YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS

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YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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R E S E R VAT I O N TO E XC H A N G E
          OF CONTRACTS

YOUR GUIDE
 TO BUYING
A NEW HOME
USING HELP
   TO BUY
YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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                                                  YOUR                                           Contact details                       1st Buyer                            2nd Buyer                           3rd Buyer

                                            R E S E R VAT I O N                                  Title

                                                                                                 Surname

                                                                                                 First and middle names

                                                                                                 Primary Residential
                                                                                                 Address
                  Reservation date
                                                                                                 Town/City
                  Development name                                 Plot no. and address
                                                                                                 County

                                                                                                 Postcode

                  Developer name                                                                 Length of time at primary
                                                                                                 residential address
                  NP number                                        Developer address             Tel. no

                  Incentives                                                                     Mobile no

                                                                   Exchange of contracts         Email
                  House/Apartment no.
                                                                   due

                  Garage/parking space
                                                                   House type
                  No.                                                                            Type of purchaser (mark X)                    Source of enquiry (mark X)
                                                                   Management fee:
                  Freehold/Leasehold                                                             Cash buyer                                    Savills website
                                                                   (see annex for details)
                                                                                                 First time buyer                              Developers website
                  Service charges
                                                                                                 Mortgage                                      Website portal                        Which portal?
                  Purchase price of         Figures: £
                                                                                                 Part-exchange                                 Paper/magazine                        Which paper/magazine?
                  the property and
                  garage/car parking        Words:                                                                                             Hoarding/board                        Flyer
                                                                                                                                                                                     Social media
                                                                                                                                               Recommendation                        (Facebook/Instagram)
                                            Figures: £
                  Reservation fee
                                            Words:                                               Nationality

                  Cheque/Transfer
                                                                                                                Buyer   Buyer                                                Buyer   Buyer                                  Buyer   Buyer
                                                                                                 Age (mark X)     1       2     Employment (mark X)                            1       2                                      1       2
                                                         Date warranty
                  Reservation expiry date                                                        29 & under                     Admin and support staff                                      Manufacturing
                                                         information provided
                                                                                                 30 - 39                        Agriculture, forestry, fishing                               Media and advertising
                                                         Completion month and
                  Asking price £
                                                         Year Note: Anticipated date             40 - 49                        Arts, entertainment & recreation                             Military and defence

                                                                                                 50 - 59                        Education                                                    Professional
                  Special conditions
                                                                                                 60 - 69                        Financial & insurance activities                             Real estate & construction
                  Vendor’s Solicitor:                                    Buyer’s Solicitor:
                                                                                                 70+                            Government & Civil Service                                   Retail and trade
                  Contact                                                Contact
                                                                                                                                Health & pharmaceuticals                                     Retired

                  Firm                                                   Firm                                                   I.T.                                                         Scientific & research

                                                                                                                                Legal                                                        Transportation & storage

                  Address                                                Address                                                Leisure and tourism                                          Utilities & commodities
                                                                                                                                                        Buyer   Buyer                                                       Buyer   Buyer
                                                                                                 No. of children (mark X)                                 1       2         Purchaser property use (mark X)                   1       2

                  Postcode                                               Postcode
                                                                                                 0                                                                          Commercial

                  Tel no.                                                Tel no.                 1                                                                          Investment

                                                                                                 2                                                                          Main residence
                  Email                                                  Email
                                                                                                 3                                                                          Redevelopment
                  Specification viewed
                                                                         Drawing no. received:   4+                                                                         Second home
                  (dated):

                                                               2                                                                                                        3
YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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                                              Buyer   Buyer                                                                                     Buyer   Buyer
                                                                                                                                                                Terms & Conditions
                  Income (mark X)               1       2                                                                                         1       2

                  Employed                                                                                        Self-employed                                 • I/We the purchaser request the developer to reserve for me/us the property on the above terms and agree
                                                                                                                                                                  that this reservation shall lapse on the Reservation Expiry Date:             working days after receipt of
                  Student                                                                                         Independent wealth                              contract documentation.

                  Retired                                                                                         Unemployed                                    • If I/We the purchaser shall fail to exchange contracts and/or pay the Deposit by Reservation Expiry Date (time
                                                                                                                                                                  being of the essence), or if the Reservation Agreement is cancelled then the developer will return the
                                                                                                                                                                  reservation fee less their reasonable administrative and other costs, on the provision the development complies
                                                                                                  Buyer   Buyer                                 Buyer   Buyer
                  Employment location (mark X)                                                      1       2                                     1       2       with the Consumer Code of Conduct. https://consumercode.co.uk/
                                              Buyer   Buyer
                                                1       2     Other city                                          Other local town                              • Furthermore I/We the purchaser acknowledge that I/We have not entered into this Reservation Agreement
                                                                                                                                                                  by relying upon other representation or offer, either written or verbal, which is not set out in this Reservation
                  London (central)                            Rurally                                             Retired                                         Agreement.
                  London (within M25)                         Work from home                                      Abroad                                        • This is not an exclusivity or lock in agreement and remains subject to contract. You should seek independent
                                                                                                                                                                  legal advice if required.

