STAGES OF PURCHASE
Source Property Ltd (Source Property) seeks to keep the buying process as simple as possible. For each development, property prices are agreed with developers after our own independent valuation is conducted.
Clients wishing to purchase should contact Source Property and confirm their choice. We will hold the property for 5 working days giving adequate time to forward the following:-
- A completed reservation form together with the reservation fee;
- Money laundering documentation for each purchaser; and
- Professional fee charged by Source Property which varies from project to project.
Upon receipt of all of the above, Source Property will forward details to both the developer and the appointed legal representative and confirm property booking.
RESERVATION FEE
A reservation fee of normally £1,000 will be retained by The Vendors (this will upon completion revert to part payment) at which stage Contract and Title for each individual unit will be forwarded to the Clients Solicitor. The Client will usually be afforded not greater than 4 weeks to sign and return Contracts together with the balance of the deposit (can vary between 5-10%). Balance monies will be paid on completion.
PROFESSIONAL FEE
Professional fees will be charged as follows:-
At reservation, a professional fee will become payable. The amount will vary from development to development. Please check availability sheet for specific details. All fees are subject to VAT.
In the event of a client withdrawing before exchange of Contracts the reservation fee and 50% + VAT of professional fees are non-refundable.
MONEY LAUNDERING
One item from list A and one from list B is required from each Client listed on the reservation form.
List A – Proof of Name
- - Current full signed passport
- - Full UK/EU photo driving licence or UK driving licence (old style)
- - Inland Revenue document eg. Sub contractors or a tax exemption certificate notice of coding etc.
List B – Proof of Address- - Full UK/EU photo driving licence or UK driving licence (old style)
- - Utility Bill not mobile phone (dated within the last 3 months)
- - Bank/building society statement or credit card statement (dated within the last 3 months)
SOLICITOR INFORMATION
Source Property will recommend a solicitor to act on behalf of a Client. Source Property has been able to negotiate a preferential fee package for Clients. All conveyancing costs are borne by the Client.
The solicitor will give anticipated completion dates and will require confirmation of how the final payment will be made.
FUNDING A PURCHASE
If a mortgage is needed, the client must ensure they acquire the appropriate funds. Source Property can through their network of associated agents provide the necessary expertise be it:
- Buy-to-let mortgages are the popular choice for easy to obtain finance. With the buy-to-let market currently representing only 11% of the total housing market and predicted to rise to 20% by 2020, lenders are constantly updating and refining their products to meet the needs of this fast growing sector, Source Property has access to experts who can find the finance solutions that best meets your needs. Contact us for more information.
- Equity release is another popular method of financing an investment purchase. As the owner of a residential property, probably your main home, you will have seen its value increase rapidly over the past 5-10 years. You may have paid off any mortgage you had, or you may have a very low mortgage relative to the present value of your home. This can offer an ideal opportunity to make that value work for you, simply by refinancing your asset to free up cash for a deposit or even an outright purchase on an investment property or second home abroad. Source Property can help you decide what will work best for you. Contact us for advice.
- Exchange Bond is a new way to buy residential property. Simply, the Exchange Bond replaces the deposit that you would normally put down for the seller at exchange of contracts. Exchange Bond is designed to free up the cash that is normally tied up, often for long periods, between the exchange of contracts and completion stages of the transaction. For the unbelievable fee, of £85 plus the premium, and subject to approval, you can keep the rest of your money until completion, allowing you to earn a return on that money, or utilise it elsewhere.
LEGAL OBLIGATIONS
Legal
The information contained in this document is for general information purposes only. While every effort has been made to ensure its accuracy, Source Property Ltd. accepts no liability whatsoever for any direct or consequential loss arising from its use. The document is strictly copyrighted and reproduction of the whole or part of it in any form is prohibited without written permission.
Property Misdescriptions Act 1991
Source Property Ltd. gives notice that the property particulars and related information within this document, whilst believed to be accurate, are set as a general outline for guidance only. Intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by physical inspection of the property (or site) in question or otherwise as to their accuracy. Consequently, no information displayed here constitutes or forms part of a contract. No person in the employment of Source Property Ltd. has the authority to make or give any representation or warranty in relation to the property/ies.
Disclaimer
Source Property Ltd is not a regulated or licensed investment or financial advisor. All information provided by Source Property Ltd. is intended as general information regarding property and should never be treated as giving specific advice or recommendations. Please seek your own accounting, financial and legal advice for your own particular needs and requirements before entering into any commitment.