We want to help you every step of the way
We understand buying your first home is probably one of the biggest decisions you will make. It is also a time when you may be unsure of how the process works and what a lot of the terminology means. Mandale want to help make the buying process as straight forward and understandable as possible. We have helped thousands of first time buyers to get on the property ladder, so you can place your trust in our expertise.
Buying a property means it belongs to you – you can live there for as long as you want, decorate it however you want and feel comfortable in your own home knowing it is yours and you have a great investment for the future.
The Buying Process
Once you have decided you would like to purchase a plot on one of our developments our Sales Advisor will discuss your needs and your considered budget then show you availability of the most suited house types currently released and available to reserve.
Getting Financially Qualified
Before you reserve your new home you will need to be financially qualified, this is because most people who buy a home do so with a mortgage. To purchase a home using a mortgage you will need to have a deposit of 5% upwards of the asking price saved, the rest is borrowed from a bank or building society. The money loaned from them is called a mortgage. There are a huge number of Banks and Building Societies with various mortgage types available. To help you decide which is right for you we strongly recommend you speak to an independent Financial Advisor.
Mandale Homes have a list of Financial Advisors we will recommend to you that are new build specialists. The advisor will look at details such as your household income, household bills, spending and any debts. This will determine if you have enough left to cover monthly mortgage payments. In addition they will run a credit check with credit reference agencies once you make a formal application.
Your Sales Advisor will go through the full details of the property you wish to buy along with any financial arrangements you have made. The reservation form sets out the key details with regards to the purchase process including Solicitors’ details, incentives agreed, deposit required upon exchange of contracts, reservation period and exchange of contracts deadline.
Upon reserving a plot, you will be required to pay a reservation fee, this is normally £500. This enables us to remove the plot from the market and secure it for you. This money then forms part of the deposit that is paid on exchange of legal contracts.
Instruct a Solicitor:
In order to complete the purchase of your new home you will need to instruct a Solicitor. On each site we will have a panel of independent legal firms which we trust to look after you, they know our homes and processes therefore they can meet the deadlines and we will also contribute towards those legal fees. Your solicitors’ details are required on the reservation form, once your home is reserved you will need to contact your chosen Solicitor immediately to formally instruct them to act on your behalf.
Your Solicitor carries out a number of behind the scenes tasks such as applying to the local authorities for searches and looking at any factors that may affect the house you are purchasing. These are required by mortgage lenders. When you instruct your Solicitors, you will also need to pay for your searches.
Now your reservation is underway, and your Solicitor is appointed you need to make your formal mortgage application. This is where you will benefit from using a Financial Advisor as they will do most of the application for you which really speeds things up. This is the point your credit file will be checked, documents such as bank statements, payslips etc may be requested. A survey will also be completed before you receive your official mortgage offer.
Design Consultation – the benefit of buying new!
Buying with Mandale Homes you gives you many options to make your home your own by choosing from a wide range of flooring, kitchens and bathroom tiling. Once the legal process is underway, we will be in touch to arrange a design appointment where you can make your selections. Picking options outside of our standard specification may mean extra costs are incurred, this will be discussed with you at the time. If this is the case we will issue you with an invoice which will need to be paid by exchange of contracts in order for us to install these within your home.
Exchange of Contracts
Once all the land and local area searches are returned and you have formally received your mortgage offer you are ready to exchange contracts. This is where contracts between your Solicitor and Mandale Homes’ Solicitor are agreed, and contracts are signed. At this point you are legally bound to purchase the house and the deposit amount (usually 10%) is paid to Mandale Homes.
When reserving a plot an estimated build completion date will have been discussed. This as it states is an estimate to the best of our knowledge at that time and many things can affect the speed in which a home is built. Your Sales Advisor will keep in touch with regular updates.
Once nearing completion we will be in touch to arrange your home demonstration and legal completion.
This is the exciting bit, you finally get your first look inside your new home! During your new home demonstration you will be shown the basic functions of appliances, heating systems etc. With the guidance of your Customer Care Manager you will have the opportunity to pick up on any minor snagging issues, with new builds this is completely normal.
A week later once any snagging items have been resolved you get your keys!