Frequently asked questionsPosted on January 17th, 2020
Since buying a new home is such a huge investment, we receive a fair number of questions regarding the process and what to expect. So, to help out any of our prospective home buyers, here are some of our most frequently asked questions for you to refer to.
Do I need to have sold my house to reserve a Seddon home?
In general, we do require your current home to be sold prior to your reserving a Seddon home. However, in certain circumstances, we may be able to help with one of our schemes; Help 2 Move or Home Exchange.
Is my reservation fee refundable?
Yes, but the total amount refundable depends on the point at which the refund is requested.
- Cancellation after point of reservation but prior to dispatch of contracts – 100% of reservation fee
- Cancellation once contracts dispatched but if no enquiries raised and up to the end of the first week after the reservation – 50% of reservation fee
- Cancellation thereafter – 25% of reservation fee
What contract deposit is payable?
Prior to exchange of contracts, your solicitor will require a contract deposit from you. This is generally 5-10% of the property value, less the reservation fee already paid. Our sales team can advise you further if you are unsure.
What stamp duty will we pay and when is this payable?
You will have to pay Stamp Duty Land Tax on your new home, the amount of which will be based upon the contract price of the property.
- Up to £125,000 = Zero
- The next £125,000 (the portion from £125,001 to £250,000) = 2%
- The next £675,000 (the portion from £250,001 to £925,000) = 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) = 10%
- The remaining amount (the portion above £1.5 million) = 12%
For first-time buyers, stamp duty will be abolished for purchases up to £300,000. Please be aware that you are responsible for ensuring that your solicitor has cleared the funds prior to completion.
What do we pay on reservation?
On all Seddon homes, a reservation fee of between £99 and £1,000 (dependent on development) is payable to secure the property. This reservation fee also fixes the property price for 28 days from the point of reservation.
What if we don’t have a solicitor?
If you don’t have a solicitor, then Seddon Homes would be happy to appoint one of our recommended solicitors for you. We base our recommendations on past customer experience as well as level of service and value for money. However, you are also free to choose your own solicitor.
Can we choose our own colour options on kitchens and bathrooms etc?
Yes, we have many customisation options available, although this is subject to the build progress and so may not always be possible.
How long will my home take to build?
As this answer depends on many factors such as the weather, the size of your home, and material availability, we unfortunately cannot guarantee an exact finish date. However, we can provide an estimate at the point of reservation, as well as regular updates throughout the building process.
What is your after-sales service like?
We follow NHBC/LABC guidelines thoroughly. This is endorsed by our buyers, many of whom tell us they would recommend us to a friend or family.
Did we answer all of your burning questions?
We hope that this FAQ has given you some valuable answers to your most burning questions. If you still have any queries, please do not hesitate to contact us either by the contact information listed on your chosen development’s page, or by giving us a call on 01925 839 504.
And now that we’ve cleared up some confusion, why not take a looking at some of our stunning new build homes?Blog page Older Posts Newer Posts