selling shared ownership calculator

Estimated Home Sale Price We recommend beginning with your Zestimate , Zillow's best estimate of your home's market value. Our Shared Ownership mortgage calculator will give you an estimate of how much your mortgage and rent will be per calendar month. You will only be able to start the process of selling your home once you have confirmed that an EPC has been commissioned. The valuation usually lasts 3 months. When you come to sell up, the value of the home could have gone up or down since you first bought it. If the buyer is approved financially and a sale is agreed, your housing provider will send you written confirmation of all the details. You must be 18 or older. The buyer will need to meet all relevant eligibility criteria, and will be required to purchase a share equal to or higher than what you currently own. Your housing provider can challenge the surveyor on your behalf but would require 3 comparables of similar properties that have sold within the last 3 months. However, to avoid putting yourself under any pressure, you should not make an offer on another home until a buyer has agreed to purchase your Shared Ownership home. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. It includes questions about your household income and savings, financial commitments, and your current living arrangements. If you own 100% of your property, you can advertise on the open market via an Estate Agent. However, with the right guidance and the support of your housing association, selling your Shared Ownership home needn’t be complicated and remains an excellent way to take a step up the property ladder. You are allowed to sell for more than your valuation amount, however not less, unless you are prepared to cover the shortfall. Your disposable income is below the required amount for a mortgage of this size to be deemed affordable. Selling a Shared Ownership home is known as a resale, and you are able to sell at any time. You should then contact us so we can assess your needs and arrange for your home to be valued by an RICS-registered surveyor. EPCs provide important information on the existing energy efficiency of your home and make recommendations on how you could improve its energy efficiency. The Shared Ownership scheme allows you to buy between 25% and 75% of an ex-council or new-build property. Please note that the EPC must be provided within the first 28 days of marketing your property as this is a legal requirement. As a standard part of the sales process your buyer’s solicitor will raise leasehold enquiries relating to your property with your solicitor. Registered in England and Wales no: 04909788. Your household income must be less than £80,000 if you live outside London or … Great news! You should approach your housing association if you do wish to sell back some or all of the shares in your Shared Ownership home. If you decide to sell your share (e.g. The rules of the housing association are that we have to sell for the price a Rics surveyor sets. A key benefit of Shared Ownership properties is the freedom that you get with it when it comes to decorating. The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. First time buyers in Shared Ownership homes will pay zero Stamp Duty on the first £300,000 of any home that costs up to £500,000. Help to Buy : Equity Loan. If you decide to sell your L&Q home, the resales team will help you find a buyer. We do not wish to cause any barriers to existing shared owners selling their homes. If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement. 1.1 Purpose. Flexible tenure is rare and is only granted in exceptional circumstances. Get a valuation. It is also important to liaise with your solicitor on a regular basis so that they can progress the sale with your buyer’s solicitor. Shared ownership schemes allow you to buy a share in a property, and pay rent on the rest of the share. Please ensure that your home is tidy and presentable in any photographs in order to ensure that it is marketed in the best possible way. Shared ownership expected to rise and could be a good solution for buyers with a limited budget.. There may come a time when you want to sell your home. You will have to pay a fee for the valuation; you will be informed of the cost before proceeding. [Note - fixed shared ownership loan customers cannot refinance to another lender.] This step-by-step guide will help you through the process, starting with the most important part: You will need to contact your housing provider to let them know that you’d like to sell your home. Shared ownership is only available to first-time buyers, those who've previously owned a home but can't afford to buy one now, and existing shared ownership homeowners who want to move house. You will need to instruct an Energy Performance Certificate (EPC) provider to produce an EPC. For further information, contact us or write to: Share to Buy, PO Box 11998, Sudbury CO10 3BS. You take out a mortgage for the part that you own, and pay rent on the remaining share. For aircraft owners, ShareMyAircraft.com (SMA) will get you the most exposure for your aircraft allowing you to post details, pictures and videos (from a desktop, tablet or smartphone) and pre-filling all the standard information based on your tail number! Your housing provider will liaise with you to explain each step of the process and to arrange for photographs to be taken that will be suitable for marketing your home. Completing our Shared Ownership Application form is the only way to confirm you are eligible for Shared Ownership with L&Q. So, for example, if you spent £300,000 on a 50% share in a property valued … If you staircase or ‘back-to-back’ staircase and sell, improvements are excluded. Once a buyer has been found and your housing provider has instructed solicitors, your housing provider does not have any direct involvement with the sale, however they are happy to assist if required. As a first time buyer, when purchasing a Shared Ownership property you will have the option of paying Stamp Duty on the full value of the property as if you were buying outright. In order to force the sale, the joint owner looking to sell … When you sell your home the valuer will not value improvements separately. You can adjust the value of the property, interest rate and length of mortgage to demonstrate how this might affect your monthly outgoings. Shared Ownership offers a way onto the property ladder that is more affordable than buying a home outright. When you want to sell, you will need to contact your housing provider to let them know. It’s pretty cool! A tenant in common can sell their share in the property at any time; either by selling it to the other joint owner or by selling the whole property - even if the other joint owner doesn't want to. You can’t be a homeowner. Carrying out the valuation does not commit you to selling your home. Shared ownership is about owning a certain percentage of the house that means nothing is 100% in such purchase. If you have a fixed shared ownership loan you will only be able to sell your shares in your home back to the Housing Authority. Learn more about the home sale calculator line items to understand the true costs of selling a house and your realistic proceeds. For most customers, staircasing is likely to involve a new, larger mortgage. Whilst all lenders will use their own calculator based on their specific in-house requirements, the good news is that such tools are not exclusive to mortgage providers. You will need a current valuation to complete the sale. Find out what your solicitor costs will be selling a shared ownership property. This is called a Force Sale. The Share to Buy Shared Ownership Mortgage Calculator can help you get an understanding of the size of the Shared Ownership mortgage you can afford. If you are selling a property any arrears on service charges must be paid at … Once this is done, you send us your home valuation report and completed shared ownership … If you decide to proceed, you will need to complete and return a contract of sale and include details of the solicitor who will be acting for you once a buyer is found. Selling a Shared Ownership property is often thought to be a more challenging process than selling a freehold property on the open market. Their solicitor will then contact your solicitor. The nominated buyer will go through a similar process to the one you went through when you bought the home. Ownership: Determine whether you meet the ownership requirement. Our Terms of Use | Privacy Policy | Cookie Policy, © SHARE TO BUY 2004 - 2021 All rights reserved, Advertise your property with Share to Buy, Documents required for mortgage application, Step by step guide to buying a Shared Ownership home, Share to Buy Expert Sessions: Webinar with Clarion Housing, Share to Buy Expert Sessions: Webinar with Catalyst, Share to Buy Expert Sessions: Webinar with Savills, Share to Buy Expert Sessions: Webinar with Peabody, Share to Buy Expert Sessions: Webinar with JLL, Share to Buy Expert Sessions: Webinar with Southern Home Ownership, Share to Buy Expert Sessions: Webinar with SO Resi, Share to Buy Expert Sessions: Webinar with L and Q, Share to Buy Expert Sessions: Your Questions Answered, specialist Shared Ownership mortgage broker, Shared Ownership and Help To Buy Locations. This scheme helps you by keeping your mortgage payments lower. You will be asked to choose a surveyor to value your home. This information will help us confirm that you are eligible to buy a Shared Ownership home. For example, if you start by buying 25% of your home and renting the other 75% you could buy another 25% share. It is advisable that you allow your housing provider to pass your contact details on to your buyers so that you can discuss possible moving dates. Under a Shared Ownership scheme you part­-own and part-rent your home. We would encourage you to keep in regular contact with your solicitor to make sure that the sale progresses as smoothly as possible. The shared ownership calculator is not designed to work in line with re-sales; this is due to the rental calculation and also due to the fixed shares connected to re-sales. Eligibility for shared ownership. To bring this Shared Ownership guide to a close, we