Your Financial Options With Strata

YOUR FINANCIAL OPTIONS

Your Financial Options 2024 | 1

Mortgages Mortgage Advisors Part Exchange Assisted Selling Plan

Your Financial Options 2024 | 2

MORTGAGES

Your Financial Options 2024 | 4

Mortgages Helping you find the perfect mortgage solution

We understand there is a lot to take in when it comes to finding out about mortgages and choosing the right lender. We work closely with a team of independent mortgage advisors, who have whole of market access and specialise in mortgages for new homes.

If you chose to use one of our mortgage advisors, the will advise on interest rates, repayment terms and find the mortgage best suited to you. They will complete the mortgage application and help you through the process. The service is completely free, independent and regulated by the Financial Conduct Authority.

Your Financial Options 2024 | 5

MORTGAGE ADVISORS

Your Financial Options 2024 | 6

Mortgages Advisors Should I use a Mortgage Advisor?

How much does a Mortgage Advisor cost?

Mortgage Advisors (also referred to as Financial Advisors or Mortgage Brokers) are experts in the mortgage market and many people use them to find the best possible mortgage rate.

On average, a financial advisor will charge around £500 - £600 for arranging your mortgage. If you choose to use one of Starta’s recommended financial advisors, you won’t pay a penny.

They often have access to better mortgage rates than you would have access to yourself as the applicant. And if your situation isn’t straightforward, for example you are self-employed, they can access specialist mortgage products and lenders tailored to your needs.

We work with two independent financial advisors who we recommend to all our customers. Mortgage Advice Bureau and RSC New Homes both have years of experience and a proven track record of helping people to find the best mortgage deal for their new home.

Your Financial Options 2024 | 7

PART EXCHANGE

Your Financial Options 2024 | 8

When we profit, so do you Our Part Exchange scheme means we could buy your current home, leaving you free to purchase one of our new homes. And if we profit from the sale of your old home, so do you.

7 benefits of Part Exchange:

1

If we sell your property for a profit, we’ll split the difference with you, giving you 50% of any profit over the price we offered you for your home.

4

We give you seven days to move into your new home before handing over the keys to your old home.

5

2

We gain two to three independent and transparent valuations to ensure we offer a fair price on your existing home.

Up to £1000 towards your removal costs.

6

3

No estate agent fees or hassle when selling your old home.

We’ll organise a professional house clean when you’ve moved out, so you don’t need to worry about cleaning after you move.

7

Part exchanging your home means there is no chain, making the sale much simpler

Your Financial Options 2024 | 9

How it works

Am I eligible for Part Exchange?

If you’re considering using the scheme, our Part Exchange Manager will instruct two or three independent estate agents to value your home at no cost to you. They’ll also carry out a thorough market appraisal.

•

You will need to choose one of our new homes that is ready to complete within two months of your reservation.

•

Your current property will need to be valued at least 30% less than the price of the new home you are purchasing from us.

•

Part Exchange is only available on freehold homes.

If your home is leasehold, our team will assess each individual case, and may still accept the application with some additional criteria.

•

We cannot offer Part Exchange on a shared ownership home, the home must be 100% owned by the person or people buying the new home from Strata.

When we receive the independent valuations for your current home, you’ll receive an offer from us within five to seven days. During this time, if you haven’t already reserved we will hold your plot for up to seven days while we process the application.

We’ll give you a guaranteed price, subject to the results of a survey and legal searches on the property. Once you have received the guaranteed price from us, you will have 48 hours to take the time to decide whether or not to proceed.

If, for any reason, you change your mind and no longer wish to proceed with the Part Exchange, your chosen plot would automatically be rereleased for sale after the 48 hours and you would not be committed to go ahead with the reservation.

Your Financial Options 2024 | 10

Your Financial Options 2024 | 11

ASSISTED SELLING PLAN

Your Financial Options 2024 | 12

Assisted Selling Plan We’ll find you a buyer for your current home, take care of all the process from listing it for sale to managing the chain and paying the estate agent fees, so you can relax and enjoy preparing for your new home.

Your 7 step guide to Assisted Selling Plan

1 4

You complete the Assisted Selling Plan application form with your Experience Manager.

If you’re happy with the bespoke plan, you will reserve your Strata home and we’ll list your existing home for sale.

5

2

We prepare your personal selling plan including a sale price for your existing home based on the average of two independent valuations and a market appraisal report.

We manage the sale of your existing home and work closely with the nominated estate agent to organise all viewings and enquiries.

6

3

We’ll hold your chosen plot for seven days while we prepare your bespoke selling plan.

Once the plan is ready, you’ll be given 48 hours to decide if you’re happy to proceed.

We present offers received to you and guide you through negotiations until a suitable offer is accepted.

7

We track your home sale to ensure your chain is progressing as expected while you enjoy planning for your new home.

Things to consider: •

Wherever possible we will find a buyer that is happy to wait until your new home is ready. However, on occasion this may not be possible, and you may need to leave your current home and find alternative accommodation until your new home is ready.

•

If your chosen home is ready within two months, we may offer to buy your existing home in Part Exchange rather than using the Assisted Selling Plan.

Your Financial Options 2024 | 13

Your Financial Options 2024 | 14