In theory, you can afford a property costing no more than the combined total of the deposit that you saved (or can save) plus the amount you can borrow on mortgage. Typically, this is three times the principal income plus one times the second income. But some lenders will lend more, and some less.

To learn more about how much you might be able to afford, use our free online mortgage calculator.

These are the areas within a development which do not form a plot to be assigned to an individual proprietor. They include play areas, landscaped areas, roads and footpaths that are not intended for adoption by any of the relevant local authorities.

Within flatted areas on a development, this may include parking areas, street lighting, and communal stairways, which are not intended for adoption by the local authority.

Miller Homes normally appoint a Managing Agent for the upkeep of these.

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.

Prior to making a mortgage offer your lender will have the property valued for mortgage purposes. A small fee will normally be payable.

Please note that the value the lender puts on the property is a valuation for loan purposes and may not reflect the open market value of the house. If you order a lot of optional extras for your new home the full value of these may not be reflected in the value the lender puts on the property.

Leasehold:
Land held under a lease for a specified number of years on which a ground rent is paid. Find out more here.

Freehold:
The full ownership of both the property and the land on which it stands.

Your solicitor will arrange for you to sign a binding purchase contract. At this time your agreed deposit will need to be paid. Miller Homes will also sign their copy of the contract and send it to their solicitors.

Once these contracts are exchanged the transaction becomes legally binding.

If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is up to your solicitor to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time are you 'homeless'.

Sometimes it is not possible to co-ordinate the sale of your existing property and the completion on your new Miller Home for the same day. If this is the case you may have to consider staying with friends or family or living in rented accomodation until your new Miller Home is ready.

This will establish if your new home is likely to be affected by any planning decisions or other proposals.