A helpful guide to making your next movewith David Wilson Homes

TO DOWNSIZE YOUR FAMILY HOME WITH DAVID WILSON HOMESNOW’S THE PERFECT TIME

To book an appointment with a Sales Adviser call 0844 55 66 155

2

DOWNSIZE TO A MORE MANAGEABLE

DAVID WILSON HOME

Downsizing from the family home you’ve lived in for years can seem like a daunting step and the end of a very special chapter. But downsizing can be freeing,allowing you to live life in a different and a more manageable way. Buying a beautiful new home from David Wilson is the simple and convenient way to downsize– and there’s arguably never been a better time to make the move.

1. PROPERTY VALUES CONTINUE TO RISE

The demand for property in the UK continues tooutstrip supply, so prices are continuing to go up. Asof May 2015, house prices were rising at 4.6% a year*.Whether you want to release equity, pay off yourmortgage, reduce your bills, fund your retirement,change your lifestyle or buy another property,downsizing now could ensure you maximise the valuethat you release from your home.

2. INCREASED SUPPLY OF NEW HOMES

The building of new homes in the UK has hit a seven-year high. Last year, 38,113 new detached homeswere registered.** David Wilson Homes offer anexceptional choice of new homes across thecountry and we’re sure to have something thatmatches your needs.

3. NO CAPITAL GAINS TAX TO PAY

For most people downsizing from a larger, moreexpensive property to a smaller, less expensive one isexempt from capital gains tax if it is your mainresidence. That means all the equity that is releasedby downsizing your home is tax-free and can be usedto do what you want with.

4. CHANGES IN PENSION REGULATIONS

From April 2015, it became much easier for peopleto access the funds in their pension pot from theage of 55.*** Instead of being forced to buy anannuity, some retirees are now able to access theirpension savings as a lump sum, although therecould be tax implications of doing so.

continued...

3

WHY WAIT TO MOVE TO

YOUR DREAM HOME?5. STAMP DUTY HAS BEEN CUT

The high one-off Stamp Duty cost for buying a houseputs many people off the idea of moving home, butrecent changes mean 98% of households in Englandand Wales will benefit by paying less Stamp Dutywhen they buy a new home.§

For example you can now save £4,500 on a typicalvalue home worth £275,000 – that’s extra cash foryou when you downsize to a new home.

In Scotland Stamp Duty is known as the Land andBuildings Transaction Tax (LBTT) and works slightlydifferently. To find out more, see our website or talkto one of our Sales Advisers at one of ourdevelopments.

6. DOWNSIZING AS AN INVESTMENT

If your main reason for downsizing is to plan for yourretirement and to make an investment to helpfinance it, you may want to use the proceeds of thesale of your current home to buy two properties –one to live in and one to provide an income and toact as an investment.

That’s why our Sale and Leaseback scheme couldbe perfect for you. If you’re looking to buy a secondproperty as an investment, you could buy one ofour show homes and we’ll lease it from you so youcould earn up to 6% annually§§.

7. MAINTAINING A LEVEL OF QUALITY ANDFINISH THAT YOU DESERVE

At David Wilson Homes we understand thatdownsizing is not always that simple. Not only does itinvolve life changing decisions, it’s important that youget the home that you deserve. A smaller homedoesn’t mean lower quality. We offer an extensivechoice of beautiful homes in great locations withamenities to match, so you can be sure to find onethat suits you. Once you’ve chosen your home, youcan then tailor it to suit your own personal style andspecification, choosing everything from bathroomfinishes and fittings, kitchen cupboards andappliances, flooring and wardrobes to tilesand lighting. This means that you don’t have tocompromise on quality when you downsize to aDavid Wilson home.

8. WE’RE HERE TO HELP

At David Wilson Homes we understand thatcustomers who are looking to downsize want torelease equity and maintain a more affordable wayof life.

For more information about ways we can help youdownsize, talk to one of our Sales Advisers today tofind out more.

HOW THE STAMP DUTY CHANGESHELP YOU SAVE

EXAMPLE:Typical Family Home: £275,000Stamp dutyOld system: £8,250New system: £3,750

SAVING:̂ £4,500

4

ALL THE HELP YOU NEED TO GET

MORTGAGE READY

A LITTLE EXPERT ADVICE GOES A LONG WAY

Now you’ve started searching for a new David Wilsonhome we can introduce you to an approvedIndependent Mortgage Adviser

If it’s a mortgage you require they will take a look atthe whole mortgage market, they may even haveaccess to some mortgages you won’t find on the highstreet. Much better than talking to just one lender, whocan only advise you on their own mortgage products.

They are new homes specialists, who will understandthe best way to make sure that you are ready to moveinto your next home on time.

They can help you get mortgage ready by helpingyou prepare your application and make sureeverything is in place so the process goes smoothly.

They offer flexible appointment times and will provideregular updates throughout your application.

Simply, we want to make sure that you get the bestadvice and that your purchase with us goes assmoothly as possible – we receive NO fee forintroducing you to these recommended MortgageAdvisers. We’re just happy to help where we can.

YOUR INDEPENDENT MORTGAGE ADVISOR WILLWORK CLOSELY WITH YOU AND HELP TO:

KNOW YOUR CREDIT SCORE

A credit score is used by lenders to establish whetheror not they will consider providing you witha mortgage.

You can check your credit file to make sure it is upto date and accurate. This is quick and simple to doonline and the IMAs can help you with this.

You will need to make sure all the information is correctand, if not, you can write to the credit agency andrequest that any corrections be made.

If your credit file shows you have missed payments onsome of your existing loans or credit agreements, thereare lenders who may still offer you a mortgage if theaccounts are brought up to date.

continued...

We understand that downsizing your home can be a big step. Not only does it involve life-changing decisions that could have significant financial implications, it’simportant that you get the home that you want. That’s why we recommend that you speak to one of our network of approved Independent Mortgage Advisers (IMA).They’re available seven days a week to provide advice.

5

KEEP AN EYE ON YOUR BORROWINGS

For many people downsizing it is a way to releaseequity built up in the home or to reduce the costs ofhaving a large mortgage. Whatever the reason, itoften has significant financial implications. That’s whyit is important to review all your borrowings andfinancial outgoings and how these fit with your reasonto downsize.

If you already have borrowings elsewhere, such asthrough credit cards or loans, you must make sureyou’re able to keep up with minimum repayments,although ideally repay in full each month. If at anypoint you find yourself struggling, it is better to speakto your lender than ignore it and hope it’ll go away.

Similarly, try not to get too close to your credit limit, assome lenders might see this as a risk. If you havemissed some payments, let your Mortgage Adviserknow – they may still be able to help you.

HELP PLAN YOUR FINANCES

Many of our customers find it useful to keep tabs ontheir income and outgoings by using a budgetplanner. This can help you highlight unnecessaryexpenditure that you might be able to reduce.

To help you further, speak to your IndependentMortgage Adviser, who will be able to go througha budget planner with you to make sure you haveeverything covered.

KEEP EVERYTHING ORGANISED

Applying for a mortgage can often mean providingquite a large amount of information, such as bankstatements, payslips and credit card statements.Your Mortgage Adviser can help you prepare forthis, so don’t let this put you off.

Not all lenders ask for the same things, so by takingexpert independent advice you can put yourself inthe best position to apply for a mortgage.

To make sure you’re best placed to move into yournext home, get in touch with a recommendedIndependent Mortgage Adviser who will be happyto help.

ALL THE HELP YOU NEED TO GET

MORTGAGE READY

6

From working out how much you’ve got to spend to stepping through the front door of your brand new David Wilson home, here are the main stages you’ll needto go through when downsizing to your next home. Also we will support you at each stage – either through our own advisers or by putting you in touch withtrusted Independent Mortgage or Legal Advisers.

1. GET YOUR EXISTING HOME VALUED ANDPUT IT ON THE MARKET

Before you consider buying your next home youshould get your existing home valued and put it onthe market.

Obtain several valuations to get a goodunderstanding of what the property could be worth.

You may want to instruct an estate agent to helpyou sell your house.

Existing Property Valuation:

Estate Agent Details:

2. TALK TO AN INDEPENDENT MORTGAGEADVISER

Before you consider buying your next home, youneed to work out what’s affordable.

We can put you in touch with an IndependentMortgage Adviser, who’ll be able to help you workout a budget.

IMA Name:

Contact Details:

3. GET HELP WORKING OUT YOUR BUDGET

At the most basic level, you must see how muchequity you have in your current home, whether thatcovers the cost of your new home or whether youwill need a reduced level of funding and if so, howmuch a lender will let you borrow.

You should also factor in additional things, likeStamp Duty for England and Wales (LBTT in Scotland),solicitor’s fees and removal costs.