                  Sector (mark X)                                       Buyer   Buyer                                                           Buyer   Buyer   • Please note that the property may or may not continue to be marketed for sale as per our client’s instructions,
                                                                          1       2                                                               1       2
                                                                                                                                                                  please contact your sales agent or Savills office for clarification regarding this.
                  Public                                                                Private
                                                                                                                                                                • The Reservation fee must be refunded in full if the Buyer wishes to cancel the reservation for any reason within
                                                                                                                                                                  ten working days of signing the Reservation Agreement.
                  Purchaser reason (mark X)                                                                                                                     • Savills will collect and use your personal data for the purpose of this transaction. This may include, as necessary:

                                                              Downsizing                                          Relocation from
                  Capital investment                                                                                                                                Sharing your data with third parties such as joint agents or developers in order to facilitate the purchase: and
                                                                                                                  within UK
                                                                                                                                                                    Sharing your data with a managing agent (to be appointed at a later date) in order to facilitate their future
                  Commercial                                  Investor/To let                                     Retirement                                        management of the building or estate where you are purchasing the property.

                  Debt                                        Redevelopment                                       Second home                                   • For more information on how Savills uses your personal information, please see our Privacy Notice available on
                                                                                                                                                                  our website www.savills.com. Please speak with your Sale Representative if you would like more information
                                                              Relocation from                                                                                     relating to how a joint agent or developer (as the case may be) will use your personal data.
                  Developer                                                                                       Upgrading
                                                              abroad
                                                                                                                                                                  Are you happy to be contacted by Savills Lettings to offer rental services? (mark X)
                  Divorce
                                                                                                                                                                  Yes                                           No

                  Mortgage required (mark X)                                            Do you have a property to sell? (mark X)

                  Yes                          No                                       Yes                                 No

                  Have you already arranged a mortgage (mark X)                         If yes, is it: (mark X)

                  Yes                          No                                       Sold with contracts                 Sold Subject to
                                                                                                                                                                Signature of buyer 1:

                  Brokers details                                                       exchanged                           Contract
                                                                                                                                                                Print name:                                                                      Date:
                  Address                                                                                                   Not yet sold, but
                                                                                                                            being marketed
                  Postcode
                                                                                        Other                               with estate agent
                                                                                                                            [insert details
                                                                                                                                                                Signature of buyer 2:
                  Telephone
                                                                                                                            below]:
                                                                                                                                                                Print name:                                                                      Date:
                  Email
                                                                                        Firm
                  SPF Private Clients

                  Firm
                                                                                        Address
                                                                                                                                                                Signature of buyer 3:

                  Address                                                                                                                                       Print name:                                                                      Date:
                                                                                        Postcode
                  Postcode

                  Telephone
                                                                                        Tel no.                                                                 Signature of
                                                                                                                                                                Sales Representative:
                  Email                                                                 Email
                                                                                                                                                                Print name:                                                                      Date:

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YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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                                           CO NTE NTS

                                                 I NT R O D U C T I O N
                                                       PAGES 8 - 9

                                      H OW D O E S H E L P TO B U Y WOR K?
                                                      PAGES 10 - 11

                                    OV E RV I E W O F T H E B U Y I NG P R O C E SS
                                                      PAGES 12 - 13

                                         F I NANC I NG YO U R P U R C H ASE
                                                      PAGES 14 - 15

                                       T H E M I NI P R O P E RT Y G LOSSARY
                                                      PAGES 16 - 18

      Westhorpe House, Marlow

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YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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                                                        I NTRO D U C TIO N

                                             AR E YO U LO O K I NG TO B U Y A H O M E FO R T H E F I R ST TIME ,
                                              B U T YO U AR E ST R U G G L I NG TO SAV E U P T H E D E P OS IT
                                                            O R AF FO R D T H E M O RTG AG E ?

                                               At Savills, we understand. The Help to Buy scheme is one
                                              way to make it easier to get on the property ladder. We have
                                                     helped 1000s of buyers through the process.

                                              If it is your first step on to the property ladder, we understand
                                                 that the purchasing process is not always straight forward.
                                                 If you are considering using Help to Buy, here are some of
                                                            the things we think you need to know…

      North Kelvin Apartments, Glasgow

                                         8                                   9
YOUR GUIDE TO BUYING A NEW HOME USING HELP TO BUY - RESERVATION TO EXCHANGE OF CONTRACTS
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                                                                                                 THE EQUITY YOU RECEIVE FROM THE
                                  H OW DO E S                                                    GOVERNMENT IS INTEREST FREE FOR FIVE
                                                                                                                                                                   TO QUALIFY
                                                                                                                                                                   • You must be a first time buyer (England &
                            H E LP TO B U Y WO R K?                                              YEARS (OR INDEFINITELY IF YOU ARE BUYING
                                                                                                 IN SCOTLAND)
                                                                                                                                                                     Wales only)
                                                                                                                                                                   • You must have spoken to either a lender or
                                                                                                 When we’re speaking to potential buyers using                       independent financial adviser before applying
                                                                                                 the Help to Buy scheme, they can sometimes be                     • Your mortgage must be a repayment
                  Help to Buy offers equity loans to first time buyers (England & Wales only).   concerned that they have to pay interest on the                     mortgage
                  With a Help to Buy Equity Loan the government lends you up to 20% (15%         money that they borrow from the government
                                                                                                 straight away. This isn’t the case. If you have at                THE HOME YOU WANT TO BUY MUST:
                  in Scotland, 40% in London) of the cost of your newly built home, so you’ll    least 5% in cash as a deposit, the government                     • Be newly built (from a Help to Buy registered
                     only need a 5% cash deposit and 75% mortgage to make up the rest.           lends you a percentage of the purchase price                        developer)
                                                                                                 (15% in Scotland, 20% in England/Wales and                        • Not be a second home
                                                                                                 40% if you live in London). This is interest free for             • Not be rented out.
                                                                                                 the first five years or indefinitely in Scotland. You
                                                                                                                                                                   • Be priced within the regional price caps
                                                                                                 then borrow the rest from a mortgage provider.                      detailed below
                                                                                                 HELP TO BUY EXAMPLE
                                                                                                                                                                 PRICE CAPS
                                                                                                 The 2 bedroom flat you want to purchase
                                                                                                 costs £200,000.                                                 How much you can spend on your home will
                                                                                                                                                                 depend on which region it is in.
                                                                                                 SCOTLAND
                                                                                                                                                                 ENGLAND                  April 2021 - March 2023
                                                                                                                                    £10,000
                                                                                                                                    BUYERS 5%                    North East                                   £186,100
                                                                                                                                    DEPOSIT
                                                                                                                                                                 North West                               £224,400
                                                                                                                                    £30,000                      Yorkshire and The Humber                 £228,100
                                                                                                                                    15% GOVERNMENT
                                                                                                                                    LOAN                         East Midlands                            £261,900
                                                                                                                                                                 West Midlands                            £255,600
                                                                                                                                    £160,000
                                                                                                                                    80% MORTGAGE                 East of England                          £407,400

