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Your questions answered

What is a mortgage?
What if I can't get the mortgage I want for the house I want?
What is stamp duty?
What is a reservation?
Who are independent financial advisors (IFAs)/mortgage advisors?
What is conveyancing?
What are disbursements?
What are searches?
What happens at exchange of contracts?
What is a legal completion?
Is there a warranty on my new home?
Who are the NHBC?
What is affordable housing?
What is a transfer?
When will my new home be ready?
What happens if things go wrong?
How can I find out more?

What is a mortgage?
A mortgage is a loan secured on your home. The money received from your lender (less any tax or other costs) is known as the mortgage advance and the mortgage deed refers to the formal document that confirms the mortgage provider's (lender's) interest in your new home. The mortgage offer is the formal written offer of a mortgage made to you by your mortgage provider.

What if I can't get the mortgage I want for the house I want?
Bovis Homes may be able to help you. We have a number of purchase assistance schemes. Click here to find out more.

What is stamp duty?
This is a tax on the transfer of ownership of an asset, in this case a property. The amount payable varies according to the purchase price of the property.

What is a reservation?
This is where you indicate you are interested in purchasing a property and confirm your intent with the payment of a reservation fee, typically £500. This forms part of the purchase price as long as the sale proceeds.

Who are independent financial advisors (IFAs)/mortgage advisors?
They are professionals who will advise on financial products available. Note: not all IFAs give mortgage advice. A mortgage broker can give mortgage advice but may not be able to advise on other related financial products such as life assurance.

What is conveyancing?
Conveyancing is the legal process of buying and selling a home.

What are disbursements?
Disbursements are expenses incurred by your solicitor in respect of searches, stamp duty, land registry fees etc. Some elements such as searches are payable up front, with others such as stamp duty payable on completion.

What are searches?
Searches are enquiries made of the district or borough council to identify any local issues that may affect your property.

What happens at exchange of contracts?
At this point, the sale of your new home becomes legally binding to both parties. A deposit is payable.

What is a legal completion?
This is where ownership of the home passes to the new owner. Sometimes referred to as 'handover'.

Is there a warranty on my new home?
Every Bovis Home comes with a 10 year 'Buildmark' warranty provided by the National House Building Council (NHBC), which covers any major defects to the structure of the property, or in its construction. We also include our own two year warranty on the property, with a supporting customer care service should any issues arise in the first two years - giving further peace of mind.

Who are the NHBC?
They are the National House Building Council, the independent regulator for the new homes industry.

What is affordable housing?
Most new housing developments today include an element of 'affordable housing' as part of their planning requirements. In practice, this means that these homes are not available on the open market, they are only available to a restricted number of people that fulfil certain criteria, such as keyworkers and those on low incomes. Eligibility depends on the development itself and who the affordable homes are owned by, usually a housing association. The housing association will have a list of those eligible. Homes can be available for rent or shared ownership whereby the occupier owns part of the home and rents the remainder.

What is a transfer?
The formal document that actually transfers legal title in your new home to you.

When will my new home be ready?
This will depend on the build stage when you reserve but your sales manager will keep you informed of progress. Kitchen choices may only be available if build has not progressed beyond roof stage so make sure you reserve early!

What happens if things go wrong?
Our customer care team is on hand to help resolve any problems that may occur, but rest assured checks are made at every stage of the build process and your sales advisor will keep you informed of the status of your sale. We also adhere to the Consumer Code of Conduct which provides support, reassurance and peace of mind for buyers of all new build homes.

How can I find out more?
Your sales advisor will be happy to answer any questions you may have. At reservation, you will also be given a copy of 'Your guide to buying a new home' which will guide you through the process and give you a useful glossary of terms to refer to.

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