The new home buying process
Here’s a handy step-by-step guide to what you can expect when buying your new home.
- Step 1 – Establishing your affordability
Speak with a financial adviser or mortgage broker to establish what size mortgage you would be eligible for.
- Step 2 – Reserve your new home with a reservation fee
You can secure your new home with the payment of a reservation fee. One of our sales adviser’s will be able to arrange this for you at the development’s sales centre. Your reservation fee will be deducted from the final purchase price at point of completion.
If you need to cancel your reservation, then Big Sky Living will reimburse your fee minus any reasonable costs and expenses that have been incurred during the process in accordance with the Consumer Code.
- Step 3 – Instruct a solicitor to act on your behalf throughout the buying process
You need to appoint a solicitor immediately after you have reserved your Big Sky Living home and then give our sales adviser their details. Your solicitor will look after all the legal formalities and represent your interests throughout the buying process.
- Step 4 – Issue of draft contract, conveyance plan and other required information to your solicitor
This is all the information specific to your home and plot.
- Step 5 – The mortgage application
Having already spoke to a financial adviser or mortgage broker to establish your affordability you can now ask them to source the most appropriate mortgage for your specific circumstances and make a formal application to a lender. This application will be specific to the property you are purchasing. It helps to keep our sales adviser informed of the progression of this process.
- Step 6 – Survey undertaken
Once you have submitted your mortgage application and it has been agreed in principle, your lender will ask for an independent valuation of your new home. You will have paid a valuation fee when you submitted your mortgage application. The valuation will be carried out by a professional conveyancer.
- Step 7 – Your mortgage offer
Once the survey has been carried out, your mortgage offer will be issued. You will need to check this offer, sign it and return it to your lender. Please ensure that both your solicitor and our development sales adviser are kept informed.
- Step 8 - Signing of the contract
You will discuss with your solicitor the terms of the contract and arrange how your deposit will be paid upon exchange of contracts, as well as upon completion. You will sign the contract documents in preparation for exchange.
- Step 9 - Exchange of contracts
Your solicitor will exchange contracts and transfer your deposit to our solicitors. At this point both parties are legally bound by the terms of the contract.
- Step 10 - Completion
Upon completion, the remaining funds will be transferred to Big Sky Living and you will be able to pick up the keys to your new home. You will now legally own your new Big Sky Living home and move in!