wanted to highlight the benefits of Shared Ownership to you. On completion of the sale you will receive your share and your housing provider will receive its percentage share of the current full market value. You … You will have to pay a fee for the valuation; you will be informed of the cost before … Selling a shared ownership property. This may not be so much of a problem at first but then consider that most people who will be buying a shared ownership property are first-time buyers who will likely be getting a shared ownership mortgage for the first time. As there are often long waiting lists for Shared Ownership homes, your provider will then have a set period of time (as outlined in the terms of your lease) to try and sell your home to other buyers who are looking to purchase through the scheme. They will need to attend a compulsory financial interview with an independent financial advisor. If this is not possible a new valuation will need to be obtained. Once your housing provider is in receipt of your valuation report they will arrange for you to sign a contract to agree the fee and details of how your home will be sold. From the mortgage need to the ownership deed made by a solicitor, nothing claims cent per cent right on the home. Owning a bigger part of your shared ownership home – or even owning all of it – comes with many benefits: You’ll reduce the amount of rent you pay to Sovereign If you decide to sell your home the more shares you own will lead to more profit if the value of your home has increased The valuation sets the sale price for your home. This is called ‘back-to-back’ or simultaneous staircasing and you have the option to do this if your housing provider has not sold your home within the nomination period. Selling a shared ownership property will incur costs for selling the property, gaining a value for the property and conveyance costs. However, if you are less than £75 below the disposable income requirement then we may still be able to help you find a mortgage. Use this calculator to get an idea if the mortgage you want is affordable. Register with Share to Buy to enquire about homes, save your search, register for alerts, receive our newsletter and more! Shared ownership mortgage calculator – Figure out the total cost. For further information, contact us or write to: Share to Buy, PO Box 11998, Sudbury CO10 3BS. If your housing provider is unable to find a buyer within the nomination period you can sell through an estate agent or privately. The maximum initial share you can purchase is 75%. A shared ownership mortgages calculator is a tool a lender would use in order to establish how much they would be prepared to lend a prospective borrower for this type of mortgage. Register with Share to Buy to enquire about homes, save your search, register for alerts, receive our newsletter and more! If this happens your housing provider will find another priority buyer. You can sell your share in the property regardless of the size of the share you own. When you agree to buy a home, it is in your best interest to make everyone involved aware of the timescales outlined in this section. Our Terms of Use | Privacy Policy | Cookie Policy, © SHARE TO BUY 2004 - 2021 All rights reserved, Advertise your property with Share to Buy, Documents required for mortgage application, Step by step guide to buying a Shared Ownership home, Share to Buy Expert Sessions: Webinar with Clarion Housing, Share to Buy Expert Sessions: Webinar with Catalyst, Share to Buy Expert Sessions: Webinar with Savills, Share to Buy Expert Sessions: Webinar with Peabody, Share to Buy Expert Sessions: Webinar with JLL, Share to Buy Expert Sessions: Webinar with Southern Home Ownership, Share to Buy Expert Sessions: Webinar with SO Resi, Share to Buy Expert Sessions: Webinar with L and Q, Share to Buy Expert Sessions: Your Questions Answered, Shared Ownership and Help To Buy Locations. You must earn less than £80,000 per year (£90,000 in London). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. When a housing association buys back shared and allows you to rent the property this is known as flexible tenure. If you want to sell your home, the first step is to read our Selling Your Home guide. If you bought your home with someone else, and you are both on the lease both of you will be required to sign the contract of sale. 50%), your housing provider checks that the buyer you have found meets the headline eligibility criteria (just as you did when you bought your home). Once you have owned your shared ownership property for a certain period of time – set in the terms of your lease but usually one to two years – you can purchase further shares in your home. All properties already bought by first-time buyers under shared ownership schemes since 22 November 2017 qualify as well, provided they cost £500,000 or under at the time of purchase. The Share to Buy Shared Ownership Mortgage Calculator can help you get an understanding of the size of the Shared Ownership … Residence: Determine whether you meet the residence requirement. Yes. Selling your Shared Ownership home. When selling shared ownership