Step by Step Guide
Buying a property can seem overwhelming, so we have outlined the steps you need to consider when buying a property with Jersey Development Company.
You will need to know how much you are able to borrow by contacting mortgage providers, brokers, or other financial professionals. We can help provide a list of mortgage providers to assist you throughout the buying process.
STEP 1
Determining borrowing power
Once you have found your dream home, you must complete a reservation form and pay a deposit. A minimum of 10% will be required to secure an apartment. We understand how difficult it can be to find the deposit on your first home, JDC will be offering an interest free Deposit Payment Scheme's for ENTITLED First-Time Buyers (criteria will apply).
STEP 2
Make your reservation
Your chosen lawyer will deal with the contract and the exchange of completion funds. It is important to factor in the costs of legal/conveyancing fees when buying a property, as well as additional costs cost such as Stamp Duty. JDC's lawyers issue your Sales Documents to your chosen lawyer once your initial reservation has been received. You will then be invited to meet with your lawyer to go through the pre-sale contract. At this point you will pay the balance of your 10% or commence your 10% interest free monthly instalments*. Once you sign the pre-sale contract, you are legally bound to complete on the apartment. Your lawyer is your first point of contact should you have any questions in relation to your pre-sale contract. (*criteria will apply)
STEP 3
Appoint a lawyer
Purchasing off-plan means that you will have purchased your new home in advance of your property being built. JDC is committed to delivering a quality service to you throughout the whole development process. During the build period, we will keep you informed about the completion progress through newsletters and emails. This communication is elevated closer to the completion of your new home. Our door is always open, and we are on hand every step of the way to make your buying journey stress free and enjoyable.
STEP 4
During the build programme
Depending on your chosen lender, you can look to secure your mortgage as early as 6 months prior to the completion of your new home. Most high street lenders offer 3 months in advance of the expected practical completion date. If you are financing a property via a mortgage, the mortgage provider will instruct an independent Surveyor to carry out a valuation. Surveys take place after Practical Completion (PC) and these will be arranged by the Surveyor directly with JDC. Upon successful completion of your mortgage application and valuation, you will be provided with an offer letter and loan documentation, which will be sent to your chosen lawyer.
STEP 5
Exchange deadline
Before you move in, we will arrange for you to visit your new home with a member of the customer care team, who will take you through your new home to make sure you are familiar with all its functions and features. This will take place after Practical Completion (PC). The Building Control Office (BCO) inspects the development to ensure it has been constructed to the required standards and within the Building Regulation guidelines. Once satisfied, the BCO officer will then issue the PC certificate. No access is permitted to the apartment prior to PC.
STEP 6
Purchaser viewing
Once you are happy to proceed with completion, you instruct your lawyer to draw down on the completion funds. If you are supplementing the borrowing with additional funds, we advise that you transfer these directly to your lawyer in advance of completion, so that it does not delay the handover of your apartment. Your lawyer will make arrangements with our lawyer to transfer the funds. This process can take up to 24 hours. Once the balance of funds has cleared, you will be invited to collect the keys to your new home so you can start moving in!
STEP 7
Completion day
From reservation to completion, JDC are with you every step of the way. We pride ourselves on our customer service ensuring any aftercare issues are dealt with swiftly and efficiently. JDC have pioneered a digital home-user guide, that is accessible anywhere, anytime, on any device. This digital guide provides an interactive system between the owner and the Building Manager. The platform showcases all elements of living in your new home, from videos on heating to recycling tips etc. This state-of-the-art hand-over system streamlines the ability to live in your home comfotably whilst reducing the need for printed litature which often goes out of date, reducing JDC's carbon footprint.
STEP 8
