How to Reserve a New Build Property

The process of buying a new build is slightly different from purchasing a previously owned property and can start with a reservation on a plot. From understanding reservation fees to knowing what happens before exchange of contracts, our guide explains all you need to know about reserving a new build home.

Why do you need to reserve a new build?

Many new build properties are bought ‘off plan’. This means you’re committing to a home before it’s fully built, and in some cases, before construction has even started. Reserving a new build gives the housebuilder confidence that you intend to proceed with the purchase, and it secures the property for you while legal work is carried out. It also gives you the opportunity to personalise it to your style. 

Unlike buying a previously owned home, where a seller can withdraw before exchange, a reservation agreement clearly sets out the terms, timelines and next steps for both parties.

How long can you reserve a new build for?

Your reservation agreement will outline the agreed timescale for progressing to exchange of contracts. In most cases, buyers are expected to exchange within 42 days of reserving the property, although this can vary depending on your circumstances and the build stage of the home.

If you change your mind, Bloor Homes offers a 14-day cooling-off period from the date of reservation, during which you can cancel and receive a full refund of your reservation fee.  

How much is the new build reservation fee?

The reservation fee varies depending on the development, location and property value. Across the UK, it typically ranges from £250 to £2,000. Using our Part Exchange scheme our reservation fee ranges from £500 to £750.

The fee is not an additional cost on top of the purchase price, as it’s deducted from the total price of your home on completion. This means you won’t need to budget extra funds specifically to reserve your chosen plot.  

Do you reserve a new build before selling?

Some housebuilders require buyers to have accepted an offer on their existing property – meaning it is under offer or sold subject to contract – before they can formally reserve a new home. This helps demonstrate that you’re in a strong position to proceed and reduces the risk of delays within a property chain. 

However, our moving schemes are designed to offer more flexibility. For example, depending on availability and eligibility, you may be able to reserve before securing a buyer for your current home. It’s always best to speak to the Sales Advisor to understand what options are available on your chosen development. 

What to do after reserving a new build

Reserving your dream home is an exciting milestone, but it’s just the beginning of the legal and financial process. From this point, you’ll typically have within 42 to exchange contracts, so it’s important to act quickly. Here are the key steps to take after reserving your new build home:  

1. Submit a full mortgage application

An Agreement in Principle allows you to secure your chosen plot, but in order to complete a purchase you’ll need a finalised mortgage offer. It’s important to do this as soon as possible to avoid delays during the reservation period.

Your lender will carry out affordability checks, a credit assessment and a valuation of the property before issuing a formal mortgage offer. Your mortgage advisor can guide you through the paperwork and help ensure everything progresses smoothly.  

2. Hire a solicitor or conveyancer

You’ll need to appoint an experienced solicitor or licensed conveyancer to manage the legal side of your purchase. They’ll review the contract, carry out searches, raise enquiries with the developer’s solicitor and guide you through to exchange of contracts. 

They’ll also explain the legal documents in clear terms, so you fully understand your obligations and timelines before committing to the purchase.  

3. Prepare for exchange and completion

Exchange of contracts is when your purchase becomes legally binding.

If your home is already built, completion may follow shortly after exchange. If it’s still under construction, completion will usually take place once the property is structurally finished and ready to move into. Your Sales Advisor will keep you updated on build progress and expected timescales.

As completion approaches, you can begin organising removals, notifying utility providers and updating your address.  

Reserving your new build home with Bloor

With Bloor Homes, your move can be a straightforward and supportive experience. Our friendly team are here to give you clarity and confidence from the very first step. Whether you’re reserving a new build or choosing a completed home, our team will guide you through the reservation process and explain exactly what happens next.

Find out more about our moving schemes and sign up to be one of the first to hear about upcoming developments. You can also book an appointment to view a showhome at any of our live developments and take the first step towards your move today.