Help to Buy

For those looking for help with the purchase of their new home, SevenHomes offers buyers the popular Government-funded Help to Buy Equity Loan.

Available until 2021, and open to both first time buyers and existing home owners, you can find your new home with just a 5% deposit, making one of the largest purchases you’ll ever make that little bit easier.

What is Help to Buy?

Help to Buy is available to help those who can’t quite afford the mortgage on 100% of a home and offers the chance to buy a share of your home with the rest paid for by a loan from the Government.

  • The Government provides an equity loan of up to 20% of the value of your property which is interest free for five years
  • The Help to Buy equity loan can be repaid at any time or on the sale of your home
  • You then need to secure up to a 75% mortgage, there is a range of competitive mortgage rates available with this scheme, so you can find something to suit your budget
  • Available on new build homes up to £600,000 in England, £300, 000 in Wales and £200,000 in Scotland

You could buy a home through Help to Buy: Shared Ownership in England if:

  • Your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
  • You are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

For more information call 0121 233 443 or visit https://www.helptobuy.gov.uk/

Warranty Information

All of our homes are built to the highest standard using the best quality of materials. Problems with your new home are rare but to provide you with piece of mind, SevenHomes offers you a 10 year warranty with Checkmate. For further details please download our Warranty Policy and Home Owner’s Guide, these will provide you with full information and strengthen your confidence in SevenHomes.

Download our Warranty Policy

Download our Home Owner’s Guide

The buying process

Buying a house can seem overly complicated and confusing, so we have outlined the usual process below. 

Conveyancing Process

  • Once we have agreed terms of sale for your new house a confirmation is sent to your solicitor outlining the terms of the agreement. Your Solicitor will then issue the contract for sale and a title information pack relating to the property. At this stage a date for exchange is normally agreed.
  • Your solicitor will investigate the legal title of the property which includes:

                                             i.   A whole site search

                                             ii.   Any 3rd party rights

                                             iii.  Title search at Land Registry

                                             iv. Local authority searched

                                              v. Full property report

  • With new builds, provisions must be made for the grant and reservation of rights for both you and ourselves to ensure any purchasers of surrounding plots are able to gain full access and receive all the benefits and services their property requires.
  • Your solicitor will check all finances are in place.
  • If a loan has been obtained from a bank, the bank will need to be satisfied that the property accords with the value.
  • Our solicitor will ensure that a CML Disclosure or Incentives Form is completed and handed to both valuer and lender’s solicitor.
  • Once all parties are satisfied, all contracts will be formally signed and exchanged. At this stage, the 10% deposit of the purchase price will be paid.
  • At this stage, we will “hold the property” for you. You therefore will have an insurable interest in the property and should insure the property from this point.
  • With new build properties and completion date will be agreed.
  • Prior to completion, your solicitor will ensure all searches are complete and that the transfer deed has been signed in readiness.
  • On completion, your solicitor will arrange for the monies to be transferred to our solicitor. Along with this they will also arrange the transfer deed and all necessary documents relating to the property to be handed to your solicitor for safe keeping.

As there is no upward chain new builds tend to be a much smoother and quicker transaction process, leaving you to enjoy your new home!

NB: all information is for guidance only.

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