Property Value:

Loan Value:

Lender’s fee:

Deposit:

Monthly Repayment:

Stamp Duty:

Solicitor’s Fee and associated costs:

Removal Costs:

4. FIND A PROPERTY

If you haven’t already, sign up to our mailing list andwe’ll send you details on new homes you may beinterested in.

Talk to one of our Sales Advisers about specific offers andschemes that we offer customers who may be downsizing.

Development:

Sales Adviser:

Contact Details:

5. PAY YOUR RESERVATION FEE

Once you have chosen the property you wish to buy,you can pay the reservation fee to secure the property.

This means that the property will no longer beavailable for sale to anyone else.

Reservation Fee:

Date to Pay:

6. APPLY FOR YOUR MORTGAGE

You can apply for a mortgage directly with a lenderor go via an Independent Mortgage Adviser.

They’ll look at a wide range of potential productsfor you and may be able to access products thataren’t available on the high street.

See the section ‘All the help you need to getmortgage ready’ for more details.

Your prospective mortgage provider will undertakea basic credit check – if you pass that, they’ll offeryou a ‘mortgage in principle’, subject to moredetailed checks about things like your income.

continued...

DOWNSIZING

THE KEY STEPS

PLEASE NOTE: THE STEPS ABOVE APPLY IN ENGLAND AND WALES, BUT IN SCOTLAND THINGS WORK SLIGHTLY DIFFERENTLY – YOU SHOULD APPOINT A SOLICITOR BEFORE YOU STARTLOOKING FOR A PROPERTY AND THE TERMINOLOGY FOR THE CONVEYANCING PROCESS IS DIFFERENT. THIS IS TO ACT AS A GUIDE ONLY.

7

7. GET HELP FINALISING THE LEGAL DETAILS

We will recommend up to three solicitors, or you canuse your own.

The legal process of transferring property ownership isknown as conveyancing which your solicitor will adviseyou on.

When buying and selling homes at the same time it isimportant that the solicitor helps to coordinate thetransactions within the property chain.

If you choose to use a recommended solicitor, they willknow our processes and help ensure a smoothexchange and completion.

Solicitor’s Name:

Contact Details:

8. GET A VALUATION

Before a lender will give you a mortgage, they’llwant to value the home you intend to buy - thiscould also involve a fee.

Valuation Date:

Valuation Cost:

9. EXCHANGE CONTRACTS (MISSIVES IN SCOTLAND)

Once all the legal work is complete, your solicitorwill be ready to exchange contracts with the sellerand the buyer of your existing property.

On exchange a deposit will need to be paid(normally 5%) and you and the seller are committedto the transaction taking place.

Similarly you will receive a deposit on the exchangeof your existing property and you and the purchaserare committed to the transaction taking place.

Exchange Date:

Deposit to Pay:

Deposit Received:

10. TAKE A TOUR

Before you move in, we’ll offer you a New Home Tour.

This involves showing you where key elements like the

gas meter, water main and other important things are,so you’ll be confident come moving day thateverything you need will be right at your fingertips.

Tour Date:

11. COMPLETE… AND MOVE IN

The completion date is the day on which youbecome the legal owner of your home and the datewill be advised to your solicitor after you’veexchanged contracts. In Scotland this is known asthe Settlement date.

This is the date when the solicitor ensures the fundsare transferred and the sale is complete.

Before you move in, we’ll contact the utilitycompanies (excluding telecoms providers) soeverything should be up and running from day one.

However, don’t forget to tell everybody else aboutyour new address. If you want to, you can pay toget your post redirected from your old addressduring this transitional period.

If you need a removals firm to help with your move,remember to book well in advance.

Completion Date:

Moving in Date:

New Address (inc. postcode):

PLEASE NOTE: THE STEPS ABOVE APPLY IN ENGLAND AND WALES, BUT IN SCOTLAND THINGS WORK SLIGHTLY DIFFERENTLY – YOU SHOULD APPOINT A SOLICITOR BEFORE YOU STARTLOOKING FOR A PROPERTY AND THE TERMINOLOGY FOR THE CONVEYANCING PROCESS IS DIFFERENT. THIS IS TO ACT AS A GUIDE ONLY.

PORTING YOUR MORTGAGE

You might be able to move your currentmortgage from your old home straight across toyour new one, a process known as porting. Doingso is reasonably straightforward and might saveyou paying an early repayment charge if you’veonly had your mortgage for a short time.

