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What happens to reservation fee on new build?
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kateaew
Posts: 1 Newbie
We have paid a £500 reservation fee, we also get free conveyancing from the solicitors. The purchase price is £242k (if this helps anyone in explaining to me!).
We have been told this 'comes off the house price', but how exactly does that work? Do we need to apply for less of a mortgage? Do we need to edit Help To Buy Equity loan application?
Do we just get it back in cash at the end?
Another question is would we have to pay the conveyancing and then ultimately it gets reimbursed by knocking 600 off the house price?
Will the solicitors just deal with it all?
Sorry for all the questions!
Thanks in advance.
We have been told this 'comes off the house price', but how exactly does that work? Do we need to apply for less of a mortgage? Do we need to edit Help To Buy Equity loan application?
Do we just get it back in cash at the end?
Another question is would we have to pay the conveyancing and then ultimately it gets reimbursed by knocking 600 off the house price?
Will the solicitors just deal with it all?
Sorry for all the questions!
Thanks in advance.
0
Comments
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It's just an advance deposit towards the agreed price.0
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The purchase price is still £242k. You’ve already paid £500 so still need to pay £241,500. You can make that amount with whatever combination of cash and mortgage you want. You’ve just already handed over some of your deposit.0
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Please don't use the developers recommended solicitors, you want someone that's on your side, not the developers.2
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