From reservation to exchange of contracts

Once you have paid your reservation fee, Lovell is committed to retain the home you have chosen in your name for an agreed period of time. This fee then becomes part of the final purchase price and will be deducted from the balance you pay when you move into your new home.

If, for whatever reason, you find you are unable to exchange contracts at the end of the agreed period, Lovell reserves the right to re-offer for sale the home in question.

Your mortgage

If you require a mortgage, or other loan, to purchase your new home, this is the time to make a formal application based on the purchase price and details of your chosen home.

When looking for a new home, you will need to decide how much you can afford to spend, and there are many tools to help you in this process. The FSA for example (the UK's financial watchdog) provides an online mortgage calculator which will help you to estimate the size of mortgage you can afford at a particular interest rate.

Remember also, our sales advisor can put you in touch with a financial advisor who can suggest a mortgage suitable for your personal needs.

When arranging a mortgage it is usual to arrange the insurance of your new home at the same time. Building insurance is essential and all lenders will insist you have this in place at exchange of contracts. Don't forget contents insurance also.

Your legal representative

You should now instruct a solicitor or licensed conveyancer to act on your behalf. If you have not instructed a solicitor our sales advisor will be happy to suggest some firms for you to approach. At this point your solicitor will require you to pay search fees.

Making your house a home

Subject to the stage of construction you will be given the opportunity to personalise your home by selecting a choice of the fixtures and fittings on offer. Apart from these standard features, again dependent on the stage of construction, you will be shown additional items available to order from the 'Lovell Inspirations' range. It is important that you advise us of your selections as soon as possible to enable us to accommodate your requests.

Exchange of contracts

Exchange of contracts takes place within 28 days of the date of reservation.

At this stage your solicitor will ask you to sign the contract and arrange payment of the balance of the 10% deposit. Exchange of contract constitutes an agreement that is legally binding on both parties to complete the purchase of your new home.