                                                                                                 ENGLAND & WALES                                                 London£600,000
                                                                                                                                                                 South East                               £437,600
                                                                                                                                    £10,000
                                                                                                                                    BUYERS 5%                    South West                               £349,000
                                                                                                                                    DEPOSIT
                                                                                                                                                                 WALES                    April 2021 – March 2022
                                                                                                                                    £40,000
                                                                                                                                    20% GOVERNMENT               Wales                                   £250,000
                                                                                                                                    LOAN

                                                                                                                                                                 SCOTLAND - Smaller development scheme*2021/2022
                                                                                                                                    £150,000
                                                                                                                                    75% MORTGAGE                 Scotland£200,000

                                                                                                 In Scotland, a new scheme has launched called First Home Fund, which will provide first time buyers with
                                                                                                 up to £25,000 equity contribution to their first home, further details can be found: www.gov.scot/policies/
                                                                                                 homeowners/firsthome-fund/
                                                                                                 *The Scottish Government has now closed applications for the Help to Buy (Scotland) Affordable New Build
                                                                                                 scheme but will still process any existing applications. The Help to Buy (Scotland): Smaller Developer scheme
                                                                                                 remains open. The list of developers can be found here: www.mygov.scot/help-to-buy/registered-builders/

                                                                                                               If you’re thinking of buying, take the first step and speak to us today more for information.
                                                                                                   Savills can help to guide you through the process. To find out more go to: www.savills.co.uk/help-to-buy

      CGI Parklands Manor, Oxfordshire.
                                                                                                 *subject to paying back any borrowed monies.

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                                       OVE RVI E W O F TH E
                                       B U YI N G P ROCE SS

     N OW T HAT YOU H AVE
                                                                                                                                                                               T H E R E S E R VAT I O N S T E P S

                                                                     RE S E RVATI O N
     FO U N D T HE HOME
     YO U WO U LD LIK E TO
     P U RCHASE U SING                                                                                             R E S E R VAT I O N                                                           FINANCIAL AND
                                                                                                                                                                                                                                                                                                  LEGAL
                                                                                                                                                                                                  HELP TO BUY
     H E L P TO BUY, TH E
                                                                                                                                                                                   Engage with a mortgage broker
     B U Y IN G PRO CESS IS
                                                                                                                                                                               •    If you have not already spoken to a mortgage broker you will need
     ST RA I G HT FO RWARD.                                                                                                                                                         to consult one before you can confirm your reservation on your new
                                                                                                                                                                                    home.
                                                                                                                                                                               •    SPF Private Clients are listed within this document and its mortgage
     Typically this will happen over                                                                                                                                                brokers are on hand to discuss the mortgage options available to you.

     a 28 day period, please use our
                                                                                                 Confirm your purchase price                                                                                                                                           Engage and instruct a solicitor
     checklist below to ensure you
                                                                                                 Reservation form completed and returned to Savills sales team                                                                                                     •    If you have not already spoken to a solicitor you should consult with
     have completed all the steps for                                                                                                                                                                                                                                   one prior to reserving your new home or, at the point of reservation.
                                                                                             •    Savills will prepare the reservation form which you should usually
     purchasing your new home, within                                                             expect to receive within 24 hours of your offer being agreed. This
                                                                                                                                                                                                                                                                   •    If you need assistance please consult with the Savills sales team.
                                                                                                  sets out the basis upon which the transaction will proceed. The
     the required time frames.                                                                    memorandum of sale will then be sent to all parties.
                                                                                                 Individual identity documents
     The Savills sales team are on hand                                                      •    In order to comply with Anti Money Laundering requirements
     to help and will be in contact                                                               the following identity documents need to be provided with your
                                                                                                  reservation form for each purchaser to be named within the sales
                                                                                                                                                                                   Instruct your financial provider
                                                                                                                                                                               •    Homes can be purchased off-plan or may be ready to move into
     throughout this period.                                                                      contract.
                                                                                                                                                                                    immediately so, you will need to formally instruct your mortgage
                                                                                             •    Certified valid Photographic Identification for each named purchaser              broker or bank.
                                                                                                  (or come into any Savills branch where we can certify your ID for you)
                                                                                                                                                                                   Submit Property Information Form (PIF) to Help to Buy
                                                                                             •    Certified proof of address for each named purchaser (if a utility bill, no
                                                                                                  more than 3 months old)                                                      •    Complete with the help of your broker and submit PIF along with all
                                                                                                                                                                                    supporting documentation (including reservation form) (see Property
                                                                                                 Reservation fee paid to the developer or their solicitor                           Glossary).
                                                                                             •    Within 24 hours of reserving you are required to pay your reservation            Authority to Proceed (ATP)
                                                                                                  fee. For homes purchased under Help to Buy the reservation fee is set
                                                                                                  at £500 maximum. (In Scotland there is no maximum fee).                      •    Receive ATP usually within four working days from Help to Buy (see
                                                                                                                                                                                    Property Glossary).

