Why does Wood Farm have only one plot released?

23/09/2016

Customers looking on our website might be surprised that our new development at Guilden Sutton, Wood Farm, has only one home currently available for sale.  Not all the homes are sold - why are they not released? In order to answer that question it is necessary to explain what happens when buying a new home.

The process of reserving a new home has several stages:

  • First you pay a reservation fee - this means that we take the property off the market and will not sell to anyone else for a period of around 28 days, during which time your solicitor does all the legal checks necessary to exchange contracts.
  • The next stage is exchange of contracts - at this point you need to provide the money for the deposit (usually 10% of the purchase price) and both you and we legally sign to agree to your purchase and exchange our signed contracts. A customer should not legally sign to buy a new home if they cannot prove that they will have the money available when the house is finished. Mortgage offers have an expiry date, usually 6 months from when they are offered, although there are some 9 month mortgage offers available now. If your mortgage offer will expire before your new home is ready you will not be able to prove you have guaranteed funding to pay the balance for your home when required. The same applies if you have a house to sell - there is no guarantee of the money being available when needed.  If you have a potential purchaser for your current home your solicitor will make sure you have exchanged on your sale either before or at the same time as you exchange on your new home, thereby giving a guarantee that the money will be available. Your purchaser will need to be prepared to wait as long as you do, until your new home is ready, unless you are happy to move into rented accomodation.
  • The final stage is when we notify you that your home is ready and you provide the rest of the money in order to legally complete the purchase and receive the keys to your new home.

If you are lucky enough to have the cash so you do not need a mortgage, you do not need to sell your home in order to buy a new one or you do not have a home to sell we might be able to discuss the next potential releases. You must also be prepared to wait for at least 10 months before your new home is ready to move into!

The plots at Wood Farm are selling quickly so if you would like a home at Wood Farm, the first step is make an appointment to come along to our current show home at Eddisbury Park in Hartford. That will give you a chance to have a look at the excellent design and standard of finish that Archway achieves. There are only 7 open market homes at Wood Farm. With three of them already reserved and one intended to be a show home, that leaves just 3 homes remaining on this exclusive development and they are not expected to be there for long.

Come along to have a look and we can then explain exactly what you need to do in order to secure your hew home.

We look forward to seeing you ...