The following important information is about the shared ownership scheme with Beyond Housing. It is a checklist to ensure you have been made fully aware of the agreement you may be entering in to. Please select yes or no to show you have understood.
(Required) You will buy your home on a lease which will normally be 990 years for new homes and this will be on shared ownership terms. (Required) As a shared owner, you are an owner/occupier, not a tenant. (Required) You usually pay a mortgage on the part you own plus a subsidised affordable rent on the remaining share you don’t own. (Required) Your rent is collected monthly by direct debit. (Required) Your rent is reviewed annually and increases on 1 April each year. (Required) Should you experience problems in paying your rent you should notify us immediately. Late or non-payment of rent and/or service charges is a serious matter. (Required) You can purchase between 25 and 75 per cent of your home at the outset. Lower shares from 10 per cent may be available on some homes. (Required) Most leases will state that after one year, you may purchase more shares in your home if you wish, until you eventually own it outright (in some rural areas full ownership is restricted to 80 per cent). This process is called ‘staircasing’. You are under no obligation to buy more shares; it’s up to you to decide what’s right for you. (Required) Just like any other home owner, you may sell your home at any time. (Required) Service charges apply to most properties. A full breakdown will be provided and will also be supplied to your legal representative on issue of the lease. (Required) When you complete the reservation form, you will need to pay a £300 deposit (known as the reservation fee). This will be deducted from the purchase price on completion. Please note, should the sale not go ahead for whatever reason, including if you change your mind or we withdraw our offer of a home because you have given false or misleading information, we will retain this deposit to meet our legal and administrative costs. (Required) If you are not successful we will explain why. (Required) We reserve the right to withdraw any offer we may have made if you do not exchange contracts and complete the sale within the terms of the offer letter or if information provided is found to be misleading or incorrect. In the event of a dispute, the matter can be referred through our complaints procedure (available on request). (Required) Once you have accepted your offer, you need to formally instruct your legal representative who will be acting on your behalf in the purchase. It is important you choose a legal representative who is experienced in shared ownership schemes to avoid unnecessary delays. We also recommend you obtain several quotes of the likely costs before you appoint a representative. (Required) You will also need to formally arrange for a mortgage from a recognised lender who is FSA registered. We are not qualified to offer or provide financial advice and strongly advise you contact an independent mortgage advisor as we will then be confident you will have received information from advisors who are familiar with this type of scheme. It is a good idea to use an independent mortgage advisor as they are not tied to the mortgage products of a particular bank, building society or specialist mortgage company. They will explain the advantages and disadvantages (early repayment fees, tied insurance policies, etc.) of the various mortgage products available and will recommend a mortgage that suits you. Most IFAs will charge a fee for this service. However, we can provide details of one whom is free of charge and understands the schemes we offer. (Required) Buildings insurance: All shared ownership properties are leasehold and require the association to insure them. These charges are payable by the purchaser and as with most policies there is an excess payable. (Required) You are responsible for insuring the contents of your home. (Required) If you fall behind with your rent or service charge it is very important you get in touch with us as soon as possible to discuss the options available. (Required) Your brand new home will benefit from a defects guarantee. This will be for a defined period, typically for the first 12 months after it was built, but this can vary. However, a minimum of three months is offered to all purchasers of new homes. (Required) It is your responsibility to repair and maintain your home. If you own a house, you are responsible for all repairs to your home. If you live in an apartment, you are responsible for all repairs inside your home. Day to day repairs, maintenance and decoration to the outside of the apartments and any shared areas are paid for through your service charge. Some shared owners may receive support from Beyond Housing to pay for essential repairs as set out in the lease. The sales team will advise on this. (Required) If you wish to make an alteration or improvement to your property you must contact us and ask for our written permission, prior to commencement of work. (Required) Subletting is not normally permitted, although we may give permission in exceptional circumstances. (Required) Following a successful financial assessment, we will be able to formally offer you a property and confirm the share you can purchase. We will also give you a date by which we want you to exchange contracts (this makes your intention to buy a home through Beyond Housing a legally binding agreement). (Required) You have seven days to accept this offer by signing and returning the reservation form which confirms the name of the mortgage lender and legal representative you have chosen and the full Shared Ownership Checklist Shared Ownership Checklist names of all applicants purchasing the property which are needed for legal reasons. (Required) It is your own choice if you wish to accept mortgage advice from the financial advisor whom we refer you to. We accept no liability for the performance or actions of any of these mortgage advisors. (Required) We would expect the exchange of contracts will take place within eight weeks of reserving a property. At this point your legal representative will request a deposit to exchange contracts of £500. This means a total of £800 would have been paid in deposits prior to exchange of contracts. (Required) We recommend until you have been advised of a firm completion date you do not give notice on your existing accommodation. Beyond Housing can accept no liability if you choose to do so. When homes are not build complete at the time of initial purchase, we can only provide an estimate of approximate completion date and a great deal is out of our control at this stage. None of our team will be able to offer you a guaranteed date. (Required) The information you have provided may be used for statistical purposes in accordance with the Data Protection Act 1998. (Required) (Required)