Choosing to move home is a significant decision, and it’s natural to have questions along the way. Let’s answer those queries.
House Buying Process FAQS
How do I reserve a new home?
Please speak to our experienced sales team at the development where you want to purchase a property. They will confirm the property’s price and advise whether it is still available. They will ask you a few questions to ensure you are in a position to reserve a property.
You can reserve your new home by meeting with one of our Development Sales Managers, completing a reservation agreement and paying a reservation fee, which reserves your new home.
During this reserved period, your new home will be withdrawn from sale and will not be subject to any price increases. We will then ask you to exchange contracts and pay a deposit on exchange (usually six weeks after reservation). This reservation fee and deposit are then deducted from the price of your home.
Meeting deadlines:
If you need any help meeting deadlines, please let us know immediately. Regular communication with your solicitor and estate agent (if applicable) will assist in avoiding unnecessary delays. eastbrooke homes will work with purchasers wherever possible to accommodate delays outside of a purchaser’s control; however, regrettably, we may have to put your home back on the market if you cannot meet your exchange deadline. If this is the case, we can arrange for you to choose future releases first.
Can we reserve a property before it is released for sale?
You cannot formally reserve a property before it is released for sale. However, you can advise our sales team of your interest in a particular plot by placing an ‘early bird’ reservation to ensure you receive priority notification once the plot is released.
Do you offer assisted move packages?
We have an assisted move package available at some of our developments. For more details, please visit the sales centre at your chosen development.
Do you offer Part Exchange?
Yes, we do on selected plots. Swap your old house for a new home with our Part Exchange scheme and remove the uncertainty and stress of moving. There is no chain or estate agent fees, and you’ll receive an offer based on independent valuations.
It couldn’t be easier, so speak to one of our experienced sales team members to see if the plot you are interested in is included in our Part Exchange scheme.
How long will our property be reserved for?
The property will usually be reserved for six weeks until the conclusion of the contract exchange is expected to occur.
How much money is required as a reservation fee?
The Reservation fee amount is dependent on tenure type as well as the point at which you reserve:
A standard reservation fee is £1000, an Early Bird reservation fee is £150, and a Shared Ownership reservation fee is £500.
How much of a deposit will I have to pay?
You are expected to pay a deposit when you exchange contracts on the property (usually six weeks after reservation). The deposit will vary, but will generally be approximately 10% of the property value as standard.
Is my reservation fee refundable?
Yes, you may cancel your Reservation Agreement within 14 calendar days of reservation, which is your statutory cooling-off period. During this time, we will refund your reservation fee in full and without deduction.
Suppose you cancel your Reservation Agreement after the 14-day cooling-off period. In that case, we will refund the Reservation Fee less any reasonable administrative and other costs incurred by us in processing and holding the plot under reservation, which we expect to be £250.
Is there a waiting list for each plot/development?
If you are interested in a particular plot that has yet to be released for sale, you can complete an ‘early bird’ reservation to ensure you receive priority notification once the plot is released. If you’re interested in future developments without a specific plot in mind, you can register your interest with us to stay up to date with future developments.
What documentation do I need to provide to make a reservation?
You must have a valid passport or photo driving licence to complete anti-money laundering checks before you attend your reservation meeting to allow us to progress your reservation. Your Development Sales Manager will send you a link to complete your checks online before the meeting.
If you do not have a valid passport or photo driving licence, please speak to your Development Sales Manager, who can advise you on alternatives.
You will also need to complete an affordability assessment before completing your reservation. To do this, we will need a copy of your Mortgage Agreement in Principle issued within the last three months. You can speak to one of our recommended mortgage advisors to assist with the affordability assessment; however, you are not obliged to use the service of a mortgage broker.
What is the earliest date you can reserve a property?
The earliest date you can reserve a property is when it is first released for sale. Our sales team can keep you informed of plot release dates.
