Reservation Agreement
What is this document and what should you do before you sign it?
This document contains the terms and conditions referred to in the reservation form that you have been asked to sign (referred to as the "Reservation Form").
This document is a legal agreement which sets out the terms and conditions upon which the Vendor (or Vendors) detailed in the Reservation Form (referred to in this document as the "Seller" and "We"/"Us") is willing to reserve the plot detailed in the Reservation Form (referred to in this document as the "Property") for you, the person or persons detailed in the Reservation Form as the purchaser(s) (referred to in this document as the "Purchaser" and "You"). It is intended to be read together with the Reservation Form. Together they form a single Reservation Agreement.
The purpose of the Reservation Agreement is to ensure that you have a clear and fair understanding of what is being sold, what you are being asked to pay, how that money can be used by us and whether that money will be refunded to you by us if you decide not to purchase the Property. You will also be given a reservation checklist, an affordability schedule and a warranty information booklet at or around the same time as you enter into this Reservation Agreement. You should read all of the documents we have given you carefully and you should take independent legal advice before signing the Reservation Form. We are giving you these documents because the Vendor is part of the Bloor Homes Limited Group and, as a registered developer, Bloor Homes Limited has committed to give you the information contained in these documents in accordance with the New Homes Quality Code and applicable English laws.
If you have any concerns regarding the nature and content of the Property or if you have any concerns about the meaning or effect of this document, the Reservation Form, the reservation checklist or the affordability schedule or anything within them, you need to let your legal advisors know and you should tell us before you sign the Reservation Form. In particular, you should make sure that you tell your legal advisor and us if there are any spoken statements that you are placing material reliance upon, again before you sign the Reservation Form. There is a box on the Reservation Form titled "Spoken Statements" for this purpose. Please do write those statements there. If that is not possible due to the timing of the statement, you need to tell your legal advisor and us about the relevant spoken statements before exchange of contracts/conclusion of missives so that appropriate changes can be made to the Reservation Agreement in accordance with the variation process detailed below.
Once you have signed the Reservation Form, the terms set out in the Reservation Agreement will supersede any prior visual, written or verbal statements which may have been made or given by us in relation to the Property. This means that you will not be able to rely on anything said or written by us which is not included in the Spoken Statements box on the Reservation Form or otherwise contained in the Reservation Agreement. You will be given a copy of all of the relevant documents to keep for future reference.
By signing the Reservation Form, you are agreeing that:
a) you have discussed and resolved any concerns you have regarding the nature and content of the Reservation Agreement and/or any statements made by us:
b) the Reservation Agreement is a fair, accurate and complete record of the terms you have agreed to comply with in relation to the Reservation Fee;
c) the information provided by us clearly represents the nature and content of the Property and sets out the basis upon which you will (or have) paid the Reservation Fee specified in the Reservation Form; and
d) you are responsible for all costs and expenses incurred by you in the purchase of the Property, unless otherwise set out in the Reservation Agreement.
Part A: What are you being asked to pay and how should you pay it?
Why have you been asked to pay a Reservation Fee?
You have expressed an interest in purchasing the Property.
We are willing to reserve it for you if you pay the Reservation Fee set out in the Reservation From.
You have agreed to do that. In return, we will reserve the Property from the Reservation Date and until the Reservation Expiry both of which are detailed in the Reservation Form. This means that we will not market or engage in any discussions about selling the property to another person(s) during that period.
How will the Reservation Fee be used?
The answer to this depends on whether you exchange a binding contract to purchase the Property from us before the Reservation Expiry.
If you do exchange a binding contract to purchase the Property from us before the Reservation Expiry, the Reservation Fee shall be treated as part of the Exchange Deposit as defined in the Reservation Form and it will be deducted as part payment of that Exchange Deposit which is due on exchange of contracts/when concluding missives.
If you do not exchange a binding contract to purchase the Property from us before the Reservation Expiry, the Reservation Agreement will come to an end and you will be entitled to a refund. Unless you have cancelled the Reservation Agreement within the 14 day cooling off period or you have cancelled due to a major change to the Property which you feel is unacceptable, we will refund the Reservation Fee less reasonable cost retention as explained in more detail under the heading "If you cancel this Reservation Agreement or the Reservation Agreement ends before you exchange a binding contract to purchase the Property from us will the Reservation Fee be refunded?".
Do any other fees apply?
Yes, for all transactions you will be asked to pay a Document Fee and Thirdfort ID Verification Fee, as detailed on the Reservation Form.