                                                                                                                                                                                   Full mortgage application submitted to lender                                       Legal Pack sent to your solicitor
                                                                                                                                                                                   Valuation / survey booked                                                       •    The developer’s solicitor will send your solicitor a draft contract
                                                                                                                                                                                                                                                                        together with a copy of the title and lease (where applicable), and
                                                                                                                                                                                   Valuation / report received                                                          other relevant information.
                                                                                                                                                                                   Mortgage offer received                                                         •    Your solicitor will now carry out all of the necessary due diligence
                                                                                                                                                                                                                                                                        required for the sale, including local authority searches.
                                                                                                                                                                                                                                                                       Pay money to your solicitor (to be placed on account)
                                                                                                                                                                                                                                                                   •    Your solicitor will request funds to be placed on account for
                                                                                                                                                                                                                                                                        disbursements and searches.
                                                                                                                                                                                                                                                                       Solicitor will raise enquiries with the developer’s solicitor
                                                                                                                                                                                                                                                                       Draft contract/missives finalised
                                                                                                                                                                                                                                                                       Purchaser review of contracts/missives and title documents
                                                                                                                                                                                                                                                                       Contract/missives signed and returned to solicitor
                                                                     E XCH AN G E

                                                                                                                                                                                                                                                                   •    Initial deposit transferred to solicitor. For Help to Buy contracts the
                                                                                                                                                                                                                                                                        deposit is 5%, less reservation deposit already paid.
                                                                                                                                                                                                                                                                       Authority to Exchange/Conclude Missive (ATE)
                                                                                                                                                                                                                                                                   •    Solicitor submits request for ATE (see Property Glossary).

                                                                                                                                                                                                                                                                       Solicitor receives Authority to Exchange /Conclude missives
                                                                                                                                                                                                                                                                   •    The ATE is usually received within three working days and is valid for
                                                                                                                                                                                                                                                                        three months during which time exchange of contracts/concluding
                                                                                                                                                                               WHEN A HOME IS BEING PURCHASED                                                           missives must occur. Your solicitor/conveyancer will advise you and
                                                                                                                     ON EXCHANGE OF                                                                                                                                     ensure you sign the necessary contracts and also the Help to Buy
     This document is intended as a guide only and does not                                                                                                                       OFF PLAN THEN A BUYER WILL
                                                                                                                       CONTRACTS,                                                                                                                                       equity loan agreement.
     constitute legal or professional advice. It should not be                                                                                                                  U S U A L LY E X C H A N G E C O N T R A C T S /
     relied on or treated as a substitute for specific advice                                                      A BINDING CONTRACT                                                                                                                                  Completion on notice
                                                                                                                                                                                     CONCLUDE MISSIVES WITH
     relevant to specific cases. All purchasers should consult                                                         IS IN PLACE.
     their own solicitor and mortgage broker (if applicable) prior                                                                                                                    COMPLETION ON NOTICE.                                                        •    10 working days before completion you are served your “notice to
     to purchasing a property. Please note some images are                                                                                                                                                                                                              complete” which triggers a completion date, but completion can only
     computer generated and are for indicative purposes only.                                                                                                                                                                                                           take place when funds have been received in full. (See glossary)

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                                 FI NAN CI N G YO U R
                                     P U RCHA S E

                        If you have decided to purchase using Help to Buy, you will need
                       to speak to a mortgage broker. Although there is no obligation for
                        you to use them, SPF Private Clients specialises in mortgages for
                              new homes and are our suggested mortgage brokers.

                  SPF Private Clients has a new homes               Its brokers will know which lenders to
                  department, specialising in arranging             approach in order to find the most suitable
                  mortgages for clients buying new-build            and cost-effective mortgage for you and the
                  homes and using Help to Buy. Its mortgage         type of property you are purchasing.
                  brokers have access to a wide range of
                                                                    SPF manages the mortgage on your behalf,
                  mortgage options as well as preferential rates
                                                                    liaising with all parties involved, including
                  and bespoke arrangements. Its clients range
                                                                    the developer, lender and your solicitor. This
                  from first-time buyers through to successful
                                                                    ensures a smooth transaction from start to
                  investors managing large portfolios.
                                                                    completion, fitting in with the developer’s
                  Having long established relationships with        timescales. Its brokers are available seven
                  high street lenders and private banks, SPF        days a week to assist with your requirements.
                  can access not only key decision makers but
                  also specific new-build underwriters.

