What to do after paying your reservation fee
You've secured your unit. Great! Now it's time to move fast and strategically. Use this checklist to keep your property purchase on track:
1. Confirm Your Reservation
• Review your reservation form or memorandum of sale
• Check unit number, agreed price, and reservation period (typically 21–28 days)
• Save the contact details for your sales progressor or agent
2. Instruct a Solicitor
• Appoint a conveyancing solicitor experienced in new-build or PBSA purchases (the Elavace team can help you with this)
• Send them your reservation form, proof of ID, and proof of address
• Provide source of funds documentation (e.g., bank statements)
3. Arrange Finance (If Required)
• Contact your mortgage broker or lender
• Submit your full application and arrange for a valuation survey
• Convert your Agreement in Principle into a formal mortgage offer
4. Understand Key Dates
• Confirm exchange and completion deadlines
• For off-plan, check the long-stop date and estimated build timeline
• Ask about snagging inspections and when site visits will be available
5. Carry Out Due Diligence
• Review lease terms, service charges, and ground rent (if leasehold)
• Read through the management agreement or letting terms (especially for PBSA)
• Research the developer’s and operator’s track record
• Confirm local market rental demand and yield projections
6. Prepare for Exchange
• Ensure your 10% deposit (minus reservation fee) is ready and accessible
• Be prepared to sign contracts promptly
• Communicate with your solicitor to avoid missing the exchange deadline
7. Plan for Completion and Letting
• Appoint a lettings agent or PBSA operator (if not already arranged)
• Schedule furnishing and fit-out where applicable
• Set up insurance, utilities, and council tax accounts
• Begin marketing in advance of completion if appropriate
8. Stay Proactive
• Maintain regular contact with your solicitor and developer’s team
• Chase progress weekly and keep records of all correspondence
• Raise and address any issues early to avoid delays
Bonus Tip: If buying off-plan, keep a calendar of key build milestones and monitor updates from the developer to stay ahead of any changes.
