Ward Homes General Terms & Conditions

Any promoted Ward 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 Ward homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.

Ward 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 Ward 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).

Ward 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. Ward 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.

Ward Homes is trading names of BDW Trading Limited (Registered Number  03018173) which is a subsidiary of Barratt Developments Plc (Registered Number: 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicester, LE67 1UF.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

NewBuy

NewBuy is a Government Scheme which facilitates the return of 95% loan to value mortgages. Details of the Scheme are;

1. Customers require a 5% cash deposit and must meet the lender’s mortgage eligibility criteria for a repayment mortgage.
2. The Scheme is available on all new properties in England up to £500,000, subject to lender’s criteria.
3. The Scheme applies to residential mortgages only and is not available on buy to let properties or second homes.
4. NewBuy cannot be used in conjunction with any other Ward Homes’ offer or scheme.
5. This scheme may be withdrawn or modified by Ward Homes or the Government at any time prior to exchange of contracts.
6. NewBuy launches on 12 March 2012 and is expected to end 11 March 2015.

Part Exchange

1.1 Part Exchange is only available on selected plots and developments. Part exchange will only be available where the home being traded in is no more than 70% of the selling price of the plot being purchased.

1.2 Part exchange is only available up to a maximum value of £250,000 for your old property.

1.3 Valuations for part exchange will be based upon the price which an independent valuer believes your home would be likely to achieve in the current market as opposed to an advertised sale price.

1.4 We will appoint two independent valuers to value your home on the basis of a sale within 8 to 10 weeks. Any part exchange value offered by us will be the average of these two market valuations. If there is a discrepancy of more than 10% between the 2 valuations we will appoint a third valuation and any offer will be the average of the two closest valuations.

1.5 We are under no obligation to make an offer.  If you have already incurred costs (e.g. estate agents or legal fees) at the time of negotiating a part exchange Ward Homes will not reimburse these costs.

1.6 An offer made by us under the part exchange scheme is subject to any necessary further enquiries or reports.

1.7 We reserve the right to market the property you are selling prior to your move into a new Ward Home and you agree to allow reasonable access to the property to facilitate the resale (subject to agreed appointments) and to the erection of a “for sale” sign at the property. You agree to cancel any existing agreements with estate agents and agree that you are responsible for any fees due to them.

1.8 You agree that no party is currently negotiating to purchase the property you are selling and that no introduction has already been made by any other party.

1.9 It is Ward Homes’ intention that BDW Trading Limited 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 Ward Home. If you withdraw from the transaction and Ward Homes has found a prospective buyer for your home, Ward Homes will not make an introduction between you and the prospective buyer. If an introduction has already been made by Ward Homes or their agent you will be liable to pay a fee of £1,000 plus VAT to Ward Homes to reimburse costs incurred and Ward Homes will have no further involvement in facilitating the sale.

1.10 On completion of a home purchase by us under the part exchange scheme we will retain a £500 retention bond which will be refunded to you provided your old property is left in an acceptable condition and you submit accurate meter readings to utility companies.

1.11 Solicitors will ask that you complete the Property Information Questionnaire and Form (PIQ/PIF). As Ward Homes has no firsthand knowledge of your existing home the company will have to use these same PIF/PIQ 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 on your answers and that legal action may be taken against you if you are found to have given false information.

1.12 We reserve the right to refuse a part exchange and we are under no obligation to give reasons why. All valuations and decisions are final.

Armed Forces Discount

1. This offer is available to UK Armed Force Personnel where they have completed their basic (phase 1) training and they are one of the following:

1.1 Regular service personnel (including Military Provost Guard Service, in the Navy, Army and Air Force).

1.2 Clinical staff (with the exception of doctors and dentists).

1.3 MOD Police Officers.

1.4 Uniformed staff in the Defence Fire Service.

1.5 EX-Regular service personnel who have served in the Armed Forces for a minimum of six years, can produce a Discharge Certificate (or similar documentation) as proof, where they apply within 12 months of the date of the discharge from service.

1.6 The surviving partners of Regular service personnel who have died in service, where they apply within 12 months of the date of being bereaved. For details of how surviving partners are defined, please see the link below.

2. This offer is available to Armed Forces Personnel who purchase a new Barratt Development Plc property in GB.

3. Armed forces Personnel are entitled to £1,000 discount for every £25,000 on the price of a new Barratt Developments Plc property.

4. Customer’s intention of claiming this discount must be disclosed at the time of reserving a property and before any other discount is applied.

5. Reservation must take place by 30 June 2012.

6. Evidence of eligibility under this scheme must be provided.

7. Discount can be used in conjunction with other selected offers.

8. Discount is available on residential mortgages only and is not available on buy to let properties.

9. Purchasers must be over 18 years of age.

 

Shareholder Discount

1. Shareholders must have been the registered holder of 1,000 ordinary shares for a continuous period of 12 months prior to reserving.