                  G E T I N TO U C H

                  SPF Private Clients
                  New Homes Department (Help to Buy)
                  T:   +44 (0) 333 222 6686
                  E: helptobuy@spf.co.uk
                  W: www.spf.co.uk

                  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

                  SPF Private Clients may charge a fee of up to £750 when advising and arranging a Help to Buy
                  mortgage, the exact fee will be dependent on your circumstances.
                  SPF Private Clients is authorised and regulated by the Financial Conduct Authority (FCA).
                                                                                                                     The Links, Cardiff
                                                                                                                     Computer generated image

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                                TH E M I N I
                        P RO P E R T Y G LOSSARY

                    Our Mini Property Glossary is by no means exhaustive but we have
                      laid out the most frequently asked terms. Please refer to your
                              solicitor for a detailed explanation of any term.

     AUTHORITY TO PROCEED                      you will receive the keys to your new    ENERGY PERFORMANCE
     Once checks have been completed           home. When purchasing off-plan the       CERTIFICATE (EPC)
     by Help to Buy a buyer will receive       completion date is usually estimated
                                               at the point of reservation.             This contains information on energy
     an Authority to Proceed (ATP). The                                                 use, energy performance, carbon
     ATP will be sent to your solicitor/                                                dioxide emissions and fuel bills.
     conveyancer and/or mortgage broker        CONTRACT/MISSIVE
     and, will contain the legal documents                                              EXCHANGE OF CONTRACTS
     that should be explained to you by        The legal agreement that sets out the
                                               main terms that have been agreed –       This is the legal commitment to
     them.
                                               for example: price, address, names       purchase and only happens once
                                               etc. Two copies are drawn up, and        your solicitor has confirmed that your
     AUTHORITY TO EXCHANGE/                    each party signs one in readiness for    interest in the property is protected.
                                               the exchange of contracts.               You will be required to provide a
     CONCLUDE MISSIVES                                                                  portion of the purchase price (less the
     Once your solicitor/conveyancer                                                                                                Vicinia, Henley on Thames
                                                                                        reservation fee paid). This is usually
     has checked your mortgage offer to        CONVEYANCING                             5%. (Usually 2.5% in Scotland).
     ensure that the purchase price and        A general term that is used to
     available HTB funds are consistent        describe the purchase and sale of                                                   viewed at www.helptobuy.gov.uk             estimated on a GBP per square foot        PREDICTED ENERGY
     with the ATP, they will need to request                                            EXCHANGE/CONCLUSION                                                                   basis. Following completion Service
                                               property.                                                                                                                                                                ASSESSMENT (PEA)
     permission to exchange contracts                                                   TIMELINE                                   To find out more please visit              Charge is collected from freeholders
                                                                                                                                   savills.co.uk/helptobuy                    or leaseholders by an appointed           Predicted energy assessments are
     from Help to Buy. If approval is                                                   Usually either 21 or 28 days from
                                               COMPLETION ON NOTICE/                                                                                                          managing agent.                           for new build homes. Normally,
     given then Help to Buy will send an                                                receipt of draft contracts. (Or could                                                                                           when a home is designed, a “target
     Authority to Exchange (ATE) to your       NOTICE TO COMPLETE                       be as much as 6 weeks).
                                                                                                                                   IDENTIFICATION                                                                       energy rating” based on the design
     solicitor/conveyancer, typically this
                                               Completion on Notice normally means                                                                                            LONGSTOP DATE                             is produced to show a building
     happens within three working days of                                                                                          Certified Identification is required for
                                               as a buyer, once the building has been                                                                                         There are usually two dates, a ‘short     inspector that the property will
     the request being submitted.
                                               physically completed, you’ll have just
                                                                                        GDPR AND PRIVACY POLICY                    Anti Money Laundering and you will
                                                                                                                                                                              stop’ and a ‘long stop’. The short stop   meet requirements under Part L of
                                               10 days to complete yourself, get your   Savills, in their role as selling agent,   be required to provide certified proof                                               the Building Regulations. The final
                                                                                                                                   of identification and address (dated       date will be relayed as an estimated
     BUILDING WARRANTY                         keys and move in, most importantly       need to collect and use your data                                                                                               energy performance of the property
                                                                                                                                   within the last three months).             date, this is when the developer
                                               after paying the balance of your         solely for the purpose of buying the                                                                                            must achieve at least this target
     All developments have to comply with                                                                                                                                     expects to have finished the building.
                                               purchase and legal fees. Notice to       property concerned.                                                                                                             energy rating to receive its final
     stringent building standards and are                                                                                                                                     The long stop date is the date by
                                               complete cannot be given unless          Savills Privacy Policy can be found at     LAND REGISTRY                              which they must have done so.             sign-off from the building inspector.
     offered with the benefit of structural
                                               a building regulations completion        https://www.savills.co.uk/footer/                                                                                               Given the importance of providing
     defects insurance (sometimes referred                                                                                         The Government department which
                                               certificate or a new homes warranty      privacy-policy.aspx                                                                                                             energy efficiency information to
     to as a warranty).                                                                                                            records who owns what land, and
                                               and insurance certificate, such as an                                                                                          MORTGAGE OFFER                            the prospective buyer, this existing
     Most major developers subscribe to        NHBC, have been issued.                                                             under what conditions.
                                                                                                                                                                              A formal written offer made by a bank     process will be used to produce a
     the National House Building Council                                                GROUND RENT ENGLAND & WALES ONLY                                                                                                predicted energy assessment.
     (NHBC) scheme which offers a 10                                                                                                                                          or building society to lend an approved
     year “Buildmark” warranty. Other          DEFECT LIABILITY PERIOD                  The annual fee which a leaseholder         LEASEHOLD                                  amount to purchase a property.
                                                                                        pays to the freeholder.                                                                                                         Please note that when a property is
     developers may subscribe to similar       Following practical completion the                                                  To be given ownership of a property
                                                                                                                                                                                                                        complete a full Energy Performance
     schemes such as the Premier                                                                                                   but not the land it is built on. This
                                               builder/contractor will remain liable                                                                                          MORTGAGE REDEMPTION                       Certificate will be provided by the
     Guarantee Scheme or LABC warranty.        for any defects for a set period of                                                 normally requires payment of ground
                                                                                        HELP TO BUY                                                                           FIGURE                                    developer (See Energy Performance
     The warranty is designed to cover         time.                                                                               rent to the landlord. A leasehold is
                                                                                                                                                                                                                        Certificate).
     defects in the property which may                                                  The Help to Buy scheme (HTB) is            normally offered for 99 or 999 years,      The amount required to repay the
     arise during the warranty period as                                                an equity loan, provided by the            or shorter terms.                          outstanding capital/interest of a
     a result of the developers’ failure to    DEPOSIT                                  government. In the UK a purchaser                                                     mortgage.                                 FREEHOLD
     observe the scheme requirements.          The part of the purchase price           can borrow up to 20% (40% in
                                                                                                                                   SERVICE/ESTATE OR                                                                    If you purchase a new home which
                                               which the buyer pays on exchange         London) of their purchase price, which
                                                                                                                                                                                                                        is Freehold, you own the building
                                               of contracts. For Help to Buy this       is an interest free loan for the first 5   MANAGEMENT CHARGE                                                                    and the land that it stands on
     COMPLETION DATE                           is 5% of the purchase price less the     years, subject to terms and conditions.    A charge that made towards the upkeep                                                outright. It is your name in the land
     Completion of the legal transaction       reservation deposit already paid.        subject to terms and conditions. Full      of a freehold or leasehold property.                                                 registry and you won’t have to
     with all monies and documents having                                               details of the HTB scheme including        Prior to completion the service                                                      pay annual ground rent, unlike a
     been distributed. This is also when                                                eligibility, terms and conditions can be   charge for a home will usually be                                                    leasehold property.

