Reservation process and legals
When you’ve found the perfect new Keepmoat home for you, one that ticks all the boxes, it’s time to reserve it
Reserving your dream home
When you’ve found the perfect new Keepmoat home for you, one that ticks all the boxes, it’s time to reserve it. Relax. It’s easy and you can do it from just £250*
Step 1. Reservation
Our friendly sales executive will help you choose a home that’s perfect for you and will be on hand throughout the whole process.
When you are ready you can reserve your new home on our website 24/7. Just make sure you have your ID documents to hand so we can verify your identity. You’ll need to pay a reservation fee which could be as little as £250*.
Once you’ve completed the online reservation process you’ll then have 48 hours to attend an appointment with a member of our sales team and to speak to an Independent Financial Advisor to confirm you meet the affordability criteria for the property you wish to purchase. During this time we won’t actively market the property.
*Reservation fee is regionally or development specific and may be higher in some areas. Please speak to your sales executive to confirm your reservation fee.
How long can you reserve a new build for?
Your reservation period lasts for an amount of time agreed between you and the seller, andthe property is held for you for the duration of this time. Our reservation agreements are regional and development specific, so you should check with your local development to find exact timescales for your new home.
It’s recommended that you pay your deposit as soon as possible, in order to leave the reservation period and set the legal process in motion to exchange contracts. If you pull out or reach the end of your agreed period without paying a deposit, you will lose your reservation fee. For this reason, we’d recommend having your mortgage in principle agreed before reserving your new build, to keep things moving quickly and ensure the process from reservation to deposit runs smoothly.
Keepmoat online reservation
At Keepmoat, we also offer the option to reserve a property online for 48 hours. Within these 48 hours, you must attend a video or telephone appointment with a member of our sales team and speak to an Independent Financial Advisor to confirm you meet affordability criteria. Find out more about our Reserve Online Terms here.
Step 2. The mortgage and legals
Once you’ve reserved your dream home, it’s time to appoint a solicitor, apply for your mortgage and decide what options and extras you’d like to add to your new home**.
If you need a mortgage and haven’t already arranged one, you’ll need to do so quickly. Your Sale Executive can give you the details of some reputable independent mortgage advisers and solicitors if you need a little help.
All mortgage lenders will want to value your new home for themselves before they lend you the money – even on our homes which offer fantastic value for money.
When moving house you need a solicitor to carry out the legal work of buying your home – this is called conveyancing. Your solicitor will handle all contracts, provide legal advice and carry out local council searches, work with the Land Registry and transfer the funds to pay for your home.
Your Sales Executive will provide you with regular build and sale progress updates to keep you informed throughout your homebuying journey.
Step 3. Exchange of contracts
When all parties are happy that all conditions of the legal contract are fulfilled, the contract between you and Keepmoat will be signed and exchanged. It’s at this time your deposit will be paid to us too.
Once the balance of the deposit is paid, the whole transaction becomes legally binding meaning you have committed to buying the home.
If your deposit is in a bank account that you need to give notice of withdrawal, make sure you let the bank know well in advance to avoid having to pay any penalties and delaying the exchange.
Step 4. Build completion
Once your new home has been through our ,internal quality inspection process, a NHBC or Local Authority Building Inspector will be invited to undertake a final inspection of your new home.
Once the inspector confirms your new homes meets the required standards they will provide a Certificate of Completeness and Compliance (CML). This will then be issued to your appointed solicitor and mortgage provider who need this before releasing the funds.
After your CML date and prior to legal completion you will be invited to attend your new home demonstration with boththe Site Manager and Sales Executive. During this meeting you will be shown around your new home and be given a demonstration on how to use the appliances such as the boiler.
Step 5. Legal completion - the final step
You’re nearly there. Legal completion is the final step. This is when your mortgage lender releases the funds to pay for your home. This is all done through your solicitor.
Following the CML, we’ll be able to confirm your expected legal completion*, this is usually two weeks later. Now’s the time to confirm your home removal arrangements and set up any post redirections. We’ll then provide your solicitor with the title deeds of your home and register you as the homeowner with the relevant utility companies. The home is now officially yours!
Don’t forget, we’re always on hand to help you every step of the way. And we’ll do whatever we can to make sure you can move in and start enjoying life in your new Keepmoat home and as soon as possible.
