Shared Ownership FAQ

Take a look below to see the most frequently asked questions about shared ownership.

We hope that these will answer all of your questions and explain the process in a clearer light, however if you have any questions please do not hesitate to contact us on 01684 272776 or email: sales@bromford.co.uk

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  1. Are there any extra costs I should consider?

    When purchasing a property you will need to consider the following costs:

    • Mortgage application fee
    • Legal fees
    • Reservation fee – this will be taken off the total purchase price and noramlly around £250
    • Deposit
    • Monthly service charges – these will vary, but we’ll confirm what you need to pay.
    • Other monthly costs – don’t forget about Council Tax, TV licence and utility bills for example.
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  2. Can I improve or alter the property?

    You are not permitted to:

    • make any alterations or additions to the exterior of the property
    • make any structural alterations or structural additions to the property
    • erect any new buildings on the premises
    • remove any of the fixtures from the property.
    • make any alterations or addition of a non-structural nature to the interior of the property

    ...without previous written consent from us.

    Please check your lease as the above may not apply to all leases.

    Visit Home improvements and DIY for more information

     

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  3. Do I need to take out buildings insurance?

    As a Bromford resident, the buildings insurance for your home is provided by us. We currently use Arthur J Gallaher (AJG) to cover all of the properties that we own, this includes all rented, leaseholder and shared ownership homes.

    For more information about the buildings insurance cover please see Buildings Insurance.

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  4. How are properties allocated?

    With every home that we sell we carry out a specific affordability assessment to make sure that the property is right for you and that you can afford to keep it. We will ask to see several documents to enable us to carry out a financial assessment, such as wage slips, bank statements, etc.

    If we have more households interested than the number of homes available to buy, we will prioritise households according to the following criteria:

    • those currently serving in the British armed forces or whom have recently been discharged
    • existing social housing tenants
    • applicants who are considered to be in a high housing need
    • first-come, first-served (subject to a successful financial assessment).
    • Local connection (if applicable)
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  5. How is the rent calculated?

    The rent is calculated as a percentage of the unsold share of the property. Each year the rent will increase by the retail price index (RPI) plus 0.5%.

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  6. What happens when you decide to move?

    If you have ‘staircased’ up and now own 100% of your home you are the freeholder (or leaseholder) and it is now in your ownership. You can sell the property in the usual way, but please first check the terms of your lease. However if you own less than 100% you will need to arrange for the property to be valued by a RICS Surveyor, which will state the maximum amount for which you can sell your share. You will also need an Energy Performance Certificate (EPC) before your home can be marketed. For the first 6/8 weeks we will solely market your property, as per the terms of the lease.

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  7. What homes are available and how do I apply?

    Homes available to buy with shared ownership will be listed on the helptobuy website. You will need to register your details with www.helptobuysouth.co.uk. Properties can vary from apartments to 2, 3 or 4 bed houses.

    Besides brand new homes, you will often see second or third-hand properties advertised for sale on the same shared ownership basis. This is where an existing shared owner may decide to sell their home and move on. These are known as Shared Ownership Resales. The application process is the same as applying for a brand new property.

    As part of the application process you are required to carry out an affordability assessment and provide documents to support your application. We have enlisted TMP mortgages to carry this out on our behalf and to help you along the way. TMP have specialist shared ownership mortgage advisors who will be more than happy to discuss mortgage options with you during this process but feel free to seek financial mortgage advice elsewhere.

    • Visit TMP Mortgages’ website: www.tmpmortgages.co.uk
    • Click ‘Apply now’ button. Complete the online questionnaire
    • Your assessment will be allocated to the correct person and an advisor will contact you directly to discuss options with you and request documents required to complete the application.

    If you have any difficulties completing the assessment online please contact TMP directly on  01604 780586 who will be able to assist you

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  8. When and how do I pay rent?

    The rent is due in advance on the first day of each week. The best way to ensure you don't miss a payment is to set up a direct debit. Talk to your us, your bank or building society about how to set this up.

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  9. Which boundaries am I responsible for?

    Please check your original lease for information about which boundaries you are responsible for. They are clearly marked on there.

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  10. Who pays to repair and maintain the property?

    Shared ownership is the same as owning your home outright, but with reduced monthly costs. So you will be responsible for the maintenance of the property, which includes:

    • Central heating, water heaters and fitted fires
    • Sockets, switches and light fittings
    • The roof, gutters and downpipes
    • Windows
    • Baths, basins, sinks, toilets, cisterns and waste pipes
    • Drains and waste pipes

    If you live in a shared ownership apartment or flat, you are responsible for all repairs to the inside of your property. We or another managing agent are responsible for:

    • Communal entrances, halls, lifts, passageways, rubbish chutes and other communal parts.
    • External repairs and painting to the exterior of the apartment and any communal areas on a set cycle.
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