However, just because you already have amortgage, it doesn’t automatically follow thatyou can move it across to your new home. Youeffectively have to reapply for the mortgage, soyour lender will check if you still qualify for a loan.

CUSTOMER CARE

At David Wilson Homes, we have local, dedicated customer care teams all waiting to talk to you and answer your questions. We are committed toproviding you a quality service that meets your needs and our people are always on hand to help, guide and assist you wherever possible. They worktogether as one team, focusing on delivering what is most important for you in accordance with our Customer Service Charter.

DOWNSIZING

THE KEY STEPS

8

DISCOVER THE DAVID WILSON DIFFERENCE

WHEN YOU DOWNSIZE

MAKE IT YOUR OWNYou’ve probably spent years making your homeyour own, but you don’t need to compromise onpersonal touches when you downsize to a DavidWilson Home. Once you’ve chosen your home,you can tailor it to suit your own personal style,choosing everything from flooring and wardrobes,kitchen appliances and cabinet finishes to tilesand lighting.††.

DESIGNED FOR LIVINGOur homes are stylish and well-proportioned. Wemake the most of daylight with features such asfloor-to-ceiling windows, while our large, multi-purpose rooms give you all the space you need.Every detail is designed around the way you wantto live today.

SAVE ON ENERGY BILLSWe also use the latest technology to make ourhomes extremely energy efficient: 45% - 55% moreenergy efficient than the same sized older home.Features such as airtight doors, insulated roofs, andgas-filled double-glazing not only help to keep yourhome warm and welcoming, but could also saveyou an amazing £1,312 a year on energy bills. †††

“WHEN THE GARDEN OF MYBUNGALOW BECAME TOODIFFICULT TO MAINTAIN IWANTED A HOME WHERE ICOULD STILL SIT OUTSIDE.”

“My new apartment has a beautifulbalcony and I have stunning views acrossthe racecourse at Newbury. It really iswonderful to sit outside and have such anopen expanse of sky”

Jean Humphrey, Newbury

RATED AND RECOMMENDEDOver 90% of David Wilson homeowners wouldrecommend us to a friend††††. This high praise hasensured that we’ve been awarded a 5 star ratingby the Home Builders Federation for six consecutiveyears – something no other major national housebuilder has achieved.

WE’RE HERE FOR YOUTo find out about the range of new homes that wehave that will meet your needs speak to one of ourSales Advisers today. They will also be able to adviseyou on a range of schemes and offers that may beavailable on certain plots.

9

There’s a minefield of terminology around buying a home. Here’s our handy guide to help you through it.

AGREEMENT IN PRINCIPLE – When your applicationfor a mortgage has been approved by the lender,subject to further checks around things like yourincome and the value of the property.

ARRANGEMENT FEE – The amount the lendercharges for arranging your mortgage. This is either paidon completion or included in your mortgage loan.

BASE RATE OR BANK RATE – The interest rate atwhich the Bank of England will lend money to otherbanks. This forms the basis on which other interestrates (like your mortgage rate) are determined.

COMPLETION – The date when you become thelegal owner of the property. Completion occursonce the seller has been paid for the property andall outstanding costs have been settled.

CONTRACT – Entered into by the seller and buyerof a property, which only becomes binding onexchange of contracts, i.e. when both parties havesigned the contract and the purchaser has handedover the agreed deposit to the solicitor.

CONVEYANCING – The legal transfer of propertyownership from seller to buyer. Conveyancing isusually done by a solicitor.

COVENANT – A restriction or condition affectingthe property, which must be complied with.

DEEDS – All the legal documents relating to theproperty.

DEPOSIT – The amount you pay upfront in order tosecure a property.

DISCOUNT RATE OR INTRODUCTORY RATE – Atemporary discount on your mortgage interest rate.After this rate expires, the lender’s standard variablerate (SVR) will normally apply.

EQUITY – The value of your property, minus theamount you still owe on your home loan.

EXCHANGING – The point at which buyer andseller exchange contracts. After you’ve exchanged,the sale is legally binding and neither side canchange their mind without the agreement of theother side.

FREEHOLD – The full ownership of both the propertyand the land on which it stands.

GROUND RENT – This applies to Leaseholdproperties and is a sum paid annually to theFreeholder by the Leaseholder.

GUARANTOR – A person who guarantees that aloan will be paid, even if the buyer defaults on therepayments.

