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First Time Buyer Show: What You Asked

What You Asked at the London First Time Buyer Show

London First Time Buyer Show

We had such a great time at the First Time Buyer Show! Meeting with people looking to buy their first homes was a great experience, learning their stories, their wants for their first home, and adding some great residents to our properties!

For those of you who couldn’t make it to the show we wanted to give you a quick re-cap of the three most frequently asked questions:

What will you be offering in the social spaces of your Croydon properties?

Right now we have plans to create a truly unique social space to be shared by the residents of all three of our Croydon properties (Surrey House, Croydon, Canius House, Croydon, and Green Dragon House, Croydon). This will include a private resident lounge with pool table, table tennis, and bar. A Pilates and Yoga studio, and two roof top terraces with a garden and all weather BBQ.

We’re looking for a home, how are you not “just another development”?

We take special care to make our units the most convenient and luxurious spaces possible for you to create your own haven. We believe your home should make your life easier, that’s why we’ve taken care of the little things by adding 1GB broadband, and NEST Smart thermostat technology. Our open plan spacing makes it easier to customize the flow of your home to your desires. Residents will also have access to a concierge and on demand laundry and dry cleaning, and we are offering convenient in-building access to Brompton Bikes for hire, as well as bike storage and repairs.

What is a reservation deposit?

The process of acquiring an Inspired Home starts off with you contacting us to discuss what you’re looking for. We then work with you to help pick the perfect apartment.

Once you’ve chosen a flat, you will be required to pay the first £2,000 as a reservation deposit. The £2,000 will be counted towards the sale price of your flat and reserves the flat for you for 28 days; this means that we won’t sell the flat to anybody else during this time. The 28 days are to allow you enough time to review the exchange contract and arrange your financial matters.

Within this 28 day period, you must exchange contracts and pay the exchange deposit. We use a sliding scale for exchange deposits which means that the total price of the flat will vary depending on how much of a deposit you can put down. If you can arrange for a 20% deposit, that’s wonderful, and we’ll be happy to take 2.5% off the sale price of the flat as a thank-you. With a 10% deposit, you will pay the full sale price, whereas with a 5% deposit, you will have to pay an extra 2.5% on top of the sale price.

The remaining balance of payment is due when you complete the purchase of your flat.

We will advise you when you can expect your flat to be ready for your inspection and for a mortgage to be secured against it, which is known as practical completion of the build.

As a gentle reminder, once you exchange contracts, you are obligated to complete on your purchase so we would recommend that you start looking around for a mortgage three to six months before practical completion of the build.

Always feel free to contact us with any questions, and good luck with your home search!

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