Demystifying Homebuying Jargon: How to Reserve Your Dream Willan Home

Understanding the Reservation Process

Reserving a property is a standard practice in the world of new builds. It involves securing the home for a specified period, typically eight weeks, by paying a reservation fee. Here’s what happens next:

Step by Step Reservation Guide

1. Proof of Funds and Due Diligence: Your sales executive will ask for proof of funds to ensure you can financially commit to the purchase. This step also includes checks to prevent any illicit activity, aligning with anti-money laundering legislation. We also require ID checks for this professional transaction.
2. Chain Check: Your sales executive will carry out a chain check with your estate agent to confirm the transaction can proceed smoothly.
3. Reservation Form: You’ll be asked to fill out a reservation form that includes your contact details, solicitor’s contact details, financial advisor’s details, and information about the property you intend to purchase.
4. Reservation Fee: Upon completing the form, you’ll need to pay a reservation fee. This fee ensures the property is held for you until the reservation expiry date, typically eight weeks from the reservation date.
5. Legal Commitment: The aim is to exchange contracts by the reservation expiry date. Exchanging contracts makes the transaction legally binding, distinct from the initial reservation agreement.

Why the Reservation Process Matters

The reservation process aligns with industry standards set by warranty providers’ consumer codes. It ensures transparency and fairness for all parties involved in buying a new home. By reserving a home, it’s temporarily taken off the market, reflecting your commitment to proceeding with the purchase.

Terms and Conditions

The reservation form includes detailed terms and conditions that clarify the process. Your reservation fee is typically refunded as part of your deposit when contracts are exchanged. This process is designed to protect both buyers and developers, ensuring clarity and peace of mind.

Reserving your new home marks a significant step towards homeownership. It’s designed to provide clarity and ensure you are fully committed before proceeding further. At Willan Living, we’re here to guide you through every stage of the process, making sure you understand each step along the way.

We hope this explanation has demystified the reservation process for you. If you have any questions or are ready to reserve your dream home, don’t hesitate to reach out. We’re here to help you achieve your homeownership goals.