Stamp Duty Rates

Stamp duty has been set at 0% on property purchases up to £175,000 until (and including) 31 December 2009, thereafter the rate will revert to 0% on property purchases up to £125,000 and 1% on property purchases between £125,001 and £250,000.

Part Exchange

1.1 Part exchange deals are only available on selected plots and developments. Part exchange will only be available where the home being traded in is no more than 70% of the selling price of the plot being purchased.
1.2 Part exchange is only available up to a maximum value of £250,000 for your old property.
1.3 Valuations for part exchange will be based upon the price which an independent valuer believes your home would be likely to achieve in the current market as opposed to an advertised sale price.
1.4 We will appoint two independent valuers to value your home on the basis of a sale within 8 to 10 weeks. Any part exchange value offered by us will be the average of these two market valuations. If there is a discrepancy of more than 10% between the 2 valuations we will appoint a third valuation and our offer will be the average of the two closest valuations.  
1.5 We are under no obligation to make an offer.  If you have already incurred costs (e.g. estate agents or legal fees) at the time of negotiating a part exchange David Wilson Homes will not reimburse these costs.
1.6 An offer made by us under the part exchange scheme is subject to any necessary further enquiries or reports.
1.7 We reserve the right to market the property you are selling prior to your move into a new David Wilson Home and you agree to allow reasonable access to the property to facilitate the resale (subject to agreed appointments) and to the erection of a “for sale” sign at the property. You agree to cancel any existing agreements with estate agents and agree that you are responsible for any fees due to them.
1.8 You agree that no party is currently negotiating to purchase the property you are selling and that no introduction has already been made by any other party.
1.9 It is David Wilson Homes’ intention that BDW Trading Limited will purchase your existing home and take legal title to it prior to selling it on to a third party, to allow you to purchase a new David Wilson Home. If you withdraw from the transaction and David Wilson Homes has found a prospective buyer for your home, David Wilson Homes will not make an introduction between you and the prospective buyer. If an introduction has already been made by David Wilson Homes or their agent you will be liable to pay a fee of £1,000 plus VAT to David Wilson Homes to reimburse costs incurred and David Wilson Homes will have no further involvement in facilitating the sale.
1.10 On completion of a home purchase by us under the part exchange scheme we will retain a £500 retention bond which will be refunded to you provided your old property is left in an acceptable condition and you submit accurate meter readings to utility companies.
1.11 Solicitors will ask that you complete the Property Information Questionnaire and Form (PIQ/PIF).  As David Wilson Homes has no firsthand knowledge of your existing home the company will have to use these same PIF/PIQ forms for presentation to a subsequent purchaser for your existing home.  You confirm that you will complete these forms accurately and acknowledge that a future purchaser will rely upon on your answers and that legal action may be taken against you if you are found to have given false information.
1.12 We reserve the right to refuse a part exchange and we are under no obligation to give reasons why. All valuations and decisions are final.

Shared Equity

Shared Equity Deals may be available on certain plots and are strictly subject to the following terms and conditions together with any of the general terms and conditions set out in the reservation form, our advertisements and on this website:

1. Offers for you to pay a percentage (e.g. 75%) of your new home initially are based on you paying that percentage of the agreed price at the time of completion.
2. The remaining percentage (25%) of the purchase price becomes a second charge on your property in favour of BDW Trading Ltd.
3. The purchaser will be required to contribute at least a 5% deposit and must take out a first mortgage which will be paid in the normal way. David Wilson Homes do not offer first mortgages.
4. You can repay the second charge loan at any time within 10 years of completion. This can be done either when you sell or transfer the property to a third party or enter into any transfer of equity in the future, or at the end of 10 years from the date of Legal Completion, whichever is sooner. In the event of genuine hardship at the end of the 10 year period, the repayment period may be extended for up to a maximum of a further 5 years. You must notify us in writing before the 10th anniversary of Legal Completion if you are suffering such hardship. Each application for an extension will be dealt with on a case by case basis by David Wilson Homes.
5. The second charge will be repayable on the basis of the value [N.B. value may be less than the price or more than the price paid on completion in a forced sale] of your property at the time of future sale or transfer as opposed to the original purchase price. This means that whether your property increases or decreases in value, you will only be liable for the same percentage of the value of your home at the time of future sale or transfer or at the end of the 10 year period from legal completion if you choose not to sell.
6. In the event that the purchaser owes any monies which are not covered by the amount of equity in the property at the time of future transfer, David Wilson Homes reserves the right to pursue the purchaser for the outstanding balance as a personal debt.
7. All monies owed to David Wilson Homes must be paid directly out of completion funds (in the event of the sale or transfer of the property).
8. For full details of the second charge loan, please refer to a copy of the second charge loan agreement which you will need to sign before Legal Completion.
9. The difference in value at the time of sale or transfer against the value at the time of Legal Completion will be calculated based on valuations by two independent valuers appointed by us. In the event of any dispute, an average of the valuations of the two independent valuers is final and binding.
10. You will not be liable to pay back any money made on the basis of home improvements (e.g. the addition of a conservatory or loft extension) insofar as it may affect the value of your home. Our valuations will be based on the size and quality of the home as constructed at the time of Legal Completion and any increase or decrease in value on that property, based on reasonable maintenance and wear and tear.
11. This offer is not available for plots valued by David Wilson Homes at £300,000 or more.
12. This offer is not available to purchasers who will be purchasing on a “buy to let” basis.
13. Individual lender's security requirements may vary and it is the purchaser’s responsibility to obtain mortgage finance through a David Wilson Homes nominated independent mortgage adviser.
14. This offer cannot be used in conjunction with any other offer on the same plot.

