The Reservation Process
- Once one of our Property Investment Consultants has found the right investment for you, we will put you in contact with our recommend finance partner to discuss your financing options. This is to ensure that you have the right product for your investment needs.
- The next stage is to complete a reservation form and pay a reservation fee. This fee is typically around £5,000. This non-refundable payment will secure the property and ensure that it will not be offered to other investors.
- Once the reservation payment has cleared, you will receive your Welcome Pack and reservation receipt. Our Sales Progression team will then contact you to introduce themselves. Their job is to help you through the purchase process.
The Progression Process
- The first stage of progression is the exchange of contracts. At this point, you are formally entering into a contract to purchase the property directly from the developer. This stage is usually completed within 28 days. Many of our clients choose to use a solicitor from our recommended panel, as they are familiar with the transactions and will have done all the necessary due diligence on the property you are purchasing in advance. Often this is the most cost-effective option. Though, you are welcome to select your own solicitor, if you prefer. You will need to provide any documentation that is required. The solicitor will deal with the exchange of your unit. On exchange, you will be required to pay a pre-agreed percentage of the purchase price. This is typically 30% but does change depending on the requirements of the developer.
Following the exchange, the build will continue to progress, and you will receive regular updates until completion. During the period between exchange and completion, our Progression Team will be available to answer any questions that you may have.
Approximately 3 months before completion, we will contact you and assist with the process needed for you to arrange the balance of monies owed. Once the building has achieved Practical Completion, the developer will require payment and it typically takes one month for the balance to be paid. At this stage, you are now the legal owner of your property!
However, our service doesn’t end there. We are on hand to help with either the sale or rental of your property to your needs.
Esper Wealth offers rental management solutions for both the long-term and the vacation rental market. Our partners work for an agreed percentage of the rental income. They will take care of legalities to ensure you comply with landlord rules. They will be responsible for finding tenants, undertaking a rigorous tenancy check, rental collection, bill payments and routine maintenance. Our partners can even offer rental guarantees if needed. This full management option means you can have an “armchair investment”, with a consistent income, as an expert will be managing your property for you.
We can help you sale your property on the open market, or facilitate a private sale to one of our clients. When the time comes for you to sell, simply contact your Relationship Manager who will help you through the process.