You may also be asked to pay an "early bird fee" if this has been included on the Reservation Form. We do not offer this for all developments but where we do offer an early bird option, we will let you know and we will discuss that with you.
What is the "early bird option"?
Where applicable, the early bird option gives you the opportunity to be included on our mailing list and to be informed about plot sales before those plots are advertised more generally on the open market. When the plots become available to reserve, we will then contact you to discuss and agree whether you wish to enter into a reservation agreement with us. If you have accepted our early bird offer, you will be added to our mailing list and asked to pay the applicable fee (no more than £150). The fee will be payable in addition to the Reservation Fee if you proceed to enter into a reservation agreement. When we contact you to inform you that you are able to reserve a plot, we will let you know how quickly we need to know whether you wish to proceed to reserve a plot and enter into a reservation agreement with us. We will refund the early bird fee in full if you decide to opt out of the early bird option at any time prior to us informing you that plots are available to reserve or within 24 hours of us doing so. If you decide not to proceed with the purchase of a plot after that time period has expired, we will refund the early bird fee less any administrative costs we have incurred up to that point. We will also explain to you how such administrative costs have been incurred. For the avoidance of doubt, committing to the early bird option does not commit you to paying a reservation fee, entering into a reservation agreement, paying any sales deposit or property purchase price or purchasing a property from us.
How should you pay the Reservation Fee and the other fees?
All fees including the Reservation Fee are payable in pounds sterling (£) (GBP) on the date of signature of this Reservation Agreement.
We do not accept cash payments so all payments must be made by credit card or debit card to our Sales team by telephone to the number included in the Vendor details on the Reservation Form or in person at one of our showrooms or other buildings.
For the avoidance of doubt, the full Reservation Fee will be charged to the relevant credit card or debit card.
The Document Fee and Thirdfort ID Verification Fee will be due on completion of the purchase of the Property. These fees will be payable directly to the Seller's conveyancing solicitors, as detailed on the Reservation Form or in the other sales documentation provided to you.
Part B: What is the duration of the Reservation Agreement?
Can the Reservation Expiry be extended?
The Reservation Agreement is time-limited and will automatically end on the original Reservation Expiry date unless we mutually agreed with you to extend the original Reservation Expiry in writing. For the avoidance of doubt, either party can ask to extend the Reservation Expiry but an extension will only be effective if both parties agree to it in writing.
If both of us have agreed to extend the original Reservation Expiry (or a Reservation Expiry that has already been extended by mutual agreement), for the purposes of the Reservation Agreement, the new, mutually agreed, Reservation Expiry will supersede the original details included in Reservation Agreement form (or the previous, mutually agreed, extended Reservation Expiry).
Can you cancel the Reservation Agreement?
Yes, you may cancel the Reservation Agreement at any time and for any reason.
If you cancel the Reservation Agreement or the Reservation Agreement ends before you exchange a binding contract to purchase the Property from us will the Reservation Fee be refunded?
This depends on when the Reservation Agreement is cancelled.
In accordance with the New Homes Quality Code, you may cancel the Reservation Agreement within 14 calendar days of the signature date. If you cancel within this period, we will refund the Reservation Fee in full and without deduction.
If you cancel the Reservation Agreement after the 14 calendar day period referred to immediately above and the cancellation is not a result of a major change (see below) or the Reservation Agreement ends after that 14 day period because you have not exchanged a binding contract to purchase the Property from us before the Reservation Expiry, we will refund the Reservation Fee less any reasonable administrative and other costs incurred by the Seller in processing and holding the Property under reservation. We will make reasonable efforts to mitigate and minimise our unrecoverable costs and expenses. If you want clarity about what our costs include and/or an indication of what our costs might be, please speak to our Sales team by calling the telephone number provided in the Vendor details in the Reservation Form at any time.
If the details shown in the Reservation Agreement or any contract of sale which you enter into with us after entering into the Reservation Agreement change and that change alters the size, appearance or value of the Property (including the layout inside the Property), we will inform you of that change in writing providing full details. If you find that change unacceptable and wish to cancel the Reservation Agreement you may do so within 14 calendar days of receiving notification of such change and, if you do, we will refund the Reservation Fee in full and without deduction. If you cancel this Reservation Agreement after that 14 calendar day period, we will refund the Reservation Fee less any reasonable administrative and other costs incurred by us in processing and holding the Property under reservation. We will make reasonable efforts to mitigate and minimise our unrecoverable costs and expenses.