Legal fees
If you’re buying or selling a home, you would normally appoint a solicitor or licensed conveyor to oversee the legal aspects
The Average Legal Fees for Buying a House
If you’re buying for the first time, the legal paperwork required to buy a home can often be a little baffling. Relax. We’ll take you through all the steps, and remember, with Keepmoat your Sales Executive is always on hand to answer any questions you have. From the solicitor cost for buying a house to other average legal fees, our guide breaks down all the legal costs involved with getting on the property ladder.
Do I need to have a solicitor when buying a home?
If you’re buying or selling a home, you would normally appoint a solicitor or licensed conveyor to oversee the legal aspects. While a solicitor is not a legal requirement when buying a house, having your legal documents correct is – and getting this right is an incredibly time-consuming and complex process unless you’re a trained professional. Therefore, we’d always recommend having a solicitor in place to help with your move.
Your solicitor is a home buying expert and the best person to guide you through the entire house buying process from a legal perspective. They’ll handle all the legal paperwork and understand the process back to front, making them a great asset for any queries you have throughout the buying process.
And, if you need a hand finding a solicitor for your move, your Sales team will have a list of independent ones that come recommended by previous Keepmoat homebuyers.
Solicitor cost for buying a house: What's included?
There are a number of things your solicitor will be responsible for when you buy a house. These include:
- Searches. Your mortgage lender needs a great deal of information about your new property before they’ll agree to lend you money. Your solicitor is responsible for these searches.
- Contracts. Your solicitor will draw up and check your home contracts.
- Completion. Your solicitor is the one who transfers your funds and registers you as homeowners on the Land Registry.
- The process. As well as the more specific legal aspects, your solicitor also has a thorough understanding of the home buying process as a whole, making them ideally placed to offer advice and information if you’re unsure of anything.
Legal terminology
Conveyancing
This involves legally transferring the home’s ownership from us to you. The conveyancing process starts when you reserve your home and ends when you’ve got the keys. A solicitor will handle all aspects of the conveyancing for you.
Surveys
As your mortgage provider is generally loaning you the majority of the money for your new home, they’ll want to know that it’s a safe risk to lend against. For example, are there plans for a motorway in your area or is it at risk of flooding? Your solicitor can examine and request reports on:
- Roads
- Water
- Sewers
- Planning status
- Energy Performance Certificates
- Access, including right of way
- Court judgements against the seller
- Building control issues
Exchanging contracts
Not to be confused with your moving-in day, when you exchange contracts with us, you’re entering into a legally binding contract to buy the property. If your home is still under construction, when you exchange contracts, we’ll give you as much detail as we can regarding completion and possible moving-in dates. Your solicitor will draft and prepare documents for signature, including transfer documents, mortgage deeds and stamp duty land tax return forms.
Legal completion
The day you’ve been waiting for. This is when everything goes through. The money is transferred, and we hand the keys over to your new home.
How much does a solicitor cost?
Aside from your deposit and mortgage, there are a number of costs involved in the process of buying a house – you can check out our Cost of Buying a House guide for a full breakdown of them all. One such cost is to your solicitor, to cover the legal aspects of buying your home. You will usually see these solicitors' costs referred to as ‘conveyancing fees’.
Average solicitors’ fees for buying a house can differ depending on the location, price and type of property you are buying. These fees are broken down into standard legal fees and ‘disbursements’, which include local searches.
While some solicitors charge a flat fee for conveyancing, others will often charge a percentage of your property value. On average, your standard solicitor legal fees when buying a house fall between £500 and £1,500, plus 20% for VAT. Disbursements can cost up to £300.
When you pay your solicitor, you’re paying the direct fee plus an additional amount to cover their time and costs. As we’ve mentioned, fees can vary due to a number of factors relating to both your property and the solicitor, so it’s well worth shopping around and requesting quotes to find a great deal. If you would like a hand, just speak to your Keepmoat sales executive who will be more than happy to supply a list of recommended solicitors.
Do you have to pay solicitors fees upfront when buying a house?
This all depends on your solicitor. Some solicitors prefer to be paid throughout the process for any costs that occur, while others may require an upfront fee before they begin working for you. In most cases, this upfront fee is 10% of the total fees, the rest of which will be paid once the house sale is completed.
