Reserving a home on the

Petersfield Development

In order to reserve one of our homes on the Petersfield development, we are asking potential purchasers to engage with us in a reservation process which satisfies the ‘Consumer Code for Homebuilders’. This prescribed code requires that the reservation and ultimately the final sale of the home is a well-informed, well documented, transparent, and hopefully a pleasant experience. The reservation process involves both parties disclosing certain specific details in an effort to make the sales process run as smooth as possible. Once agreed, an unsigned written reservation agreement is issued and a £500 fee is taken.

The reservation agreement

The reservation agreement will contain all relevant information with regards to the chosen home. It will contain such details as:

  • Details about the reservation process, such as dates, cancellation rights etc.

  • Specific plot/ home chosen for reservation

  • Specification of the chosen home, with any additional costs shown

  • Management company’s estimate of costs

  • Contact details of our sales manager for effective communication

  • Anticipated date for the delivery of your new home

The unsigned reservation agreement will be provided along with:

  • A copy of the ‘Consumer Code for Homebuilders’

  • Floorplans and illustrations of the chosen home

  • Warranty provider and the details of the warranty cover given

  • Site visiting arrangements including health and safety precautions for on site

In return, we respectfully request that potential purchasers fill in our brief questionnaire, which will provide us  with  details  to  help  us  ascertain  whether  they  are  in  a  position  to  commit  to the reservation agreement and to  the subsequent  purchase of a  home. The details we  request are on the following page.

The reservation questionnaire

The Paragon Homes reservation questionnaire asks about such matters as:

  • The prospective purchasers position in the housing market, for instance: House to sell, house sold awaiting completion, house not yet on market, renting, first time buyer etc.

  • If there is a house for on the market, address, sales price and estate agent details

  • Is a mortgage required to purchase one of our homes? If so, has a decision in principle been agreed by a lender?

  • If seeking a mortgage has an independent financial advisors (IFA) advice been sought?

  • Would the prospective purchaser wish Paragon Homes to recommend an IFA? 

  • The prospective purchasers anticipated timescales for purchasing and moving, if any?

Answers to these questions will help inform us of a prospective purchasers circumstances so we will be able to tailor our approach towards helping purchase one of our homes. If it is felt that the prospective purchaser may have difficulty in either selling their home or obtaining a mortgage, then Paragon Homes may seek the advice of an IFA to advise on the suitability of taking a reservation on a specific property.

Reservation finalised and placed

Once the questionnaire and agreement are completed, and all other relevant information has been disclosed and agreed upon, and both parties are satisfied that it is in their best interests, then the reservation agreement can be signed and dated. This document forms a legal agreement between the parties and as such, if there is any doubt as to its meaning or effect, then legal advice should be sought before signing it.

All information gathered during this process is dealt with in the strictest of confidence in line with our privacy policy which can be found on our website or provided upon request.  

Looking towards completion

As part of the reservation agreement, there will be discussion and agreement on a completion date for the home. This anticipated completion date is documented on the reservation agreement. At the early stage of the development, it is anticipated that the reservation will last up to within two months of the home being ready for occupation. At this point it is expected that the reservation will be progressed into a contracting phase. This will then be progressed to an exchange of contracts, and a moving in date will be set. As the development progresses, if homes are completed or very close to completion it is hoped that a reservation can be as brief as possible with contracting starting as soon as is possible. This said, we understand the complexities of selling a home and the time constraints involved, so each case will be evaluated on its own merits.

If you want to take the next step and reserve a home, or if you would like any further information or explanation about the reservation and sales process, then please contact one of our sales team, who will be happy to help you. All contact details can be found on the 'Contact us' page of the website.