                                                                16                                                                                                                              17
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     PROPERTY INFORMATION FORM               applicable to each portion of the       THE CONSUMER CODE FOR
                                                                                                                                                     26
                                                                                                                               WE’RE JUST AROUND THE CORNER
     The Property Information form (PIF)     sale price. SDLT or LBTT is usually     HOME BUILDERS
                                             paid on increasing portions of the                                                                                                                                                                                       Chann
     is the initial application to Help to                                           The Consumer Code for Home                                                                                                                                                   d & Cha
                                                                                                                                                                                                                                                                a d &Over nnee
                                                                                                                                                                                                                                                                 n
     Buy. Buyers (or their appointed         property price. To calculate the                                                  With 137 offices across the UK,
                                             potential SDLT, LBTT or LTT visit:      builders was developed by the
                                                                                                                                                                                                                                                                an

                                                                                                                                                                                                                                                                                          l Is l Is
     mortgage broker/ bank) must
                                                                                                                               Ireland and Channel Islands, we

                                                                                                                                                                                                                                                        Ire, lIrel
                                                                                     home-building industry to make

                                                                                                                                                                                                                                                                     130
     complete the PIF which details          www.gov.uk/stamp-duty-land-tax.

                                                                                                                                                                                                                                                                                              lanla
                                                                                     the home buying process fairer and
                                             If you already own another property                                               can provide a combination of

                                                                                                                                                                                                                                                   UKU, K
     information on their proposed

                                                                                                                                                                                 26
                                                                                     more transparent for purchasers. The

                                                                                                                                                                                                                                                                                                    dnsds
                                             anywhere else in the world and
     purchase, their proposed main
                                             decide to purchase an additional        Code aims to ensure that all buyers       specialist and local knowledge
     mortgage along with details of                                                  are treated fairly, know what levels of
                                             property in England, Scotland,                                                                                                                                                                                          Associates
     deposit and household income.                                                   service to expect, are fully informed
     Usually blank copies of the PIF can     Wales or Northern Ireland, you will
                                             need to pay the 3% stamp duty           about their purchase and their
     be downloaded prior to submission.                                              consumer rights before and after
                                                                                                                                     Residential Development Sales

     A PIF is submitted along with the       surcharge (4% in Scotland). If you                                                      Residential/Other
                                                                                                                                     Residential       Savills Office                                                                                                         UK, Ireland &
                                             are a first time buyer you will be      they move in, and are provided with                                                                                                                                                     Channel Islands

                                                                                                                                                                                                                                                                             137
     reservation form and supporting                                                 a speedy, low cost dispute resolution
     documents that will be requested. In    exempt from paying stamp duty                                                     Northern Home Counties      North                South West

                                             for properties up to £500,000           scheme to deal with complaints. For           Bishop’s Stortford
                                                                                                                               Northern Home Counties
                                                                                                                                                              Manchester
                                                                                                                                                           North
                                                                                                                                                                                   Bristol
                                                                                                                                                                                South West
                                                                                                                                                                                                                                                                                                         Ch
                                                                                                                                                                                                                                                                                                       d& a
     order to avoid delay of processing it                                           more info:                                EastCambridge
                                                                                                                                   Bishop’s Stortford
                                                                                                                                                              Leeds
                                                                                                                                                           North
                                                                                                                                                              Manchester       South  West
                                             (£175,000 in Scotland).                                                                                                               Bristol
     is imperative that the information is                                           www.consumercode.co.uk
                                                                                                                                  Cambridge
                                                                                                                               EastCambridge
                                                                                                                                  Chelmsford
                                                                                                                                   Ipswich
                                                                                                                                                              Manchester
                                                                                                                                                           Scotland
                                                                                                                                                              Leeds
                                                                                                                                                                                   Oxford
                                                                                                                                                                                   Bath
                                                                                                                                                                                   Bristol
                                                                                                                                                                                                                                                                                                      n
                                                                                                                                                                                                                                                                                                     a Over
     submitted correctly on the PIF, and                                                                                           Chelmsford                 Edinburgh            Oxford
                                                                                                                                                                                                                                                                                 Offices

