Buyers' Guide
Please find below details on the FirstBuy buying process.
Application
- Register
- Complete a FirstBuy application
- Arrange an appointment with an independent financial adviser
- Ensure you have the funds to pay:
- A reservation fee: £500
- A deposit: 5%
- Stamp Duty: (Only applicable over £250,000)
Please follow the steps as described above.
Eligibility
- Your Local HomeBuy Agent assesses your eligibility.
- If eligible, you will receive an 'Approval of Eligibility Letter
- You will also receive details of the level of mortgage you should be seeking (your 'Prescribed Mortgage Level').
Reservation
- Make an appointment with the sales team
- Choose your home at Royal Clarence Marina which meets your criteria
- Pay your £500 reservation fee
- Complete a 'Property Information Form' and return it to your Local HomeBuy Agent together with details of your solicitor and a copy of your completed reservation form.
- Instruct a solicitor to act for you and tell your IFA so that a full mortgage application can be submitted.
Exchange
- The Local HomeBuy Agent issues an 'Authority to Proceed' to you and your solicitor.
- A 5% deposit will be taken.
- The Local HomeBuy Agent issues approval to your solicitor and contracts are exchanged within 28 days of the reservation date
- A completion date will be agreed.
Completion
- On your day of completion, your lender provides its funds and the Government will make its funds available to Berkeley.
- Once completion has taken place you own the property and can move in.
