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Frequently Asked Questions

FAQ's

Q.

What time are your show homes open?

Answer
A.

Each of our show homes open at different times depending on the development. If you wish to arrange a viewing please contact us on 0161 968 0300 to arrange an appointment.

Q.

How do I book a viewing?

Answer
A.

Please contact our Sales Team on 0161 968 0300 (Monday-Friday 9am-5pm ) to arrange a viewing. 

Q.

What is the reservation fee?

Answer
A.

A reservation fee is payable to secure the property of your choice and this will ensure that we take it off the market. The fee is refundable on successful sale completion and is deducted from the price of your property on completion of the sale. The fee payable will be confirmed to you by your sales advisor ahead of you reserving your home.

Q.

Is the reservation fee refundable? 

Answer
A.

If you cancel your reservation Laurus Homes would retain a proportion of the reservation fee to cover our reasonable administration costs and expenses, and the rest  of the balance will be returned. If your reservation is cancelled after the 28 day reservation period Laurus Homes at our discretion may retain the full reservation fee. 

Q.

What information do I need to provide to secure a property?

Answer
A.

In order to secure your chosen property we would normally require the following information:

  • Photographic Identification
  • Mortgage in principle (where a mortgage is required)
  • Proof of deposit

Where additional information is required (for example if you are purchasing through Shared Ownership) your sales advisor will confirm this. 

Q.

What other costs are involved in buying a new home?

Answer
A.

Apart from the mortgage deposit, other costs will typically include lender valuation fees, stamp duty land tax, solicitor’s fees, and removal services and connection fees.

Q.

How long will it take until I can get the keys and move in?

Answer
A.

Once you’ve reserved your preferred plot, Laurus Homes will instruct our solicitor to send the legal pack to yours. We aim for contracts to be exchanged within 28 days, with the sale completion date agreed in line with the build completion date of your plot.  On the day of completion your Sales advisor will meet you at your new property to hand over the keys and demonstrate elements of your new home, such as the heating system.

Q.

Once I’ve purchased my new home what does Laurus Homes remain responsible for?

Answer
A.

Each of our homes will have a warranty period provided by the builder which will cover the fixtures and fittings within your home. In addition, a ten-year structural warranty is also provided with your new home. You will benefit from any manufacturer’s warranties for new appliances and fixtures in your new home.

Q.

What is Shared Ownership?

Answer
A.

Shared Ownership is a popular part-buy, part-rent scheme for people who can’t afford to buy a home outright. It’s backed by the government, and is a way to buy a share in a home now with the option to buy more of it in the future.

You buy a share, usually between 25% and 75% of the property's market value, and pay a subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share.

While Shared Ownership is primarily aimed at first time buyers, other purchasers such as those who may have sold a marital home due to relationship breakdown, may also be considered.

Q.

Am I eligible for Shared Ownership?

Answer
A.

In order to be eligible, you must meet all or most of the following criteria:

  • Your gross household income must be less than £80,000 per annum.
  • You must not already own another home. In order to buy through this scheme, you should either be a first-time buyer or have sold your previous property (equity limits apply).
  • Existing shared owners can apply; however your property has to be sold prior to completion.
  • You must be able to prove that you can afford the mortgage payments and associated outgoings on the home you choose to buy.

If you are able to afford to buy the property you are interested in outright you would not be considered eligible.

Q.

Will I pay Stamp Duty Land Tax (SDLT) on a Shared Ownership property?

Answer
A.

When you buy a share in a property through an approved shared ownership scheme, you may have to pay SDLT. There are two ways to pay:

  • make a one-off payment based on the total market value of the property
  • pay any SDLT due in stages

We recommend that you discuss this with your solicitor and decide which is the best option for you.

Q.

What is Help to Buy?

Answer
A.

Help to Buy is the Government’s scheme to help first time buyers and existing homeowners to purchase a new build property up to the value of £600,000 with just a 5% deposit. Existing homeowners must sell their current home before completing the purchase of the new home. The Government may lend you 20% of the value of your property and this will be interest free for the first five years.  

From year six the equity loan will be subject to a fee of 1.75% per annum on the outstanding equity loan. Thereafter, the fee will increase each year by RPI (Retail Price Index) plus 1%.

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