                                                                                                                                                                                                                                                                                                 l
                                                                                                                                                           Scotland

                                                                                                                                                                                                                                                                                          UK, Ire
                                                                                                                               EastIpswich
                                                                                                                                   Norwich                                         Cardiff

                                                                                                                                                                                                                                                                                                            130
     that the information matches the                                                                                              Ipswich
                                                                                                                                  Norwich
                                                                                                                                                              Glasgow
                                                                                                                                                           Scotland
                                                                                                                                                              Edinburgh            Cheltenham
     reservation form.                       SUBJECT TO CONTRACT                     TITLE DEEDS
                                                                                                                                   Norwich                    Edinburgh
                                                                                                                                                           South
                                                                                                                                                              Glasgow              Oxford
                                                                                                                                                              Glasgow                                                          2
                                                                                                                               Midlands
                                             Words used to indicate that an                                                                                South
                                                                                     Legal documents that prove                    Stamford
                                                                                                                                   Birmingham                 Guildford
                                                                                                                                                           South                                                               2
                                             agreement is not yet legally binding.                                             Midlands
                                                                                                                                                              Reading
     SEARCHES                                                                        ownership of land/buildings and               Stamford                   Guildford
                                                                                                                                                              Guildford
                                                                                                                                                                                                                                   2                                                                        Associat
                                                                                                                               Ireland
                                                                                                                                   Dublin                     Sevenoaks
                                                                                                                                                              Reading
                                                                                                                               Ireland
                                                                                     the terms on which they are owned.                                       Reading
     Checks of local council records                                                                                               Dublin
                                                                                                                                   Dublin
                                                                                                                                                              Southampton
                                                                                                                                                              Salisbury
                                                                                                                                                              Sevenoaks                                                            2
                                                                                                                                                              Sunningdale
     for planning applications and           SURVEY                                                                            London
                                                                                                                                                              Sevenoaks
                                                                                                                                                              Southampton
                                                                                                                                                                  Residential
                                                                                                                                                              Tunbridge WellsDevelopment Sales
                                                                                                                                                              Southampton
                                                                                                                                                              Sunningdale
     restrictions. Please consult your       An inspection made by a qualified                                                 London
                                                                                                                                  Battersea Bridge
                                                                                                                                                                  Residential
                                                                                                                                                              Winchester
                                                                                                                                                              Sunningdale
     solicitor for further information.                                              TRANSFER OF TITLE                            Battersea Bridge
                                                                                                                                                              Tunbridge Wells
                                                                                                                                                              Tunbridge
                                                                                                                                                              WinchesterWells
                                             surveyor. There are three main types                                                 Canary Wharf
                                                                                                                                  Canary Wharf
                                             of survey. Valuation report (for        The document that passes the                 Hackney
                                                                                                                                  Margaret Street
                                                                                                                                            Street
                                                                                                                                                           Northern Home Counties
                                                                                                                                                              Winchester                North             South West
                                                                                                                                  Margaret                    Bishop’s
                                                                                                                                                              Windsor Stortford            Manchester        Bristol
                                             mortgage purposes), Homebuyers          ownership from the seller to the                                         Amersham
                                                                                                                                                              Cambridge                    Leeds
     STAMP DUTY OR LBTT                                                              buyer.                                                                                                                   Oxford
                                             report (also comments on general                                                                                                         Scotland
     (SCOTLAND) OR LTT (WALES)               condition) and Full Structural survey
                                                                                                                                                           East
                                                                                                                                                              Chelmsford                 Edinburgh
     A tax, paid by the buyer, that is       (examines structural detail).                                                                                    Ipswich                    Glasgow
                                                                                                                                                              Norwich
     calculated on the percentage rate                                                                                                                                                South
                                                                                                                                                                                                                                                              2
                                                                                                                                                                                          Guildford                                                           2
                                                                                                                                                           Midlands
                                                                                                                                                              Stamford
                                                                                                                                                                                          Reading                                                              2
                                                                                                                                                                                          Sevenoaks                                                                  2
                                                                                                                                                                                          Southampton
                                                                                                                                                           Ireland
                                                                                                                                                               Dublin
                                                                                                                                                                                          Sunningdale     4                        22
                                                                                                                                                                                          Tunbridge Wells
                                                                                                                                                                                                          4                                                                  2
                                                                                                                                                                                          Winchester
                                                                                                                                                                                                                                       2                                     2
                                                                                                                                                           London
                                                                                                                                                              Battersea Bridge
                                                                                                                                                              Canary Wharf                                                                                                        2
                                                                                                                                                              Margaret Street                                                                                                     2