2. Customers are entitled to £500 discount for every £25,000 or part thereof on the price of a new Barratt Developments PLC house in the UK.

3. Customer’s intention of claiming this discount must be disclosed at the time of reserving a property and the share certificate must be produced.

4. Discount can be used in conjunction with any other offer.

5. Discount is available on residential mortgages only and is not available on buy to let properties.

6. Shareholders must be over 18 years of age.

7. Discount is available to individual shareholders only and does not include employees or investing corporations or members of investing pension funds. 

 

Show Home Lease Back

  •  Although schemes such as this are commonly referred to as Sale and leaseback they involve a licence with licence fees rather than a lease with rental income and this scheme is available on selected show home plots only.
  • Percentage yields advertised by Ward Homes are gross yields and do not include factors other than the advertised purchase price and monthly licence fee (similar to rental income) which Ward Homes will pay to the Buyer. For example, a purchase price of £200,000 with monthly income of £1,200 will give an annual gross yield of 7.2%.
  • The period of any licence and advertised gross yield will vary from plot to plot.
  • The payment of any management fees, service charges (where applicable) and inclusion of treatments such as flooring and furniture will vary from plot to plot. Buyers should speak to their sales adviser for plot specific details.
  • The Buyer’s intention of taking advantage of this scheme must be disclosed at the time of reserving a Ward home and before any discount is applied and recorded on the Reservation Form. 
  • This scheme can only be used in conjunction with select Ward offers and schemes.
  • Buyers must be over 18 years of age.
  • Buyers must sign a Licence with Ward Homes at legal completion.

Parent Power

1. In the event that Ward agree to match your parental contribution under this offer, we will contribute up to a maximum of 5% of the purchase price. This sum will be agreed prior to the reservation of your property.
2. Ward Homes' contribution will be deducted from the purchase price at the time of completion.
3. Purchasers will be liable for Stamp Duty (where it applies) in the full amount on the property at the prevailing rate as set by the UK Government.
4. This offer is subject to legal completion on or before the date agreed at the time of reservation.
5. Offer cannot be used in conjunction with any other Ward offer.

Deposit Match

  • In the event that Ward Homes agree to match your deposit under this offer, we will contribute up to a maximum of 5% of the purchase price. This sum will be agreed prior to the reservation of your property.
  • Ward Homes' contribution will be deducted from the purchase price at the time of completion.Purchasers will be liable for Stamp Duty (where it applies) in the full amount on the property at the prevailing rate as set by the UK Government.
  • This offer is subject to legal completion on or before the date agreed at the time of reservation. Offer cannot be used in conjunction with any other Ward Homes offer.

Deposit Builder

  • This scheme is only available on selected plots and developments in England, Scotland and Wales.
  • Hitachi Capital (UK) Plc (“Hitachi”) provides an interest bearing loan regulated by the Consumer Credit Act 1974 to qualifying Buyers of new Ward homes.
  • The interest payable by Buyers under the scheme is 5.9% APR (Representative) or such other rate as Hitachi may advertise from time to time.The interest rate payable is fixed for the term of the loan.The repayment term of the loan shall be 15 years and Buyers shall be permitted to make over-payments throughout the term without restriction or penalty.
  • Qualifying Buyers receive a loan of between £5,000 and £50,000 from Hitachi. The actual loan amount will depend on Hitachi’s lending criteria and cannot exceed 15% of the purchase price of the new Ward home.
  • Buyers may require a deposit depending on the first charge mortgage lenders criteria. 
  • The Buyer’s intention of taking advantage of this scheme must be disclosed at the time of reserving a Ward home and before any discount is applied.
  • The Buyer must use Legal Marketing Services Limited (or such other panel of legal conveyancers as Hitachi may from time to time appoint) for the purchase of the new Ward home.
  • The loan is paid by Hitachi to LMS for legal completion and the loan cannot be used for any purpose whatsoever other than for the Buyer to purchase the new Ward home.
  • This scheme can only be used in conjunction with select Ward offers and schemes.
  • The scheme is available on residential purchases only and is not available on buy to let properties.
  • Buyers must sign a credit agreement with Hitachi.
  • Hitachi terms and conditions apply to the loan. Buyers must be over 18 years of age, UK residents and derive an income from employment, self employment or a pension.