When should I insure my new home?
eastbrooke homes insure your new home until exchange of contracts. From then on, you are responsible for the contents insurance and building insurance if you buy a freehold property. eastbrooke homes will arrange the buildings insurance for leasehold properties.
Your mortgage lender will insist on building insurance. They may recommend an insurer, but you should also be able to shop around for the best deals. Please check with your lender regarding the type and amount of coverage required.
Contents insurance can, in many cases, be included within the building insurance policy. However, you can have separate insurance providers for buildings and contents. It is your choice whether to insure your contents or not.
House Building Process FAQS
Can I visit my new home during construction?
You will have the opportunity to visit your new home once the first fix works are completed and the decorators’ mist coat is applied. A second opportunity will be provided once the building works are complete, and you are invited to attend the pre-completion inspection.
Safety:
Safety precautions should always be followed, as the construction site is active and can be dangerous. Any site visit must be pre-booked and agreed with an eastbrooke homes representative in advance. We reserve the right to demand that you wear 5-point PPE at all times and that a staff member accompany you during your visit. We also reserve the right to refuse your request to enter the building site if there are any safety concerns.
Please observe common-sense safety procedures at all times when visiting:
- 5-point PPE must be worn anywhere on site.
- Due to safety regulations, no children under 16 are allowed on site.Keep older children within view.
- Do not walk backwards, not even one step. Always look in the direction you are moving.
- Watch out for boards, power cables, tools, nails, or other building materials that might cause injury or an accident.
- Only enter a level of a home equipped with stairs and rails.
- Stay a minimum of two metres from all excavations.
- Give large, noisy building machinery or delivery vehicles plenty of room. Assume that the driver can neither see nor hear you.
Visiting your new home during the 14 days before legal completion:
During the final 10 working days before your legal completion, your new home will be inspected and tested at least three times. You/ your suitably qualified snagging inspector, also have the opportunity to carry out a pre-completion inspection during this period. Please see our Home Buying Process FAQs for more information.
Once the pre-completion inspection has taken place, further access is restricted until legal completion to ensure we have sufficient time and space to complete any identified remedial works and cleaning before you move in.
Should you visit your new home during this period, we ask you to note the following:
- Please only enter your home with the prior permission of the sales representative.
- Trades may still work in your home, and surfaces may need drying or finishing.
- Please do not place items that might be marked on surfaces.
- Please keep children, other family members and pets under your control. New surfaces and finishes can be easily marked.
- You may see cards and stickers on the walls, doors, windows, and fitted furniture. These form part of our extensive quality control process; please do not remove them.
Smoking, eating or drinking in the home is not permitted.
Where can I find details about the construction of the property I’m purchasing?
The Home User Guide will provide detailed information about the construction of the property and the materials used. You can request the Home User Guide from your Sales Advisor, and a copy will also be made available to you with the handover documents received on completion.
Legal and Financial FAQS
How much can I afford to spend on a home?
You can use our helpful mortgage calculator, or we can connect you with a mortgage advisor to discuss the costs of buying a home and how much you could potentially borrow.
There are common areas in the development; what does this mean?
These areas within a development do not form part of a plot to be assigned to an individual proprietor. They can include play areas, landscaped areas, roads, and footpaths not intended for adoption by any relevant local authorities.
Flatted areas on development may include parking areas, street lighting, and communal stairways, which are not intended for adoption by the local authority.
eastbrooke homes would typically appoint a Managing Agent for the upkeep of these.
What are Local Authority Search Fees?
This will establish if any planning decisions or other proposals will likely affect your new home. Your solicitor will request the search documents directly on your behalf.
What is a valuation survey?
Before making a mortgage offer, your chosen lender usually has the property valued for mortgage purposes. A small fee will generally be payable.
Please note that the value the lender assigns to the property is a valuation for loan purposes and may not reflect the open market value of the house. If you order many optional extras for your new home, the full value of these may not be reflected in the value the lender assigns to the property.
