Buying Guide

Metro Finance Sign Off Requirements

• Proof of address – Latest utility bill, Bank or credit card statement (dated in the last 3 months), council tax letter (dated last 12 months), Driving licence if not used for ID already.

• Identification – valid Passport or Driving licence at current address.

• Proof of income
  – Employed: Latest 3 months payslips.
  – Self employed: Latest 2 years tax calculations and overviews.

• Latest 3 months bank statements for all accounts held.

• Proof of deposit
  – Savings: latest 6 months statements showing a build up of funds.
  – Gifted deposit: latest bank statement showing funds available and signed gifted deposit letter.

• Agreement in principle

Note: Further or different documents may be required dependent on source of deposit. If using Metro for the mortgage, further documents may be required for internal and lender compliance.

Reservation

After you have passed the initial Metro Finance financial assessment, your application will be referred back to Snugg Homes. If your chosen property is available you can now put it on hold for up to 10 working days, if your chosen property is already on hold, you will be placed on the waiting list.

You can now view the property. 

During the 10 working days your property is *ON HOLD, you will need to complete the second part of the financial assessment with Metro and provide the documents requested. During this period no-one else can hold this property***.

After the second assessment by Metro Finance has been completed and passed, you can now reserve your home by signing the reservation agreement and making a £350 reservation payment (this will be deducted as a part payment on the selling price). The home is placed **UNDER OFFER and taken off the market; its new status will be updated on the Snugg Homes website***.

Your reservation agreement is valid for a period of 8 to 12 weeks and your Property Sales Coordinator will be able to discuss with you the legal implications of this.

*ON HOLD – The purchaser has passed the initial financial assessment and wants to purchase the property; the buyer now has 10 days to complete the remaining paperwork.

**UNDER OFFER – The purchaser has passed all the financial assessments and paid a refundable deposit on the property.

***If you fail to complete the second assessment or fail to send the documentation, then next person on the waiting list for this home will be able to put a hold on it. 

****Please note, the UNDER OFFER ‘status’ of a home is only updated on the website when the reservation fee has been paid.

Solicitor

After you have reserved your property, you will need to appoint a Solicitor to manage the purchase of your new home and act within your interests. You will need to confirm your solicitors full details to Snugg Homes before we can instruct our solicitors.

Once this has been paid, legal services will be able to progress the sale.  Our solicitor will then take the following steps:

1. Prepare the contract documentation pack for your new home and supply to the solicitor – this will include the plot transfer deed and plot deed plan.  (There is an engrossment fee for this service; speak to your Property Sales Coordinator who can confirm the amount payable.)

2. Produce the contract and plot transfer deed for the parties to sign.  You are liable for this cost;  it will be added onto the statement of the monies due and this will be supplied to your solicitor prior to completion.

Finance & Insurance

Finance

If you require a mortgage to purchase your new home, you should contact your mortgage lender or advisor and proceed with your mortgage application.

Insurance

You will need to insure your home on the day you purchase it from Snugg Homes.

– Buildings insurance is included in your service charge and covers your new home against damage and mortgage lenders usually stipulate that you have to arrange buildings insurance from the date of legal completion.

– Home Contents insurance is not usually included as a requirement from your mortgage provider – but we highly recommend to mitigate against the damage or theft of your homes contents.

– Consider having personal insurance; your circumstances could change and this could affect your finances.

Contracts

The exchange of contracts between our solicitor and your solicitor is when our agreement to sell the house to you becomes legally binding.

Prior to the exchange, our solicitor will provide your solicitor with a completion statement for the purchase price (minus the reservation fee). We will require a rent and service charge payment in advance.

Your New Home

– Prior to your legal completion date you can attend a new home demonstration led by your Property Sales Coordinator. You will be taken through a comprehensive induction process, highlighting important features about your new home and how to maintain it.

– Contact your current home utilities providers to let them know that you are moving.  You will need to arrange to have your new telephone line connected.

– If you’re living in rented accommodation, you will need to give notice to the landlord of the date you intend to vacate the property.

– In order to ensure the secure move of your belongings from your current home to your new one, you should consider approaching professional removal companies for quotes. Some companies may be able to help with temporary storage of your belongings if the timing of your move is not co-ordinated on the same day.

– Let your doctor and dentist know your change of address and the date of your move.

– If you have children and moving to a new area you may need to start looking for suitable schools.   Our listings come with a school checker that might be of use.

– Make arrangements for your post to be re-directed.

– Let your family and friends know your new contact details.

– Let your bank(s) or building society know your contact details.

– Make arrangements for handing over the keys to your old home to the new owners.

Moving in

Once contracts are exchanged and the balance of the purchase has been paid, your Property Sales Coordinator will arrange to provide you with your keys and your documents pack, containing all the instructions and warranties needed. Please ensure you supply the meter readings taken on completion day to your energy supplier.

Enjoy your new Snugg home – happy moving in day!