It is common practice for a builder/developer to request a reservation fee is paid to them for a property that is either ‘off plan’ or in the process of being built. We would recommend that the proposed reservation form is sent to a solicitor to review before you agree to pay the reservation fee and sign the reservation form. The reservation fee is then deducted off the final purchase price due once completion has taken place. If the purchaser elects to withdraw from the transaction prior to Exchange of Contracts taking place then the builder/developer will retain the reservation fee that has been paid. It is common for the reservation fee to be between £2,000.00 to £5,000.00 depending upon the location of the development and price of the property. Gareth Brooks, RMNJ Solicitors
RMNJ Solicitors
Compare conveyancing fees from up to 4 solicitors
11,812 user reviews
A very good and efficient company a pleasure to do business with.
Mr snow on 31/12/2020
Get quotes for:
We use Cookies for this website. We’ll assume you’re OK to continue. Edit Settings.
Cookies for this website are disabled. Press OK to active them.
We have placed cookies on your device to help make this website better.
You can use this tool to change your cookie settings. Otherwise, we’ll assume you’re OK to continue.
Some of the cookies we use are essential for the site to work.
We also use some non-essential cookies to collect information for making reports and to help us improve the site.
To control third party cookies, you can also adjust your browser settings.
Cookies for this website are disabled. Press the below button to active them.