The basis of a formal reservation is a firm commitment on both sides and this is reflected in the procedure that follows:

Our selling agents will require the name and address of the solicitors acting for you and your agreement that our solicitor can send them contract documentation immediately. They will also ask that you authorise your solicitors to act for you in the purchase and deal with the contract documentation quickly.

We will instruct our solicitor to send a draft contract and draft transfer to your solicitors, with a letter saying that contracts are required to be exchanged within a maximum of 28 days from the date of receiving contract documentation. This will normally be within 2 or 3 days of your reservation and the deadline date will be agreed by the solicitors and confirmed to all parties.

If contracts are not exchanged within the agreed deadline for the reservation period, Rosemullion Homes reserve the right to terminate the reservation and re-offer the property for sale.

Our selling agents will ask you to pay a non-refundable preliminary deposit. If you decide to withdraw from your purchase after this, or fail to achieve exchange of contracts within the 28 day deadline, your deposit will be retained by Rosemullion Homes. If your purchase proceeds to exchange of contracts your preliminary deposit will form part of the purchase price.

In return for this deposit, Rosemullion Homes will undertake not to accept a reservation from any other interested party during the 28 day period, nor to increase the purchase price during this time.

Our selling agents will prepare a reservation form, a copy of which will be sent to both solicitors. It is not intended as a formal contract but will act as a handy memorandum of what has been agreed and will be signed by both you and the Selling Agents.

Our procedures, if followed, bring certainty and freedom from concern over ‘gazumping’ or being let down. Evidence of its success over the twelve year period we have used it, indicates that over 90% of the reservations we accept go through to successful exchange and completion. (The National average success rate for housing transactions is around 30%)