NewBuy 

NewBuy is a Government Scheme which facilitates the return of 95% loan to value mortgages. Details of the Scheme are;

1. Customers require a 5% cash deposit and must meet the lender’s mortgage eligibility criteria for a repayment mortgage.

2. The Scheme is available on all new properties in England up to £500,000, subject to lender’s criteria.

3. The Scheme applies to residential mortgages only and is not available on buy to let properties or second homes.

4. NewBuy cannot be used in conjunction with any other David Wilson Homes’ offer or scheme.

5. This scheme may be withdrawn or modified by David Wilson Homes or the Government at any time prior to exchange of contracts.

6. NewBuy launches on 12 March 2012 and is expected to end 11 March 2015.

Prices and details are correct at time of going to press. All images are typical of David Wilson Homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.

The current specific offers being advertised in relation to selected David Wilson Homes developments are also subject to the specific terms and conditions set out above (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).

This Scheme may be subject to the use of a David Wilson approved Independent Mortgage Advisor and Solicitor. David Wilson Homes will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. David Wilson Homes will not be responsible for the failure of any deal due to any defects in your existing property identified as a result of an inspection or survey, whether a part exchange deal has been agreed or not.

Movemaker

1. You must enter into a Movemaker Agreement with BDW Trading Ltd (trading as David Wilson Homes) concerning the sale of your existing property, which will include a time period for the Agreement. A sample of our Movemaker Agreement can be obtained from your local David Wilson Homes sales office.
2. You agree to David Wilson  Homes appointing a nominated estate agent who will market and sell your existing property.
3. You agree you will have no control over which estate agent we instruct, or the terms of that appointment.
4. We agree to pay the estate agent’s commission plus VAT for marketing and selling your existing property provided you legally complete on the purchase of a new David Wilson home. 
5. You agree not to instruct another estate agent to sell your existing property until your Movemaker Agreement has ended, that no party is currently negotiating to purchase your existing property and that no introduction has already been made by another party.
6. In the event that any existing contract with your estate agent cannot be cancelled without penalty, or if there is a penalty for dual agency, David Wilson  Homes will not be liable for any extra fees as we cannot be responsible for obligations contained in third party contracts. Please note that you will be liable for disinstructing your existing estate agent and for any abortive costs or dual agency fees according to your contract.
7. You agree to allow reasonable access to your property for viewings and survey purposes and to co-operate fully with our estate agents in their endeavours to market and sell your property.
8. If no acceptable offer is received within the time period set out in the Movemaker Agreement (usually 4 weeks from the start of marketing), we reserve the right to re-market our available plot.
9. This offer is also subject to the terms of your reservation agreement with us (on the reverse of Res From A) which explains the circumstances in which we may retain part of your reservation deposit.

FirstBuy

Any promoted David Wilson Homes offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of David Wilson Homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.

David Wilson Homes reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 28 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.

The current specific offers being advertised in relation to selected David Wilson Homes developments are also subject to the specific terms and conditions set out below (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).

All David Wilson Homes offers are subject to the use of a David Wilson approved Independent Mortgage Advisor and Solicitor. David Wilson Homes will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. David Wilson Homes will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey, whether a part exchange deal has been agreed or not.

These terms and conditions do not affect your statutory rights.

1.1       This offer is only available on selected plots and developments. The maximum property value for FirstBuy is £280,000 and on an exceptional basis, depending on location, a purchase price of up to £300,000 will be considered.

1.2       This scheme is only available where the total income of the purchaser’s household does not exceed £60,000 per annum.

1.3       Purchasers will be required to raise funding (including a mortgage and any deposit,) of not less than 80% of the property purchase price (excluding any mortgage fees). The property will be subject to a first charge in favour of the mortgage company.  

1.4       For the purposes of the purchaser’s first mortgage a valuation of the property will be carried out by an independent valuer based on the market value.

1.5       A HomeBuy Agent (Government appointed housing association) will carry out an eligibility check to ensure that the purchaser satisfies the Homes and Community Agency’s (“HCA”) eligibility criteria for the FirstBuy scheme and to check on the purchaser to establish the purchaser’s ability to afford and sustain home ownership. The HomeBuy Agents will consider 45% as the maximum percentage housing costs should be as a proportion of net available income in order to indicate the purchaser’s ability to repay the loans.

