HomeBuy Direct
HomeBuy Direct
HomeBuy Direct - Process
The five stages of HomeBuy Direct house buying process have been explained below:
Stage 1 (Initial Registration)
You register with your local HomeBuy direct Agent by submitting an application form (online or on paper). In order for your financial status to be approved, you will be required to visit an Independent Financial Adviser (IFA) and possibly attend one financial interview. In addition to that, you must have instant access to money to cover the initial charges such as reservation fee, stamp duty, legal fees etc.
Stage 2 (Eligibility Assessment)
You Local area HomeBuy Direct Agent assesses your eligibility for the scheme and hands you “Approval of Eligibility Letter” in case you have been successful.
Stage 3 (Property Search & Reservation)
You find a suitable property for yourself, complete a Property Information Form an hand it to your Local Area HomeBuy Agent. Also, at this stage you will be required to pay a reservation fee of about £500 to the housebuilder. Apart from that, you will choose you own solicitor or conveyancer and request them to act on your behalf.
Stage 4 (Payment Deposit & Exchange of Contracts)
Your Property Information Form is double-checked by your Local Area Homebuy Agent in order to ensure its consistency with the terms of your approval letter. Your Local Area Homebuy Agent will then issue you an “Authority to Proceed” and contracts will be exchanged. Note that at this stage you might be required to pay some Legal fees and deposit in order to complete the purchase.
Stage 5 (Purchase Completion)
The last stage in the process where you finally become the owner of your newly purchased property and will be granted permission to move in.
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