Process

Deal Structure

1. Reservation fee,typically £1,000 per unit, forms part of purchase price
2. Strict 28 day exchange deadline from receipt of legal contracts
3. Typically 5% payable upon exchange, exchange bonds often accepted
4. Allowance usually between 15% to 20% for agent's use 
5. Strict time period allocated for due diligence and marketing 
6. Contracts are fully assignable.

Procedure

After notifying your interest and ability for allocation and having discussed the opportunity with us after viewing our detailed report, you will need to move quickly to secure your reservation by:-

• Completing and signing our reservation and deal structure forms 
• Returning the forms with the following;

 a cheque for £1,000 made payable to the Developer
 Confirm vendor solicitor details and that they have been instructed

The developer will acknowledge receipt of each £1,000 reservation fee in writing to the purchaser direct. This means that the property is reserved in the purchaser’s name and is deemed to be sold subject to contract. Contracts must be exchanged before the end of the period of 28 days after the buyer’s Solicitor receives contracts for checking from the vendor. Failure to meet this deadline without reasonable cause will put at risk the reservation fee. (This forms part of the purchase price, but not part of the deposit.)

We will also provide updates as to the development progress as well as liaise closely with the solicitors, vendors or their agents and the developers or their agents. Prior to completion, finance can be arranged as well as “snagging” and introductions to appropriate letting and furnishing agents if required.