Buying a Bayfield Home

At Bayfield we recognise that whether it is your first home or your forever home, the process of buying a home can be a stressful time.

Our experienced team and sales agents are here to help you through the process and make this as simple and as easy as possible for you. There are a number of steps that we will need to take together if you would like to purchase a Bayfield Home.

Step 1 Seen it? Love it? Want it?

Our experienced sales team will help point you in the right direction so you can understand the costs involved in buying a Bayfield Home. We will do what we can to help you and if it you really love it, talk to us to see how we can make it work for both of us.

We can help you get advice on any mortgage requirements, fees to allow for and how this works within your budget.

We can provide you with an advisor if you require a mortgage to help you understand how much to budget and to help you obtain a AiP [Approval in Principle] before you take the next step.

Once you have chosen your home, spoken to us and our sales agent you can reserve it at a formal reservation meeting. We will need a few hours of your time to explain all of the legal, technical and specification aspects of your new home and the development so that you fully understand what you will receive. At this meeting we will ask you to pay a ‘Reservation Fee’* which is your commitment to us that you want your new home, and our commitment to you that we reserve it for you at the price we agree for a period of between 4 to 6 weeks. The house will be removed from the market for 4-6 weeks**

Legal

You will need to appoint a solicitor to act on your behalf. You are free to appoint a solicitor of your choice but our sales team can provide you with a list of recommended solicitors who have an in-depth understanding of the information we have provided and can help move the process forward quickly for you. When you appoint a solicitor you will most likely require the following:

• An ID check (Each solicitor is different in what they need from you)

• ‘Know your Customer’ check including evidence of funds for a deposit

• An understanding of the timescales involved

• ‘Search’ Fees – up to £1000 in some cases (will vary)

Bayfields’ Solicitors will then send all relevant sales documents to your solicitor for review. At Bayfield we will provide a comprehensive set of information including but not limited to:

• Sale Contract

• Transfer Document

• Sales Information Sheet – all the details you will require to understand how your new home and development will work from a legal perspective

• Management Company Information (if applicable)

• Details of our costs and proposed timescales to exchange and complete so we can get you into your new home as quickly as possible.

Financial

If you require a mortgage now is the time to take the next steps and complete your application with a lender. It is likely you will need to provide them with the following:

• Proof of Identity

• Your National Insurance Number

• Your employer details

• Your Bank / Building Society details

• A recent bank statement

• Details of your existing/previous lender (if applicable)

• Details of how your deposit will be funded

• Your P60

• Pay slips for the last three – six months (lender dependant)

Again, our sales team will be on hand to help provide you with details of any Independent Financial Advisors (IFA’s) if these are needed.

At this point the legal eagles and your lender will be doing their due diligence and checking matters on your behalf.

Legal

Your solicitor will have be checking the search results and the information we have provided to your legal representative and making sure all is well before your sign your contract and exchange.

Financial

Your lender will most likely require a survey of the property to ensure we are / have built your new home to a satisfactory standard. This should be completed within around 2 weeks of you completing your mortgage application. The surveyor will also undertake a mortgage valuation and take up references.

Once the surveyor has issued his survey, you will receive a mortgage offer. Your solicitor will need to advise you and call off the mortgage funds in time for legal completion. Don’t sit back and wait for this, you may need to chase it through to make sure it arrives in good time.

Legal

Your legal representative will report to you and your lender on your new home. You will need to sign the contract and provide your deposit to your solicitor, generally to the value of 10% of the Purchase Price (less your reservation fee).

Financial

Once the surveyor has issued his survey, you will receive a mortgage offer. Your solicitor will need this to advise you and call off the mortgage funds in time for legal completion. Don’t sit back and wait for this, you may need to chase it through to make sure it arrives in good time.

EXCHANGE – We will exchange contracts which is our legal commitment to complete your new home to not only your requirements but our exacting standards. We will give you an anticipated date by which we hope (weather and global pandemics permitting….) to be able to give you the keys to your new home.

…..Start thinking about moving…..!

Once your new Bayfield Homes is practically completed we will give you and your solicitors notice that your home is finished setting a date for completion and invite you to come and see it.

Your solicitors will request completion funds from you and your lender, if you have purchasing with the aid of a mortgage, and once the completion funds are received by our solicitors your Bayfield Home will be legally yours and available for you to do the heavy lifting and make our house…….your home.

……Welcome to your Bayfield Home…….!

*Your Reservation Fee is at risk as we reserve the right to cancel your reservation if you do not actively progress the next steps to purchase your new home.

**Unless otherwise agreed.