In order to proceed, your Development Sales Manager will ask you to complete our anti-money laundering checks. But fear not, we are here to guide you through this part of your journey.

 

UK law binds developers to carry out certain checks to establish your identity and confirm the source of your funds. 

 

We will ask any person named on the reservation and any person contributing to the purchase of the property to complete an online identity check via a secure link which will be emailed to you.

 

We also need to establish the source of the funds being used to pay for your new home and may require some supporting documents.  Every case is different but we’ve listed some common examples below so you can be prepared. 

 

Bank statements

 

We may ask for recent bank statements so we can follow the trail of funds to verify that they stem from a legitimate source. We may request additional bank statements after reviewing your bank statements and source of funds explanation.

 

Please be aware that we cannot accept screenshots or overviews of accounts. Any statements supplied must include your name, address, account number and transactional values.

 

Sale of assets

 

If your funds have been generated from selling shares, property or other assets we will ask to see documentation that verifies the sale and the transfer of ownership.

 

 

Gifted funds

 

If all or part of your funds are a gift, we are obliged to carry out identity and source of funds checks upon the giftor(s). If your giftor(s) is overseas and their funds are overseas we may also request certified identification, bank statements and other supporting documentation. 

 

Payslips

 

If you have saved funds from employment, we may request three month’s payslips to confirm your earnings as well as details of your occupation.

 

Company funds

 

If you plan on purchasing in a company’s name or using company funds, we will require the company’s details. We are likely to request that identity checks are completed on other company directors/shareholders, depending on the ownership structure of your company.

 

Inheritance 

 

If you plan on using inherited money or assets towards your purchase, we will request supporting documentation. This could take the form of a letter from your solicitor, bank statements or other documentation pertaining to an estate.

 

Overseas funds

 

Should any of your funds originate from outside of the UK we will require certified and translated documentation.

 

We cannot accept funds from any countries on the UK Government’s sanctions list and will ask for additional documentation if funds originate from a country which the UK Government has deemed to be a “high-risk third country.”

 

If you have any doubt as to whether your funds are acceptable, please speak to your solicitor or with your Development Sales Manager and we can check your particular circumstances.  

 

Protecting your privacy

 

Please rest assured that we do not want to invade your privacy. The purpose of carrying out source of funds checks is to fulfil our legal obligations whilst minimising the risk of money laundering offences.  We will only ask for documentation necessary for this purpose and all documentation will be treated in accordance with our privacy policy. 

 

We recommend password protecting the documents you send to us to provide you with additional peace of mind and security.

Please find Microsoft’s guide to password protecting documents below.

 

1. Go to File > Info > Protect Document > Encrypt with Password.
2. Type a password, press OK, type it again and press OK to confirm it.
3. Save the file to make sure the password takes effect. 

 

Further Information

 

If you have any questions or concerns about source of funds checks, please reach out to your Development Sales Manager.

No, you cannot reserve a property before it is released for sale. However you can advise our sales team of your interest in a particular plot. We can then let you know once the plot is released for sale.

We do have an assisted move package which is available on some of our developments. Please visit the sales centre on your development of interest for more details.

Yes we do on selected plots and developments. Swap your old house for a brand new St Modwen home with our Part Exchange scheme and take the uncertainty and stress out of moving. There's no chain, or any estate agent fees and you’ll receive a fair offer based on independent valuations.

It really couldn’t be easier, speak to one of our experienced sales team to see if the plot you are interested in is included in the Part Exchange scheme.

Speak to our experienced sales team at the development you are interested in purchasing a property on. They will confirm the price of the property and advise whether it is still available for purchase. They will ask you a few questions to ensure you are in a position to reserve a property.

You can reserve your new home by meeting with one of our Development Sales Managers, completing a reservation agreement and paying a reservation fee, which reserves your new home.  

During this reserved period your new home will be withdrawn from sale and it will not be subject to any price increases. We will then ask you to exchange contracts and pay a deposit on exchange (usually 8 weeks after reservation). This reservation fee and deposit are then deducted from the price of your home.

You can also complete a Pre-reservation or an Online Pre-reservation which means we will hold your home for 72 hours, in which we will be in touch to discuss how to progress your reservation.

Meeting deadlines:
If you have any problems meeting deadlines please inform us immediately. We will do our utmost to accommodate delays but regrettably we may have to put your home back on the market if you are unable to meet your exchange deadline. However we can sometimes arrange for you to have first choice of future releases.

The property will normally be reserved for 8 weeks as this is when conclusion of missives / contract exchange is expected to take place.

We usually require £250 as a reservation fee for properties up to £150,000 and £500 as a reservation fee for properties priced between £150,001 to £499,999. We ask for a £1,000 reservation fee for properties £500,000 and above.

You are expected to pay a deposit when you missive/exchange contracts on the property (usually 8 weeks after reservation). The deposit will vary, it is usually between £1,000 and £2,000 in Scotland and approximately 5% of the property value in England.

Yes, you may cancel your Reservation Agreement within 14 calendar days of reservation and we  will refund the Reservation Fee in full and without deduction.

If you cancel your Reservation Agreement after the 14 day cooling off period we will refund the Reservation Fee less any reasonable administrative and other costs incurred by us in processing and holding the plot under reservation, which we expect to be £250. 

Our sales team usually holds a list of customers who are interested in particular plots so that all parties are informed when the plot is released for sale.

You can also sign up for automatic updates by either push notification from the My St Modwen Home app, SMS or email by registering your details on our website or app, or by calling our sales team at your development of interest.

You will need to have a valid passport or photo driving licence to complete your anti-money laundering check before you attend your reservation and welcome meeting to allow us to progress your reservation. Your Development Sales Manager will send you a link to complete your checks online prior to the meeting.

If you do not have a valid passport or photo driving licence please speak to your Development Sales Manager who can advise you on alternatives. 

The earliest date you can reserve a property is when it is first released for sale. Our sales team can keep you informed of plot release dates.

The security packages vary on each development, details of these will be in your development sales brochure. Please ask our sales team for further information on burglar alarms etc.

Your new home is insured by St. Modwen Homes until the moment of legal completion. From then on you are responsible for the insurance of both the buildings and its contents.

Your mortgage lender will insist on building insurance. They may recommend an insurer but you should also be able to shop around for the best deals - please check with your lender on the type and amount of cover required.

Contents insurance can in many cases be included within the building insurance policy. However you can have separate insurance providers for buildings and contents. It is your choice whether to insure your contents or not.

A Home check meeting usually takes place a couple of weeks before you get the keys to your new home. You may wish to employ a qualified inspector to attend the meeting with you, or on your behalf, to inspect your home using a checklist provided by the New Homes Quality Code and raise any points identified with the Site Team. Your Development Sales Manager can provide you with more information about the meeting.

If you reserved your home after 3rd January 2023, your home buying journey will include a Home Check meeting because your reservation is covered by the New Homes Quality Code.
Reservations prior to 3rd January 2023 are covered by the Consumer Code. Although you won’t attend a Home Check meeting, these homes still receive the same stringent checks and the opportunity to view your home at your Home Demonstration prior to getting your keys.