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is payable on all homes over a specific purchase price in England. The amount you must pay will be based on your home’s selling price.
Currently, the scale charges are as follows:
- Nothing on the first £125,000 of the property price
- 2% on the next £125,000
- 5% on the next £675,000
- 10% on the next £575,000
- 12% on the rest (above £1.5 million)
In addition to the standard rates for additional properties, a further 5% of the property purchase price is payable.
You can use the government’s Stamp Duty calculator to determine how much you’ll pay.
If you are a first-time buyer in England, you won’t pay any Stamp Duty Land Tax up to £300,000 and 5% on the portion from £300,001 to £500,000. However, properties over $500,000 are subject to the same rates as those who have bought a home before.
A first-time buyer has never owned a freehold or leasehold interest in a dwelling before and is purchasing their only or primary residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. Where there are joint purchasers, all purchasers must be first-time buyers.
For more information, visit the government website.
What is the difference between Leasehold and Freehold?
Leasehold:
Land held under a lease for a specified number of years, on which a service charge is payable.
Freehold:
The total ownership of the property and the land on which it stands.
When does the sale of the house become legally binding?
Your solicitor will arrange for you to sign a binding purchase contract. At this time, your agreed deposit will need to be paid. eastbrooke homes will also sign and send their solicitors a copy of the agreement.
Once these contracts are exchanged, the transaction becomes legally binding.
If you are selling your present home, the timing of the contract exchange is finely worked out. It is up to your solicitor to ensure that both sets of contracts – the sale of your existing home and the purchase of your new one – are exchanged simultaneously and that a suitable moving day is arranged so that you are never ‘homeless’.
Sometimes, it is not possible to coordinate the sale of your existing property and the completion of your new eastbrooke home on the same day. If this is the case, you may have to consider staying with friends or family or living in rented accommodation until your new home is ready.
Shared Ownership FAQS
What is shared ownership?
Shared ownership is sometimes described as ‘part-buy, part-rent’.
It allows you to buy a share of a home’s full market value (usually with a mortgage) and pay a subsidised rent on the remaining share.
This can make getting onto the property ladder more affordable, as you don’t need to buy the whole property outright.
How does shared ownership work?
Shared ownership helps you buy a home in a more affordable way.
You purchase a share of the property (for example, 25% or 50%) and pay rent on the remaining share.
- The minimum share can vary depending on the home
- You’ll complete an affordability assessment to find a share that fits your budget
Alongside your mortgage and rent, you’ll also pay other running costs, which may include:
- Service charges
- Estate charges
- Buildings insurance
- Management fees
- Reserve fund contributions
Don’t worry, everything will be clearly explained in your Key Information Documents, so you know exactly what to expect before you commit.
What are Key Information Documents? (KIDS)
Key Information Documents (KIDS) are there to help you feel informed and confident about your purchase.
They explain:
- The home you’re buying
- How Shared Ownership works
- The likely costs involved
We’ll give you these during the sales process, and always before you reserve your home.
We recommend reading them carefully and talking them through with your solicitor or financial adviser so you feel comfortable every step of the way.
Am I eligible?
You may be able to buy a home through shared ownership if:
- You’re aged 18 or over and live in the UK
- Your household income is £80,000 a year or less
- You can’t afford to buy a suitable home on the open market without support
- You’re able to afford the ongoing costs of buying and living in the home
- You’re a first-time buyer, a former homeowner, an existing shared owner looking to move, or a homeowner who needs to move but can’t afford a suitable home for your needs
- If you already own a home, you’ll need to sell it on or before completing your shared ownership purchase
You’ll also need to complete a simple affordability assessment, and some homes may have additional requirements (such as a local connection). These will always be clearly shown on the property listing.
How are shared ownership homes allocated?
Shared ownership homes are offered on a first-come, first-served basis to applicants who meet the eligibility and affordability criteria.