                                                                                                                                                                                                                                                           22                46
                                                                                                                                                                                                                                           2 22                                                     2
                                                                                                                                                                                                                                           2   2               2
                                                                                                                                                                                                                                                   22
                                                                                                                                                                                                                                                     2
                                                                                                                                                                                                                                                                             27
                                                                                                                                                                                                                       4                             2
                                                                                                                                                                                                                                                                         2                                    2
                                                                                                                                                                                                                           2
                                                                                                                                                                                                                           2
                                                                                                                                                                                                                                                                                                                  2

                                                                                                                                                                                                                                                   2
                                                                                                                                                                                                                                                   2                              London &
                                                                                                                                                                                                                                                                                  South East

      300 King’s Road, Reading
                                                                                                                                                                                                                                                                              2
                                                                                                                                                                                                                                                                                 73   2

                                                                                                                                                                                                                                                                                  Offices
                                                                                                                                                                                                                                                                                           2
                                                                                                                                                                                                                                                                                                    2

                                                              18                                                                                                                                                  19                                     2
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                  FOR FURTHER ADVICE OR TO VISIT ANY OF OUR

                  D E V E L O P M E N T S P L E A S E CO N TAC T O U R S A L E S T E A M S

                  London - Margaret Street                                   London - Canary Wharf
                  +44 207 409 8756 | NewHomes@savills.com                    +44 20 7531 2500 | CanaryWharf_RDS@savills.com
                  33 Margaret Street, London, W1G 0JD                        20 Canada Square, London, E14 5NN

                  Ipswich                                                    London - Hackney Wick
                  +44 1473 234800 | Ipswich_RDS@savills.com                  +44 20 3826 4888 | HackneyWick_RDS@savills.com
                  Fraser House, 23 Museum Street, Ipswich IP1 1HE            61-63 Wallis Road, Hackney Wick, E9 5LH

                  Cambridge                                                  Bath
                  +44 1223 347 000 | CambridgeRDS@savills.com                +44 1225 474 591 | BathNewHomes@savills.com
                  Unex House, 132-134 Hills Road, Cambridge, CB2 8PA         17 George Street, Edgar House, Bath, BA1 2EN

                  Chelmsford                                                 Amersham
                  +44 1245 269 31 | Chelmsford_RDS@savills.com               +44 1494 725636 | Amersham_RDS@savills.com
                  Parkview House, Victoria Road South, Chelmsford, CM1 1BT   55 Hill Avenue, Amersham HP6 5BX

                  Manchester                                                 Cheltenham
                  +44 161 244 7705 | ManchesterRDS@savills.coml              +44 1242 548 000 | Cheltenham_RDS@savills.com
                  12 Booth Street, Belevedere, Manchester, M2 4AW            The Quadrangle, Imperial Square, Cheltenham, GL50 1PZ

                  Edinburgh                                                  Guildford
                  +44 131 247 3700 | Edinburgh_RDS@savills.com               +44 1483 796 800 | GuildfordNewHomes@savills.com
                  Wemyss House, 8 Wemyss Place, Edinburgh, EH3 6DH           244-246 High Street, Guildford, GU1 3JF

                  Glasgow                                                    Norwich
                  +44 141 222 4155 | GlasgowRDS@savills.com                  +44 16 03 229 229 | Norwich_RDS@savills.com
                  163 West George Street, Glasgow, G2 2JJ                    Lawrence House, 5 St Andrews Hill, Norwich NR2 1AD

                  Cardiff                                                    Oxford - Summertown
                  +44 2920 368940 | CardiffNewHomes@savills.com              +44 1865 269010 | Summertown_RDS@savills.com
                  2 Kingsway, 5th Floor, Cardiff, CF10 3FD                   256 Banbury Road, Summertown, Oxford, OX2 7DE

                  Birmingham                                                 Salisbury
                  +44 121 200 4567 | BirminghamRDS@savills.com               +44 1722 426 800 | Salisbury_RDS@savills.com
                  55 Colmore Row, Birmingham, B3 2AA                         Rolfes House, 60 Milford Street, Salisbury, SP1 2BP

                  Bristol                                                    Sevenoaks
                  +44 1179 100 360 | BristolNewHomes@savills.com             +44 1732 789 700 | SevenoaksNewHomes@savills.com
                  Embassy House, Queens Avenue, Bristol, BS8 1SBAdress       74 High St, Sevenoaks, TN13 1JR

                  Leeds                                                      Sunningdale
                  +44 113 220 1238 | YorkRDS@savills.com                     +44 1344 295 375 | Sunningdale_RDS@savills.com
                  3 Wellington Place, Leeds, LS1 4AP                         Mount Lodge, London Road, Sunningdale, SL5 0EP

                  Reading                                                    Tunbridge Wells
                  +44 118 952 0540 | Reading_RDS@savills.com                 +44 01892 507 005 | TunbridgewellsRDS@savills.com
                  Ground Floor, Hawker House, 5-6 Napier Court,              53 High Street, Tunbridge Wells, TN1 1XU
                  Napier Road, Reading, RG1 8BW

                  Southampton                                                Winchester
                  +44 238 071 3900 | Southampton_RDS@savills.com             +44 1962 834 045 | Winchester_RDS@savills.com
                  2 Charlotte Place, Southampton, SO14 0TB                   1 Jewry Street, Winchester, SO23 8RZ

                  London - Battersea Bridge                                  Windsor
                  +44 20 3430 6900 | NewHomes@savills.com                    +44 1344 295 375 | Sunningdale_RDS@savills.com
                  62-64 Battersea Bridge Road, London, SW11 3AG              The Gallery, 3 High Street, Windsor, SL4 1LD
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