Buying a Home – We reserved our home

Hi again! If you have seen my Instagram stories, you will know that the reason for a Friday post instead of the usual Wednesday.

Last Friday we reserved our new home, it is a new build so wont be ready to move in to under October/November time, however as it is a new build, we have 28 days (now 21) to exchange.

So it’s been a learning curve of a week, once we’ve exchanged and it is all for definite I shall share more information about the house and the rest of our process for buying our home, but for now – I’ll be sharing about what we have been up to this last week, and what we can expect over the next three weeks.

We reserved our new home with David Wilson Homes, we had previously discussed the plot number, and looked at the restrictive covenant and the virtual tour of the property. At this point we notified our chosen solicitors and our mortgage brokers to get the balls rolling.

We officially ‘instructed’ our solicitor, and arranged an appointment for Tuesday to sign a number of documents and pay our searches fee.
We also spent the morning on the phone to our mortgage broker, went through the options available and chose our lender. At this point we also spent the evening getting our documents (pay slips, bank statements etc) together and sent off so we could submit our mortgage application.

This was the day we spent on the island, our first stop was our solicitors, where we went through a LOT of paperwork, asked questions and arranged our next meeting for the 15th May so we can sign contracts (this is dependent on the searches being returned by then).
Next, we had a phone call with our mortgage brokers, we had passed our credit and identity checks, so they are reviewing our application.
Finally! (the “fun” part) we had a meeting with David Wilson Homes where we reviewed the plans for the house, walked around the show home, and looked at the options available for kitchen/bathroom tiling/flooring.

Two more phone calls, although it seemed a bit quieter finally.
Our solicitor submitted our searches today after receiving the paperwork from David Wilson’s solicitors, and we were told to also expect our reports in the next couple of days.
Our mortgage broker also had reviewed our application and requested further information (declarations and more bank statements) which we returned that evening.

A quiet day, we are waiting for the mortgage broker to review our documents, and for our solicitor to send the reports through.

We haven’t received any update today yet, but I’m going to chase up this afternoon to make sure we are in a good position a week in to meet our deadline to exchange.

Next Three Weeks
15th May is our next trip to the island to go through more paperwork with our solicitor, and to hopefully meet with David Wilson Homes again to discuss some questions we have.
The biggest concerns are getting our mortgage offer and searches back in time, so my main focus is going to be pushing as much as I can to make sure we have done everything in our control to reach our deadline. We’re also waiting for our reports to come through (hopefully later today).
Unfortunately because of the stamp duty deadline, the house market is so much busier than usual, so everything is taking longer than usually expected.

So it’s been a bit of an intense week, but also incredibly exciting! Let me know if you bought a new build and if you have any advice, it will be massively appreciated!

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