Stamp Duty Paid

1. Offer applies to selected plots only, subject to status and availability.
2. Offer is to pay a sum equivalent to the purchaser’s stamp duty up to a maximum of 4% of the purchase price of your new Ward home.
3. Payment will be made to the purchaser’s solicitor on the date of legal completion.
4. Purchaser’s intention to take advantage of this offer must be disclosed at the time of reserving a property before any other discount is applied and recorded on the Reservation Form.
5. RSL and buy to let properties are excluded from this offer.
6. Offer does not apply to any shared equity properties, which includes but is not limited to HomeBuy Direct, Head Start, Dream Start and Kick Start, NewBuy and FirstBuy.
7. Offer cannot be used in conjunction with any other Ward offer.
8. Offer expires on 31 December 2012.

Movemaker

1. You must enter into a Movemaker Agreement with BDW Trading Ltd (trading as Ward Homes) concerning the sale of your existing property, which will include a time period for the Agreement. A sample of our Movemaker Agreement can be obtained from your local Ward Homes sales office.

2. You agree to Ward Homes appointing a nominated estate agent who will market and sell your existing property.

3. You agree you will have no control over which estate agent we instruct, or the terms of that appointment.

4. We agree to pay the estate agent’s commission plus VAT for marketing and selling your existing property provided you legally complete on the purchase of a new Ward home. 

5. You agree not to instruct another estate agent to sell your existing property until your Movemaker Agreement has ended, that no party is currently negotiating to purchase your existing property and that no introduction has already been made by another party.

6. In the event that any existing contract with your estate agent cannot be cancelled without penalty, or if there is a penalty for dual agency, Ward Homes will not be liable for any extra fees as we cannot be responsible for obligations contained in third party contracts. Please note that you will be liable for disinstructing your existing estate agent and for any abortive costs or dual agency fees according to your contract.

7. You agree to allow reasonable access to your property for viewings and survey purposes and to co-operate fully with our estate agents in their endeavours to market and sell your property.

8. If no acceptable offer is received within the time period set out in the Movemaker Agreement (usually 4 weeks from the start of marketing), we reserve the right to re-market our available plot.

9. This offer is also subject to the terms of your reservation agreement with us (on the reverse of Res Form A) which explains the circumstances in which we may retain part of your reservation deposit.

FirstBuy

1.1 This offer is only available on selected plots and developments. The maximum property value for FirstBuy is £280,000 and on an exceptional basis, depending on location, a purchase price of up to £300,000 will be considered.

1.2 This scheme is only available where the total income of the purchaser’s household does not exceed £60,000 per annum.

1.3 Purchasers will be required to raise funding (including a mortgage and any deposit,) of not less than 80% of the property purchase price (excluding any mortgage fees). The property will be subject to a first charge in favour of the mortgage company. 

1.4 For the purposes of the purchaser’s first mortgage a valuation of the property will be carried out by an independent valuer based on the market value.

1.5 A HomeBuy Agent (Government appointed housing association) will carry out an eligibility check to ensure that the purchaser satisfies the Homes and Community Agency’s (“HCA”) eligibility criteria for the FirstBuy scheme and to check on the purchaser to establish the purchaser’s ability to afford and sustain home ownership. The HomeBuy Agents will consider 45% as the maximum percentage housing costs should be as a proportion of net available income in order to indicate the purchaser’s ability to repay the loans.

1.6 If the purchaser’s eligibility is confirmed and the timeframes and procedures set out in the Solicitors Pack supplied to the purchaser’s legal advisers as part of the conveyancing process are complied with, BDW Trading Limited (“BDW”) and the HCA will each provide equal equity loans to the purchaser of not less than 5% and not more than 10% of the purchase price subject to the terms of the equity loan agreements. Based on the maximum purchase price of £300,000, BDW and the HCA will therefore provide equity loans of up to £30,000 each.

1.7 The equity loans provided by the HCA and BDW will be secured by second and third charges (respectively) on the property ranking equally (by virtue of a deed of priority a copy of which will be supplied to the purchaser’s legal advisors as part of the conveyancing process) behind the first charge referred to in paragraph 1.3. 

1.8 The equity loans provided by BDW and the HCA will be interest free for the first 5 years. From the beginning of year 6, interest will be payable by the purchaser at an annual gross rate of 1.75%, rising at  the Retail Prices Index published by the Office for National Statistics plus 1% per year thereafter.

1.9 The equity loans must be repaid within 25 years of legal completion of the purchase of the property whether the property is sold or not. 

1.10 If the purchaser sells the property, repays the mortgage on the property without taking out an alternative mortgage, is insolvent or defaults under the equity loans agreements, the equity loans must be repaid in full at that time.

1.11 The equity loans will be repayable on the basis of the greater of the price of the property or its market value at the time of future sale or mortgage repayment as opposed to the original purchase price but disregarding additions or improvements made to the property by the purchaser with the consent of BDW and the HCA. This means that if the property increases or decreases in value, the purchaser will pay BDW and the HCA the same percentage of the new price of the property as the percentage the equity loans were of the original price.  This may result in BDW and the HCA being paid more or less than the original loan value. 