1.6       If the purchaser’s eligibility is confirmed and the timeframes and procedures set out in the Solicitors Pack supplied to the purchaser’s legal advisers as part of the conveyancing process are complied with, BDW Trading Limited (“BDW”) and the HCA will each provide equal equity loans to the purchaser of not less than 5% and not more than 10% of the purchase price subject to the terms of the equity loan agreements. Based on the maximum purchase price of £300,000, BDW and the HCA will therefore provide equity loans of up to £30,000 each.

1.7       The equity loans provided by the HCA and BDW will be secured by second and third charges (respectively) on the property ranking equally (by virtue of a deed of priority a copy of which will be supplied to the purchaser’s legal advisors as part of the conveyancing process) behind the first charge referred to in paragraph 1.3.

1.8       The equity loans provided by BDW and the HCA will be interest free for the first 5 years. From the beginning of year 6, interest will be payable by the purchaser at an annual gross rate of 1.75%, rising at the Retail Prices Index published by the Office for National Statistics plus 1% per year thereafter.

1.9       The equity loans must be repaid within 25 years of legal completion of the purchase of the property whether the property is sold or not.  

1.10     If the purchaser sells the property, repays the mortgage on the property without taking out an alternative mortgage, is insolvent or defaults under the equity loans agreements, the equity loans must be repaid in full at that time.

1.11     The equity loans will be repayable on the basis of the greater of the price of the property or its market value at the time of future sale or mortgage repayment as opposed to the original purchase price but disregarding additions or improvements made to the property by the purchaser with the consent of BDW and the HCA. This means that if the property increases or decreases in value, the purchaser will pay BDW and the HCA the same percentage of the new price of the property as the percentage the equity loans were of the original price. This may result in BDW and the HCA being paid more or less than the original loan value.

1.12     If, on the sale of the property, the price of the property has fallen and there is insufficient money from the sale to repay the equity loans after the mortgage has been paid the purchaser will lose any deposit paid. BDW and the HCA will not however seek to recover the balance of their equity, not otherwise paid out of the proceeds of sale, from the purchaser.

1.13     The purchaser may repay the equity loans to BDW and the HCA at any time following legal completion. Repayment whether in full or by instalments will be based on the market value of the property at the time of the repayment(s) and the purchaser will have to arrange and pay for the valuation of the property at that time. The minimum instalment value is 10% of the total of the equity loans. The minimum instalment must be repaid to each of BDW and the HCA at the same time.

1.14     Detailed terms and conditions apply to each of the equity loans which will be made available to the purchaser via their legal advisors as part of the conveyancing process.

1.15     Mortgage lender's criteria may affect any deposit percentage and whether it applies before or after the equity loan is deducted from the purchase price.

An example of how FirstBuy works is as follows:
Purchase price £120,000
Mortgage £91,200 (76%)
Deposit £4,800 (5% after loan applied i.e. 4% of purchase price)
Equity loan £24,000 (20%) (BDW £12,000/10% and HCA £12,000/10%)

For the first five years the equity loan is interest free. After 5 years an annual fee of 1.75% of the outstanding balance of the Equity loan is charged. This will be increased annually by RPI +1%.

Sale after 5 years.
Open market value £150,000 (a 25% uplift in value).
Mortgage repayment (assuming no repayment of capital) £91,200.
Equity loan 20% of the open market value split equally between BDW and the HCA = £30,000 (£15,000 each)
Remainder available to purchaser £28,800

APR Equivalent
To give you an example of the equivalent APR the formula which illustrates the increase in the sum repayable on the sale of the property as an annual effective rate is as follows:

100  R 1/T
 P  -1 

Where:
R is the amount of the repayment on the sale of the property
P is the amount of the credit advanced under the agreement; and
T is the period beginning with the relevant date and ending with the date of repayment, expressed in years
As a guide to help you work out the equivalent APR assume a loan of £10,000 (P) is advanced and that the amount repayable after 7 years (T) is £15,000 ( R ) (the value of the property having been assumed to increase by approximately 6% per year)
The APR equivalent is  100  15,000 1/7 
   10,000  -1

   = 100 [(1.5) 0.14286 -1]
   = 100[1.05963-1]
The APR equivalent is therefore 5.96.

General Terms & Conditions

Any promoted David Wilson Homes offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of David Wilson Homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.

David Wilson Homes reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 28 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.

The current specific offers being advertised in relation to selected David Wilson Homes developments are also subject to the specific terms and conditions set out below (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).

All David Wilson Homes offers are subject to the use of a David Wilson Homes nominated Independent Mortgage Advisor and Solicitor. David Wilson Homes will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. David Wilson Homes will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey, whether a part exchange deal has been agreed or not.

These terms and conditions do not affect your statutory rights.

David Wilson Homes is a trading name of BDW Trading Limited (Registered Number: 03018173) which is a subsidiary of Barratt Developments Plc (Registered Number: 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicester, LE67 1UF.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE AND/OR YOUR EQUITY LOAN