For eastbrooke homes, this means we look at the date and time we (or our estate agent) receive both:
- Your completed application form, and
- Your initial financial assessment
If you’re eligible, your application will be considered in order.
In some cases:
- Armed Forces applicants may be prioritised, in line with Homes England guidance
- Certain homes may have additional requirements (such as planning or local eligibility rules)
We’ll always make this clear in the property advert so you know where you stand.
What affordability checks will I need to complete?
Before you can buy, you’ll complete an affordability assessment with a qualified mortgage or financial adviser.
This is simply to make sure the home is affordable for you now and in the future.
They’ll look at things like:
- Your income and savings
- Your monthly commitments
- Your expected housing costs
This helps work out the share you can comfortably afford.
You’ll be encouraged to buy the largest share that works for you, but never expected to overstretch yourself.
What costs are involved?
On the day you complete your purchase (the day you legally become the owner), you’ll be required to pay certain charges covering the remainder of the month and possibly the following month. These may include:
- Rent
- Service charge (where applicable)
- Estate charge (where applicable)
- Buildings Insurance
- Reserve Fund (also known as ‘sinking fund’) payment (where applicable)
- Management Fee (where applicable)
Be sure to factor these into your budget when planning for completion. You’ll receive a detailed completion statement outlining the exact amounts, which your legal adviser will review with you.
How do I buy more shares?
You can increase your share in your home over time, this is known as ‘staircasing’.
As you buy more shares:
- The share you own increases
- The rent you pay on the remaining share reduces
If you’re buying additional shares with a mortgage, you’ll need to appoint a solicitor to handle the legal work. It’s always a good idea to speak to an independent financial adviser and legal professional so you fully understand your options.
Flexible options
- For the first 15 years, you may be able to buy an additional 1% share each year
- The price of these smaller shares is based on the original property value, adjusted over time using the House Price Index
Buying larger shares
You can also buy larger shares (usually 5% or more) at any time.
To do this:
- You’ll need a current market valuation from a RICS-qualified surveyor
- An administration fee may apply (this will be explained in your lease or contract)
We’ll guide you through the process when you’re ready to staircase, so you know exactly what to expect.
Can I sell my shared ownership home?
Yes, you can sell your shared ownership home at any time.
If you choose to sell before owning 100% of the property, you’ll usually need to offer it back first. This is called the nomination period.
- For most new model leases, this lasts around 4 weeks
- During this time, we’ll work to find a suitable buyer for your home
If we’re unable to find a buyer within this period, you’ll normally be able to market and sell your home on the open market, in line with your lease and our resale process.
When the time comes, we’ll guide you through each step to help make the process as smooth as possible.
Can I sublet (rent out) my shared ownership home?
Your shared ownership home is designed to be your main home.
- You can rent out a room, as long as you continue living there
- You won’t usually be able to rent out the whole property
You can only sublet the entire home if:
- you own 100% of it, or
- you have written permission from eastbrooke homes or Eastleigh Borough Council.
This is only normally agreed in exceptional circumstances. If you have a mortgage, your lender would also need to agree.
Why are shared ownership properties leasehold?
Shared ownership homes are always sold on a leasehold basis, including houses.
This is because you’re buying a share of the property, while your landlord retains an interest in the remaining share.
As you increase your ownership over time, this balance changes. In some cases, once you own 100% of your home:
- The property may be transferred to freehold, or
- Certain lease conditions may no longer apply
This can vary depending on the specific home.
We’ll always provide clear information about what happens when you reach full ownership before you complete your purchase, so you know exactly what to expect.
Who is responsible for repairs?
As a shared owner, you’re responsible for looking after your home.
If you buy a new shared ownership home under the current model lease, there is usually extra support in the early years.
For the first 10 years (while you own less than 100%):
- Certain external and structural repairs won’t be passed on to you through service charges
- You may be able to claim up to £500 a year to help with some essential internal repairs
Full details will be clearly set out in your lease and Key Information Documents (KIDS), so you know exactly what’s covered.