HOME REPORT (SCOTLAND ONLY) – This report isrequired as part of the selling process of anyproperty in Scotland.

INSURANCE – This can cover the contents of yourhome as well as the building and is usually discussedwith your Independent Mortgage Adviser or lenderwhen making mortgage arrangements.

LAND REGISTRY – The government organisationthat records who owns land and property in the UK.If you take out or amend a mortgage, the LandRegistry will charge a fee for updating their records.

LEASEHOLD – Land held under a lease for a numberof years, on which ground rent is paid.

LOAN-TO-VALUE (LTV) – The amount you’reborrowing as a percentage of what the property isworth (its current market value).

MISSIVES (SCOTLAND ONLY) – The name givento a contract. Missives are letters exchanged by thepurchaser (making an offer for the property) andthe seller (accepting the offer).

MAKING SENSE OF YOUR MOVE

Continued...

MAKING SENSE OF YOUR MOVEMORTGAGE – Most people will need to take out amortgage – or loan – to buy a house. There aremany different types of mortgage available tohome buyers: your Independent Mortgage Advisercan explain further.

MORTGAGE PROTECTION POLICY – An insurancepolicy often arranged in conjunction with arepayment mortgage, which is taken out to ensurethat the loan will be repaid should the borrower diebefore the end of the mortgage term. Insurancemay also be available to protect your repaymentsin the event of redundancy.

MORTGAGE VALUATION – The inspection of aproperty to assess its value and condition. Yourlender will normally insist on a survey before agreeingon a loan.

OVERALL COST FOR COMPARISON – A way ofcalculating a mortgage that factors in the variousinterest rates and fees that apply, rather than justthe discount rate or SVR. It’s designed to make iteasier to compare different mortgages.

SEARCH FEES – Before you buy a home, you needto check if there are upcoming developments orplans that will affect the value of the property.Search fees are the costs of doing this, usuallypayable to your solicitor.

SETTLEMENT (SCOTLAND ONLY) – The end of thehouse buying process, when the deeds of the newhouse and other documents are handed over, inreturn for the agreed price.

SOLD SUBJECT TO CONTRACT – When the sellerand buyer are proceeding with the sale but thepaperwork is not yet complete.

STAMP DUTY OR LAND AND BUILDINGSTRANSACTION TAX (LBTT) – A one-off tax payablewhen buying residential property over £125,000(£145,000 in Scotland).

STANDARD VARIABLE RATE (SVR) – A lender’sdefault interest rate. This often – but not always –tracks the Bank of England base rate.

TITLE – The rights and liabilities that attach to theproperty.

TITLE INFORMATION DOCUMENT – A copy of theland register sent to the buyer’s conveyancerfollowing registration.

To book an appointment with a Sales Adviser call 0844 55 66 155

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

David Wilson Homes does not offer financial or legal advice. We would recommend that customers take independent financial advice specific to their circumstances before taking any action. Images may includeoptional upgrades. Calls to our 0844 numbers cost 7 pence per minute plus your phone company’s access charge. * Source: thisismoney.co.uk “House price inflation slips below 5%, says Nationwide, as Britain’s propertydivide is marked by almost four in ten homes bought by cash buyers” 3 June 2015 ** Source: thisismoney.co.uk “Housebuilding hits seven-year high: More family homes on the market as detached new-builds rise by aquarter” *** Source: gov.uk/government/news/pension-changes-2015. § Source: thisismoney.co.uk “Stamp duty bills cut for homebuyers as Osborne kills off hated slab system - with promise those paying under £937,000will save money” 3 December 2014. ^Figures are from the HM Treasury “Stamp Duty reforms - factsheet”.gov.uk - 3 December 2014. §§ Although all such schemes are commonly referred to as ‘Show Home Sale andLeaseback’ they in fact involve a licence. Customers must sign a licence agreement with us. ††Subject to build stage and additional cost. ††† Costs based upon the comparison of a new build four-bed detached housebuilt to 2010 regulations vs. Victorian property (upgraded with modern-day improvements). An upgraded Victorian home means one which has the following improvements over original build specification: 200mm loftinsulation, double glazing to half of all windows, a 72% efficient (non-condensing) gas boiler and insulated hot water cylinder. Source: Zero Carbon Hub and NHBC Foundation 2012. †††† Source: In-House Research andTraining Ltd – an independent survey conducted amongst 4,298 customers between April and November 2013, 97% would recommend Barratt Developments PLC brand to a friend.