Stages of Purchase
Buying a new apartment at Forest Gate is an exciting journey, and we’re here to assist you every step of the way. Our comprehensive Buying Guide will provide you with the essential information needed to secure your dream home.
Step 1: Come Prepared
Before you reserve your new home, it’s important to be prepared. To move forward, you’ll need to provide proof of funds and identification, which could include:
- Funds from a pending sale of your current home
- A mortgage decision in principle for the purchase price
- Sufficient funds to proceed without selling your current home
If your current home hasn’t sold yet, or even if it’s not on the market, our Move123 scheme may allow you to reserve your apartment while we assist you in selling your current home swiftly.
Step 2: Reservation Process
Once you decide to purchase an apartment at Forest Gate, we will guide you through the reservation process:
- We’ll send you our Pre-Purchase Information Pack along with the Reservation Agreement.
- The Reservation Agreement will detail your chosen apartment and the purchase price.
- We’ll address any questions you may have.
- After signing the Reservation Agreement, a reservation fee of £3,000 is required. This secures your chosen property and freezes the purchase price for the reservation period.
- The reservation period lasts for 28 days, with the expiry date specified in the agreement. Extensions may be available if needed.
- You can cancel your Reservation in writing at any time before exchanging contracts, and we will refund your reservation fee (less £180 inc VAT for fees).
- Upon exchanging contracts, the reservation fee will count as part of your deposit towards the purchase price.
- If applicable, please complete the Voucher to process any payment under the Introduce a Friend Scheme when you legally complete your purchase.
If your current home hasn’t sold yet, or even if it’s not on the market, our Move123 scheme may allow you to reserve your apartment while we assist you in selling your current home swiftly.
Step 3: The Legal Formalities
Once you reserve your property, you will need to:
- Instruct a conveyancer to manage your purchase and provide them with your Reservation details.
- Pay your conveyancer the search fees.
- Arrange your finances; if you require a mortgage, contact your lender to proceed with your application. A valuation fee will be required at this stage.
- Your mortgage lender will send a formal mortgage offer after receiving a satisfactory valuation, which will be provided to you and your conveyancer.
If your current home hasn’t sold yet, or even if it’s not on the market, our Move123 scheme may allow you to reserve your apartment while we assist you in selling your current home swiftly.
Step 4: Exchange of Contracts
The exchange of contracts marks the point where your agreement to purchase becomes legally binding. Generally, you have four to six weeks from reservation to exchange contracts.
- We will agree on a completion date with you, which will be documented in the contract.
- As all our Forest Gate apartments are ready to move into, we can agree on a fixed completion date that suits your schedule.
- If you have a dependent sale, your conveyancer will coordinate with the buyer’s conveyancer to ensure the necessary funds are available on completion day.
- Your conveyancer will inform you of any additional funds required for completion via a completion statement, detailing legal fees, stamp duty, land registration fees, etc.
Step 5: Getting Ready to Move In
Congratulations on securing your new home! We will contact you to arrange a final inspection and home demonstration. This is your chance to ensure everything meets your expectations and for us to guide you on how to maintain your new home.
Step 6: Collecting the Keys
The day has finally arrived! Here’s what to expect:
- Legal completion occurs when our solicitor has received the full payment from your conveyancer, officially finalising the transaction.
- We’ll arrange a time for you to collect the keys on-site, typically in the early to mid-afternoon.
- During this meeting, we’ll take metre readings, and you’ll need to register for Council Tax and contact utility providers for service activation.
- You’ll receive an Owners Handbook containing essential information, contacts, and all relevant guarantees and warranties for your new home.
We’re Here to Help
Buying a new home can be a stressful experience, and we’re here to support you. If you have any questions or concerns throughout the process, please don’t hesitate to get in touch with us.