We will not refund you for any other costs that you incur. If you pay for any services in relation to the Property, including but not limited to surveys and valuations, this is at your own risk.
Any refunds will be paid by the Seller to the Purchaser within 14 days of the date of your cancellation.
Summary: How long will the Reservation Agreement be in force?
To summarise the above, the Reservation Agreement and the terms within it will apply from the date of signature by you, the Purchaser as set out in the Reservation Form and will continue to apply until:
a) you ask us to cancel and end the Reservation Agreement (please see the additional information regarding cancellation options above); or
b) you exchange binding contracts for the purchase of the Property with us; or
c) you do not proceed to exchange binding contracts for the purchase of the Property with us before the Reservation Expiry (as detailed on the Reservation Form or otherwise mutually agreed by both of us in writing).
Part C: Other Important Questions
How can you ask for changes to the Property?
We will arrange an appointment with you to discuss details of the options and extras which you may choose for the Property. The extent of these will depend on the stage in the build process of the Property. Any changes to the Property will be at our sole discretion and subject to additional costs. If you decide to purchase any options and extras, we will need to take a non-refundable payment of 25% of the total additional costs to place the order. The remaining 75% of the costs will be payable by you on the Anticipated Completion date. No other changes to the Property will be permitted. All refunds for any options and extras will be at our sole discretion. We will of course act reasonably and if you have any concerns about this please do let us know.
If we have agreed to provide additional options and extras for you, this may change the timescale for finishing the new home and the Anticipated Completion date as set out on the Reservation Form may need to be delayed. Additionally, the Reservation Agreement or contract of sale (or both) may need to be changed. You should obtain legal advice about any extra work and any changes this may cause.
Where can you find details of the warranty cover and contact details?
The Warranty Provider is confirmed on the Reservation Form and we will provide you with a copy of the Warranty Provider's information booklet when you reserve the Property. The details of the applicable warranty cover will be provided to you in the form of a summary document. If you require any further information about this, please contact us using our contact information detailed in the Reservation Form.
Does the Reservation Agreement commit you to buying the Property?
No, the purchase of the Property remains subject to contract. This means that although the sale has been agreed it is not legally binding on you until a contract for such sale has been exchanged with us.
You should note that the Reservation Expiry is the same date as the anticipated legal exchange date and is based on a period of 6 weeks from the date of this Reservation Agreement, or any longer period that has been mutually agreed between you and us. It is expected that exchange of legally binding contracts for sale will occur by this date.
Can anyone else enforce any of the terms of the Reservation Agreement?
No, no one other than you, the Purchaser, or us, the Seller, has any right to enforce any term of the Reservation Agreement.
Where can you get a copy of the New Homes Quality Code?
You may request a copy of the New Homes Quality Code from us at any time and we will provide it free of charge. A copy can also be accessed from https://www.nhqb.org.uk/for-consumers/downloads.html
How will you be given the Affordability Schedule?
An affordability schedule will be provided to you. This will include details of any costs that relate to the new home and are likely to arise over the next 10 years.
How do we deal with Data Protection and ensure that your data is kept safe?
Details of this can be found in our Privacy Policy which is available at our website https://bloorhomes.com/.
How can the Reservation Agreement be amended?
It is unlikely that changes to the Reservation Agreement will be needed but if either of us feel that changes are needed, we will discuss that and detail the proposed changes in writing. If either you or us wishes to change any of the material terms of this Reservation Agreement, we will discuss this and enter into a revised Reservation Agreement.
What should you do if there you are unhappy with our service, wish to complain or wish to take further action in to the Reservation Agreement?
If you are unhappy with:
a) our service to you;
b) any of the terms set out in the Reservation Agreement;
c) any extension or refusal to extend the Reservation Expiry;
d) any proposed deductions from the Reservation Fee that you paid; or
e) any other matter relating to the Property detailed on the Reservation Form;
please let us know immediately!
We will do our best to resolve any disputes with you quickly and efficiently. Your first point of contact should be the development sales manager but if you need more information about who to contact please visit our website at https://bloorhomes.com/. We will always provide you with the details of our complaint handling procedure promptly upon request.
You may take action in accordance with the New Homes Quality Code and you can refer the complaint to the New Homes Ombudsman Service. You should note that you have the right to do this at any time within 2 years of the Reservation Date or the date, if applicable, on which you complete the purchase of the Property (whichever is the latter).
You may also decide you want to take legal action. If so please note that the courts of England will have exclusive jurisdiction in relation to the Reservation Agreement and the laws of England will apply.