Sales Process
We're fairly confident that you've bought property before, maybe even overseas, but "off-plan" might be a new one for you. That said, we’ve kept it really simple and we’ll be there to help you every step of the way.
Reservation Fee
Once you have chosen your pad you will pay a non-refundable reservation fee of £2,000.
Exchange of contracts
Six weeks after the payment of your reservation fee you will pay a further 5% (less £2,000) of the purchase price through your appointed solicitor and exchange contracts.
This identifies the pad and the obligations between us, as pad55, and you as the buyer.
If you require a mortgage then we would recommend that you have an “in-principle” decision in place by this time.
Pre - completion
Shortly after the exchange of contracts you will be asked by pad55 to make your interior design choices – this means choosing which kitchen design you prefer, the choice of tiles, surface treatments etc – these choices however, are subject to the build time making this option still available. At what ever time you exchange you are still very welcome to complement these choices by using our additional bespoke interior design service from b Interiors.
Twenty-eight days before the pad is ready your solicitor will be given a Notice Of Completion and you will be given a chance to inspect your pad with us seven days before your completion date.
Completion
On completion, the sale will be concluded with the balance of monies due being paid over by your solicitor. The pad's Title Number will be registered in your name at HM Land Registry and you will become a member of the pad55 Pickering Commonhold Association. Your solicitor’s fees / costs and any tax will now become due. The pad is now yours and you will be welcomed and eased into your new home by the Concierge who will show you how everything works!
After-sales service
Our obligation to you doesn't just end at completion. Within 12 months we will re-inspect the pad with
you and make good any defects, subject to 28 days written notice. In addition, the pads enjoy a full
10-year new build warranty against any further
defects or structural problems.
Legal Fees and costs
You may want to take advantage of the competitive
legal package pad55 has negotiated with Hague £ Dixon in Pickering.
Costs per pad will be:
Legal Fees = £822.50 including VAT
Searches = £170.19
Document Fee = £88.13 including VAT
Land Registration Fee = £220.00
TOTAL = £1,300.82 including VAT
Either a lender, or a personally instructed surveyor,
is likely to charge an additional fee for valuation of
the property and administration of any mortgage
if applicable. pad55 advises you to either seek your own independent financial advice or to talk to Fidelis Financial Solutions, our affiliated independent
financial advisor.
Stamp duty
Please be aware that Stamp Duty normally becomes payable on home purchases of between £250,001 and £500,000 at 3% of the sales price.