Glossary of Terms
"Additional Matters Sheet" means an attachment to the Sale Agreement
“Offer Letter” means the letter issued by us in accordance with clause 12 which outlines the terms of our offer to purchase your existing property from you under this Scheme.
“PXP Date” means the date of expiry of the 25 working day period referred to in clause 14 if prior to the expiry of such period your solicitor has not given notice under clause 14.2
“Reservation Form” means Form A which you complete at the time of reserving your new Milestone Home in accordance with clause 12.1
“RICS” means a surveyor who is a member of the Royal Institution of Chartered Surveyors
“Roof Stage” means the stage of house build at which roof tiling is commenced.
"Sale Agreement" means our standard part exchange agreement with the Additional Matters Sheet attached.
“Scheme” means the Milestone Homes Part Exchange Plus Scheme
Scheme Details and Acceptability of Property
1. In addition to the terms and conditions set out below, the Scheme is subject to:
1.1. all terms, conditions, restrictions and provisos set out in your Offer Letter, and
1.2. the terms of your reservation agreement with us (on the reverse of the Reservation Form) which explains the circumstances in which we may retain part of your reservation deposit.
2. Part Exchange Plus is only available on selected plots and developments. Part Exchange Plus will only be available where the home being traded in is no more than 70% of the selling price of the plot being purchased.
3. Part Exchange Plus is only available up to a maximum value of £300,000 for your existing property.
4. We are under no obligation to accept your property under the Part Exchange Plus Scheme. It should not be assumed that all properties are suitable and acceptance is at our sole discretion. We reserve the right to refuse your property under the Scheme and we are under no obligation to give reasons why. All valuations and decisions are final.
5. Our agreement to accept your property under the Part Exchange Plus Scheme is subject to any necessary further enquires or reports.
6. If prior to completing the Part Exchange Plus application you have already incurred costs (e.g. estate agents or legal fees) Milestone Developments will not reimburse these costs.
7. A £100 administration fee is payable by the customer upon completion of the Part Exchange Plus application form. This reserves the designated plot for the customer for 7 days and is fully refundable unless and until Milestone Developments incurs any fees in connection with your purchase and/or sale under this Scheme.
8. We agree to pay;
8.1. the commission plus VAT of one estate agent for marketing and selling your existing property provided you legally complete on the purchase of a new Barratt home.
8.2. any abortive costs of any unsuccessful agent we nominate, provided this shall not include any multi-agent commission which you incur without our explicit written consent.
9. Prior to any Part Exchange Plus application the customer must be financially qualified by a Milestone nominated independent mortgage advisor to proceed with the intended purchase of the new Milestone home.
10. You must complete our Part Exchange application form. Within 5 working days of this 2 independent RICS qualified surveyors will value your existing home. You agree to co-operate with these RICS surveyors to ensure accurate and prompt valuations.
11. The RICS valuations of your home will be on the basis of a sale within 6-8 weeks. The maximum amount we will offer in part exchange for your existing home will be 90% of the average of the two RICS market valuations If there is a discrepancy of more than 10% between the RICS valuations we will appoint a third RICS valuation and any offer will be the average of the two closest valuations.
12. If your property qualifies for the Scheme, on acceptance of your property under the Scheme we will issue you with an Offer Letter and nominate up to two estate agents to act on your behalf. You will then;
12.1. complete and sign our Reservation Form, and
12.2. enter into an agency agreement with the nominated estate agent/s, instructing them to market your property on the basis agreed with us and set out in your Offer Letter.
13. You will exchange on the basis of the Sale Agreement
14. if prior to, or within 25 working days of our confirming to you that Roof Stage has been reached you exchange agreements with a third party for the sale of your existing property.
14.1. the provisions relating to part exchange in the Sale Agreement will no longer apply and the transaction will proceed on the basis of a plot sale only and without any right or obligation for us to acquire your property; and
14.2. your solicitor will be obliged to give to our solicitor notice in writing simultaneously with agreements being exchanged in relation to the sale of your property to a third party.
15. As of the PXP Date:
15.1. the nominated estate agent/s will no longer act on your behalf and you will no longer instruct them; and
15.2. we reserve the right to market your property and you agree to;
15.2.1. allow reasonable access to the property to facilitate the resale (subject to agreed appointments)
15.2.2. the erection of a “for sale” sign at your property
15.2.3. ensure your property is kept clean and tidy and in a presentable condition at all times to facilitate viewings to potential purchasers.
16. Exchange of contracts on your new Milestone home purchase shall take place on the date specified on the Reservation Form irrespective of whether a purchaser has been found for your existing property.
17. Prior to the PXP Date any offers shall be conveyed to you via the nominated estate agent/s. You will notify us of any offers made on your existing property as soon as reasonably practicable and in any event within 1 day. You give us irrevocable consent to liaise with the nominated agent/s during the period in which they are appointed under the Scheme by you.
18. It is Milestone Developments’ intention that if by the PXP Date your solicitor has not served a notice as referred to under clause 14.2 Milestone Developments 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 Milestone Home. If you withdraw from the transaction and Milestone Developments has found a prospective buyer for your home, Milestone Developments will not make an introduction between you and the prospective buyer.
19. Solicitors will ask that you complete the Property Information Questionnaire and Form. As Milestone Developments has no firsthand knowledge of your existing home the company will have to use these same 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 your answers and that legal action may be taken against you if you are found to have given false information.
20. Your solicitor will be obliged to supply title details and other supporting document in relation to your property to our solicitor prior to exchange of the Sale Agreement. If you accept an offer from a third party for the sale of your property your solicitor will also need to supply a draft agreement, title and supporting documents to the solicitor acting for that party
Milestone Developments General Terms & Conditions
Any promoted Milestone Developments 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 Milestone homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.
Milestone Developments 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 Milestone 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).
Milestone Developments 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. Milestone Developments 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.
If you require a mortgage, you are strongly advised to obtain advice from a regulated adviser. Milestone Developments recommends from a panel of new build mortgage advisers who have extensive knowledge of the new build mortgage market, though you may, of course, seek such advice from your own mortgage adviser.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE