What is the buying process with Sojourn8?
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We know that for most buyers, co-ownership of a second home will be a new concept. That’s why we’ve made the process of buying through Sojourn8 clear, secure and transparent.
The early stages of the process will be slightly different depending on whether you are interested in a specific property or are initially looking to join a group. But once you’ve decided on your perfect holiday home, the process will be the same:
Early on in the process, we meet each prospective owner, either face to face or remotely. It gives us the opportunity to understand exactly what you are looking for in your perfect holiday home and to answer in person any questions you have. An important part of the assessment will be to discuss your individual use preferences – when and how frequently you expect to use your holiday home. This helps us to aggregate owners with a mix of preferences, creating an experience for each owner which is as close to whole ownership as possible.
As a responsible, compliant business, we carry out some simple ID checks so we know who we are dealing with. We will ask you to provide electronic copies of your passport and a recent document showing your main residential address and may also carry out a basic online check.
Agreement review and signing
We’ll then send you the documents to review. These will deal with the purchase terms and your commitment to buy and the rules and policies relating to your ownership. We will ask you to pay a document fee of £250 at this stage to show goodwill and intent. This sum is fully refundable if you decide not to proceed with your purchase. Once you’re ready, you’ll sign the documents. In most cases, this will be done electronically.
Payment of purchase money
Once you have signed the agreements, you will have a statutory cooling off period of 14 days. You will then make your payment direct to an independent, FCA authorised and regulated Escrow Agent who will hold the funds securely until we are ready to complete the property purchase. The Escrow Agent will send the purchase monies direct to the lawyer dealing with the purchase.
Following completion/closure of the purchase and before the co-owners can use their home, we will arrange any upgrade works and for the home to be furnished and equipped. This work and the cost will have previously been agreed with each of the co-owners.
Throughout the process, we will always be available to assist you with any questions you have. We want the process to be smooth and hassle free so you can start enjoying your holiday home as quickly as possible.
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