properties you must sell them to someone who is eligible for the shared ownership scheme. Both buyer and seller have the right to withdraw from the sale before contracts of sale are exchanged. Back to back sales and staircasing can be done to encourage maximising affordability and Both your solicitor and the buyer’s solicitor will agree an exchange and completion date. This is the total amount of cash that will be contributed towards the purchase. If you own a share of your property, under the terms of your lease Peabody has eight weeks to find a buyer. The surveyor will arrange to visit your home to carry out the survey. Your housing provider will try to arrange an extension of time for the valuation. https://www.gov.uk/stamp-duty-land-tax/shared-ownership-property Shared ownership is designed to help people who can’t afford to buy on the open market, so there are some eligibility criteria. After this time, you will be able to advertise the property yourself, selling privately or through an estate agent of your choice. AND. From time to time, housing providers receive concerns from vendors that the amount the home has been valued is under or over what they expected. This will help fund your share in the property. There is a good chance your disposable income may meet the requirement to be deemed affordable for a mortgage of this size*. Q We are currently in the process of selling our 40% share in a shared ownership property.. If it is over the nomination period your housing provider would allow you to go to an estate agent, but would continue to look for a buyer for your home. You will sell the share you own which will be a percentage of the full market value including improvements you have made. Search and compare mortgages online or speak to a specialist Shared Ownership mortgage broker. Your housing provider would not usually be involved in agreeing dates so these are negotiated between the buyer and you. They can also put you in touch with the surveyor to discuss your concerns with them directly. 1.1.1 Help to Buy: Shared Ownership is one of two products available under the Help to Buy branding. The buyer normally has 12 weeks to complete the purchase, although this needs to be flexible if you are buying another home. Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. You will be required to pay any valuation fee. Shared Ownership. There will be shared … It is a legal requirement to commission an EPC before selling your home, failure to do so will prevent the sale. If your housing provider is unable to find a buyer for your home within the nomination period (which will begin the date they receive the signed contract of sale), they will write to you to say you are free to sell your home through an estate agent at a price not less than that set by the valuer. From this, your housing provider can work out the value of your share. Your housing provider can provide you with a list of surveyors to choose from. Now it’s time to search and compare mortgages online or speak to a specialist Shared Ownership mortgage broker. The minimum share bought in a property is usually 25% and in some developments it can be higher than 25%. If you are more than £75 below the disposable income requirement, you may still be affordable for a mortgage of a lesser amount.*. If you haven’t staircased to 100% of your home at the time of wishing to sell, you will be required to sell your home on a Shared Ownership basis. Use the affordability calculator to show you an example of what the monthly costs are buying with Help to Buy Shared Ownership or Equity Loan. You should begin to look for another home to buy as soon as you decide to sell. You can sell your current share or you may decide to sell 100% of your home. You will increase your share to 100% and sell your home on the same day and you will not have to borrow extra money to pay for the remaining share. What happens when you want to sell your Shared Ownership home? Shared Ownership – all you need to know! Shared ownership is not very common in the UK right now. CALL OUR SALES TEAM ON: 0800 058 2544 Find a Home Mortgage calculator. Staircasing Calculator For customers who already own a Shared Ownership property, 'staircasing' is the process of purchasing further shares including up to and including 100% outright ownership. Registered in England and Wales no: 04909788. Questions about your household income must be provided within the first £300,000 of home. Q home, the value of the shares in your Shared Ownership you... Another lender. exceptional circumstances affordable for a mortgage on the first step is to read our selling home. Amount of cash that will be able to start the process of selling our 40 % share in the ladder... Chance your disposable income may meet the residence requirement legal requirement to be obtained use this calculator to an! Costs of selling your home 's market value exceptional circumstances you in touch with the surveyor will arrange to your. Home that costs up to £500,000 to cover the selling shared ownership calculator home to be obtained bought it or down you! 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