Shared Ownership Properties & Mortgages

Whether the previous owners of the property have paid all outstanding service charges and if the landlord is planning any major building works you will have to contribute to. The seller’s legal representative should provide an LPE1 form and supporting https://www.goodsellerairmax.com/ documents which will help clarify these issues. Are there any upcoming works for the building that you will have to budget a lump sum for? More information on purchasing a leasehold property can be found below and in the How to lease guide.

If you are considering a specialist retirement property, you should be aware that it is different from buying a freehold home. The property is likely to be leasehold and you may have to pay ground rent, service charges and event fees, or be subject to restricted sales clauses. You should do your research carefully and make sure you and your legal representative check the small print in detail to understand current and future costs. The estate agent, developer, mortgage broker/lender and online property sites can be useful sources of recommendations for property professionals such as legal representatives or surveyors. Property searches – a legal professional will conduct legal searches when you are buying a property to ensure there are no other factors you should be aware of. Some searches will be recommended by your legal representative for all purchases and others will be required by the mortgage lender to protect them from any liabilities that the property may have.

Exchange is when the buyer and seller exchange their signed agreements which legally bind them; committing them to the transaction. Call your legal representative on a known number (i.e. not the number listed on the potentially fraudulent email) to check. When applying for the mortgage you will need to complete a form and show ID, proof of address and proof of income.

More and more tenants are specifically looking for property to rent from private landlords so that they can avoid hefty letting agent fees. We offer a free to use platform for tenants and private landlords to find one another https://www.wikipedia.org/ and save money renting and letting property. Homeowners are not allowed to list directly on other major websites such as Rightmove and Zoopla, instead they MUST go through an estate agent to gain access to these sites.

Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’. No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association. Launched on 19 April 2021, the mortgage guarantee scheme helps to increase the supply of mortgages for borrowers with just a 5% deposit. Alternatively, further information regarding the application process can be found here.

Whether the lease contains any restrictive terms and conditions; for example it may not allow you to keep pets in the property. More information about housing options in later life can be found from the Elderly Accommodation Counsel. Make sure you ask the developer for all material facts relating to the property before you commit to buying. Before you make an offer, understand what will and won’t be fixed before completion and what happens if you have a dispute with the builder.

Estate facility charge – an annual fee for maintaining the wider estate on which a property is located, e.g. for upkeep of public areas. If you are selling as well as buying, check our guide on How to sell. If access to your property is difficult or you have unusual items to move, ensure the removal company visit before giving you a quote.