Reserving Your New Build Home

Take your New Build Home off the market

Reserving your home is similar to putting an offer in on a second hand home. As prices on new builds are fixed there will be limited negotiation at this stage. You will be required to pay a reservation fee in order to secure your chosen plot. This fee will form part of your deposit for the house and will immediately take the plot off the market.





It can be a good idea to have instructed a solicitor and have your mortgage agreed in principle before reserving a property as the reservation fee can be non-refundable if you cannot proceed. Subject to legal arrangements, around four to six weeks after your have reserved your property, contracts will be exchanged and the remainder of your deposit will need to be paid. The property transaction now becomes legally binding, meaning if you decide not to go through with the purchase, you may lose your deposit.


 

Publish date: 18/08/2016