FAQs

I just wanted to say Thank you to yourself, Steve & Shaun for all your help. I think your organisation is the best out there, the others are definitely not as professional!! 

Thank you for all your help

Nicola M

 

A succinct version of the comments received on a daily basis that reflects the level of expertise, helpful advice and quick and clear responses to everyday problems or requests. We have compiled some of the more frequently raised queries and issues as well as a forum to raise your own property related questions.

Frequently Asked Questions

  1. Question

    What makes me eligible for Shared Ownership?

    Answer

    The GLA and HCA set the eligibility criteria for Shared Ownership, but broadly speaking you must:
     Not own another property in the UK or any other country.
     Have a household income that falls below £90,000 (£80,000 threshold outside the
    M25). Every property will have a minimum income level too, determined by its’
    value, rent and service charge costs. In most cases you will need to meet or exceed
    the given minimum income.
     Have access to a minimum deposit of 10% of the share being purchased (a minimum
    deposit of 5% of the share being purchased may be acceptable depending on
    individual financial status).
     Be in full time permanent employment.
     Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
     Have a good credit history.

  2. Question

    How do I apply for a Shared Ownership property?

    Answer

    View our current available Shared Ownership properties www.urbanmoves.com/shared‐ownership/shared‐ownership‐properties and when you find one you like, just complete the application form (the link to this is on the page of the advert) and submit. Call us on 020 7378 7892, if you have any questions about the application. If the property is marked as ‘under offer’ it is no longer available.
    Do’s and Don’ts when completing your application…
     Married or cohabiting couples must add their partner as a second applicant whether
    they are going on the mortgage or not.
     Your gross annual salary figure must be separate to your gross annual bonus,
    overtime etc. figure. Do not add the two figures together.
     If your partner is employed do add their salary figures under the ‘second applicant’
    section. Do not add their salary to additional monthly income.
     Additional monthly income is for things like working tax credits, child tax credits,
    child benefit, disability allowance, guaranteed maintenance income. Do make sure
    the figure provided is per month.
     If you are self‐employed please put your gross profit not your turnover and be aware
    you will need to provide two years’ company accounts and SA302 documents for
    assessment.
     If you are on a fixed term contract, you need to have been employed for at least 12
    months.

  3. Question

    Do I have to pay Stamp Duty on a Shared Ownership property?

    Answer

    If the share on offer is £125,000 or less then you do not need to pay Stamp Duty Land Tax (SDLT).If the share value is worth £140,000, for example, you would only then pay Stamp Duty on £15,000 (£140,000 minus £125,000 equals £15,000). This is at a rate of 3%. You may wish to seek further legal advice when you are purchasing a Shared Ownership property.

  4. Question

    Can I view the property before submitting an application?

    Answer

    Unfortunately, not; we must check that you are eligible before inviting you to a viewing. This saves time for all parties involved.

  5. Question

    What happens after I’ve applied?

     Answer

    When you submit your application you will receive an automated reply explaining what the next steps are. If you don’t receive this please check your junk/spam mail and add us to your safe senders list. If we have a query regarding the content of your form, your eligibility for the scheme, or affordability for the property, we will revert to you as soon as processed. If you are eligible, your application will be held until a viewing event has been arranged (typically within a week to ten days) and we will contact you again with an invitation to view. We kindly ask you do not attempt to make a separate viewing request, either online or by telephone. Submission of your application form is treated as a viewing request.
    If you are not eligible, we will send you an email (typically within two working days) explaining why you are not eligible. Remember to always double check you have completed your application correctly. A copy of your answers will be sent to you when you submit your application. If you have a larger deposit this can make a difference if your household income isn’t quite sufficient (please refer to the guideline minimum income on the advert), so make sure you have included the maximum deposit available. This means that we won’t rule you out for a property that you could potentially afford.

  6. Question

    What happens after I have viewed?

     Answer

    After the viewing we will email you an Expression of Interest (EOI) template. If you would like to formalise your application to purchase, simply complete the document before the deadline (usually 48hrs), after which, any EOIs received will be prioritised by the Housing Association in according with their prioritisation policy. We’ll let you know your priority position on the next working day after the deadline and if you are priority position 1, you will have two days to reserve the property by transferring a £400 administration deposit. You will also be required to contact the Housing Association’s financial advisor, to ensure the property is affordable to you. You will need to submit the following as part of the affordability check:
     3 Months’ pay slips
     3 Months’ bank statements
     Proof of savings/deposit (e.g. savings account statement. If gifted deposit, please
    also provide a letter from the benefactor)
     Passport/Photo ID (full colour copies)
     2 Years company accounts (if self‐employed) plus SA302 tax certificates
    If you are not priority position 1 we will hold your application on our system until the
    property is sold (unless you request to withdraw your application).

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