Buying process
steps to buying
Once you have made your reservation with Rivendale developments, you are one step closer to owning your new home. To ensure your journey is as smooth and straightforward as possible, we have prepared the following section to ensure you are fully aware of your responsibilities as a homebuyer.
Step one – reservation
Reservation agreement
When you reserved your Rivendale home, you would have been asked to complete a reservation agreement. This is a legally binding agreement between the purchaser (you) and the home builder (Rivendale developments), committing each party to the purchase and sale of a property, subject to contract and the payment of a fee.
Choices and options
It may be possible for you to personalise your home's finishing touches after reservation. You'll have been told what choices and options are available when you reserved your property. The choices you can make will depend on the build stage of your new home, but will usually include flooring, tiling and kitchen themes/colours.
The deadlines for any choices and options will have been conveyed to you at the point of reservation. Past the deadline, a standard specification will be chosen for your home to avoid any delays in our schedule.
Step two - exchange of contracts
Once you are happy with the contract, you will then sign it. This means the exchange of contracts can happen. At this step, you will need to pay the deposit of 10% of the purchase price (minus the reservation fee) through your solicitor or conveyancer.
Once your legal representative and our solicitor have exchanged signed contracts, both you, as the buyer, and Rivendale developments, as the developer, are legally tied to the transfer of the property.
Once this is complete, you will enter the final step of your journey towards completing your purchase. When construction at your new home has been substantially finished, we will send your legal representative the 'notice to complete', which marks the start of a period during which completion must take place.
Step 2 - exchange of contracts
Once you are happy with the contract, you will then sign it. This means the exchange of contracts can happen. At this step, you will need to pay the deposit of 10% of the purchase price (minus the reservation fee) through your solicitor or conveyancer.
Once your legal representative and our solicitor have exchanged signed contracts, both you, as the buyer, and Rivendale developments, as the developer, are legally tied to the transfer of the property.
Once this is complete, you will enter the final step of your journey towards completing your purchase. When construction at your new home has been substantially finished, we will send your legal representative the 'notice to complete', which marks the start of a period during which completion must take place.
Step three – legal completion and handover
Releasing the funds prior to legal completion, your legal representative will send you a statement advising you of the balance of any monies outstanding. If you have a mortgage, your lender may carry out a final inspection of the property and request confirmation from the warranty provider that your new home has been constructed to their standards, before releasing the mortgage funds.
Your legal representative will then transfer the balance to Rivendale developments on the day you legally complete. On the day of legal completion, we will check that all monies have been sent to us by your legal representative. You will be asked to meet with the sales agent and a representative from Rivendale developments to collect your keys and attend a handover meeting for your new home.
Thinking about purchasing your home with us? Get in touch with us today for more information.