1.12 If, on the sale of the property, the price of the property has fallen and there is insufficient money from the sale to repay the equity loans after the mortgage has been paid the purchaser will lose any deposit paid. BDW and the HCA will not however seek to recover the balance of their equity, not otherwise paid out of the proceeds of sale, from the purchaser.

 

1.13 The purchaser may repay the equity loans to BDW and the HCA at any time following legal completion. Repayment whether in full or by instalments will be based on the market value of the property at the time of the repayment(s) and the purchaser will have to arrange and pay for the valuation of the property at that time. The minimum instalment value is 10% of the total of the equity loans. The minimum instalment must be repaid to each of BDW and the HCA at the same time. 

1.14 Detailed terms and conditions apply to each of the equity loans which will be made available to the purchaser via their legal advisors as part of the conveyancing process. 

1.15 Mortgage lender's criteria may affect any deposit percentage and whether it applies before or after the equity loan is deducted from the purchase price.

An example of how FirstBuy works is as follows:
Purchase price £120,000
Mortgage £91,200 (76%)
Deposit £4,800 (5% after loan applied i.e. 4% of purchase price)
Equity loan £24,000 (20%) (BDW £12,000/10% and HCA £12,000/10%)

For the first five years the equity loan is interest free. After 5 years an annual fee of 1.75% of the outstanding balance of the Equity loan is charged. This will be increased annually by RPI +1%.


Sale after 5 years.
Open market value £150,000 (a 25% uplift in value).
Mortgage repayment (assuming no repayment of capital) £91,200.
Equity loan 20% of the open market value split equally between BDW and the HCA = £30,000 (£15,000 each) 
Remainder available to purchaser £28,800

APR Equivalent 
To give you an example of the equivalent APR the formula which illustrates the increase in the sum repayable on the sale of the property as an annual effective rate is as follows:

100 1/T

Where:
R is the amount of the repayment on the sale of the property
P is the amount of the credit advanced under the agreement; and 
T is the period beginning with the relevant date and ending with the date of repayment, expressed in years
As a guide to help you work out the equivalent APR assume a loan of £10,000 (P) is advanced and that the amount repayable after 7 years (T) is £15,000 ( R ) (the value of the property having been assumed to increase by approximately 6% per year)
The APR equivalent is  100  15,000 1/7 
   10,000  -1

   = 100 [(1.5) 0.14286 -1]
   = 100[1.05963-1]
The APR equivalent is therefore 5.96.

FirstBuy Choices Voucher

1. For the purposes of this offer, Armed Forces personnel shall qualify for this offer where they have completed their basic (phase 1) training and they are one of the following:

1.1 Regular service personnel (including Military Provost Guard Service, in the Navy, Army and Air Force)

1.2 Clinical staff (with the exception of doctors and dentists)

1.3 MOD Police Officers

1.4 Uniformed staff in the Defence Fire Service

1.5 EX-Regular service personnel who have served in the Armed Forces for a minimum of six years, can produce a Discharge Certificate (or similar documentation) as proof, where they apply within 12 months of the date of the discharge from service.

1.6 The surviving partners of Regular service personnel who have died in service, where they apply within 12 months of the date of being bereaved. For details of how surviving partners are defined, please see the link below.

2. Armed Forces personnel who purchase a new home from Ward Homes in England under the FirstBuy Scheme qualify for £500 worth of Armed Forces Choices Vouchers for every £25,000 they spend. For example, a customer purchasing a property for £185,000 will receive £3,500 worth of Choices Vouchers to spend on their new Ward home.

3. Details of Choices options available and pricing can be obtained by visiting the development you are interested in. Choices available may vary from plot to plot and development to development.

4. Armed Forces Personnel must complete their details on the Choices Voucher Application Form (“Application Form”) which can be printed from our Offers page of this website; http://www.wardhomes.co.uk/Global/FirstBuyChoicesVoucher/Ward.pdf

5. The Application Form must be presented to the sales adviser at the time of reserving a property.

6. Reservation must take place by 31st December 2013.

7. Only one Application Form may be presented per property purchase. Choices Vouchers cannot be transferred, exchanged for cash or sold.

8. Our Choices Voucher offer cannot be used in conjunction with any Ward offer or scheme other than the FirstBuy Scheme.

9. Ward Homes reserve the right to withdraw or alter the terms of the Choices Voucher offer at any time prior to payment of a reservation fee.

10. Terms and conditions apply to the FirstBuy scheme. Please visit our Offers page on our website for full details.