear to you.
Stamp duty
Stamp duty normally becomes payable on purchases of £125,000 or more at 1% up to £250,000.
However, to help buyers, all the apartments at Greenhaven will have any applicable stamp duty paid by ourselves.