Following Completion You will be met at the property by our Shared Ownership Officer

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1 What is shared ownership? Through shared ownership you buy a share of the property and pay rent on the remaining share you do not own. Who can buy through the shared ownership scheme? The scheme is intended for people who cannot afford to buy a suitable home in any other way. They must be in housing need and are unable to afford outright purchase. What kind of property can be bought through shared ownership? Shared ownership homes may be new or renovated houses or flats. How does shared ownership work? The scheme allows you to purchase a share in one of our designated properties. The share price is funded by a mortgage and the remaining share you rent from us. Normally you purchase a 50% share but sometimes you are able to purchase a smaller or larger portion. Later on you are able to purchase further shares if you can afford to do so, in multiples of 10% until you own all of the property. The Process The following guidelines will help you through the process Application A Shared Ownership Application will need to be completed together with an income and expenditure statement. You will also need to produce various documents such as payslips. If your application is successful we will require a 200 deposit which will reserve your property, should you cancel the reservation 150 will be refunded to you, 50 being retained towards administration costs. Before the completion date your solicitor will need any deposit, balance of legal fees, stamp duty (if applicable) and rent. If you pay this with a personal cheque then sufficient time should be allowed for this to clear. Your solicitor will provide you with a statement advising you of the amount due. On the day of completion your solicitor will transfer all monies to our solicitor. On confirmation that these funds have been received arrangements will be made to hand the keys to you. What if I fall behind with my mortgage payments? The mortgage contract is between you and your mortgage lender. If you have financial problems which may mean you cannot pay your mortgage, you should let them know as soon as possible. If you do fall behind with your payments and cannot agree a solution they may take possession of your home and sell it. You would be entitled to your share of the money received after all your debts and fees have been paid. Your home may be repossessed if you do not keep up with your mortgage payments. What if 1 fall behind with my rent or service charges? Under the lease you are obliged to pay the rent and service charge. Your mortgage lender will be notified if your rent account falls into arrears. Again, if you are having financial difficulties please get in touch with us for advice. Following Completion You will be met at the property by our Shared Ownership Officer who will carry out an inspection of the property with you and show you how all appliances work (if included) Gas, electricity and water will already be connected. You will be provided with meter readings taken on the day of completion together with the supplier's details. You will be responsible for notifying the suppliers of change of ownership of the property Please note there may be certain restrictions on keeping pets in some Your details will be passed to our Home Ownership Team and they of our properties. Please inform us of any pets you may have or are will contact you within six weeks of completion to arrange a planning to have in the future before proceeding with the reservation "welcome visit" as it may affect your ability to proceed. Your property will be covered by a "Defects Liability Period" from Solicitor the date of completion. This is usually a minimum of six months but You will need to instruct a solicitor to act on your behalf. Your the Home Ownership Team will confirm this with you at your solicitor may ask for some of the costs at this stage to cover your welcome visit. search fees. These searches may take several weeks so it is important that you instruct your solicitor immediately to avoid Any defects to the property within this period should be reported to any delays in purchasing the property. our Hotline Your solicitor will provide us with a copy of your mortgage offer before contracts can be exchanged. On nearing exchange of contracts your solicitor wif(go through the contract, mortgage and the shared ownership lease in detail. Contracts will then be exchanged and a completion date can then be agreed. This is normally seven days after exchange of contracts. Once the defects liability period has expired, you will be responsible for all repairs maintenance and upkeep of the property, both inside and out.

2 The cost of buying your home There are several costs involved in the first stages of buying your home. Valuation/survey This is a report required by your mortgage provider to ensure that the property is good security for your load. Legal Costs These are the costs of a solicitor/conveyancer who take care of the legal aspects of purchasing your property. Deposit You will usually have to pay a deposit when you exchange contracts Stamp Duty This is a government tax based on the price of your property. Your solicitor will advise you of the amount to be paid, if any. Mortgage fees Some lenders may charge you arrangement fees, administration costs or a booking fee when arranging a mortgage. Mortgages You may need to borrow a(l or part of the cost of your share; a mortgage will need to be arranged with a bank or building society. Repayments will vary as interest rates change. Your mortgage offer will need to be approved by us before we can exchange contracts. Rent In addition to the rent due from the date of completion until the end of the completion month, you will also have to pay one month's rent in advance. Subsequent rent payments will be made by direct debits. The rent will be reviewed annually in April. Building insurance is included in your monthly rent. Can I make improvements or alterations to my home? If you wish to make alterations or improvements to your home you must obtain consent from before starting any work. What do I do when I want to purchase more shares? Twelve months after the completion date you have the option to purchase further shares (known as staircasing) in your property. You are not under any obligation to do this. The procedure for this is explained in your tease. If you wish to do this you need to contact the Shared Ownership Team. What do I do if I want to sell? You can sell your property at any time but you must advise us in writing. Stamp Duty If you buy a property in the UK over a certain purchase price you have to pay Stamp Duty Land Tax (SDLT). This is charged on all purchases of houses, flats and other land and buildings. This is a government tax based on the price of your property. Your solicitor will advise you of the amount to be paid, if any. Leases When you purchase through shared ownership, we will grant you a lease which sets out your rights and responsibilities and also those of. The lease is a legally binding document The lease is usually granted for 99 years and it will entitle you to live in your home in your home as an owner occupier. It allows you to buy further shares in your property (known as "staircasing") and sell your property. It also sets out who is responsible for the repair and payment of rent and service charges. The (ease does provide for an annual rent increase. The lease can be terminated if you fail to comply with your responsibilities and you should ensure that your solicitor explains this fully to you. Housing Options Team, 3 Foley Grove, Foley Business Park, Kidderminster, Wores. DY717PT

3 SHARED OWNERSHIP HOUSING ELIGIBILITY AND ALLOCATION POLICY STATEMENT OVERALL POLICY Shared Ownership housing is developed, often using public money, to provide home ownership opportunities for those who could not otherwise have access to them. Our aim is to identify people who are able to benefit from and complete a shared ownership purchase, after assessing them against our eligibility criteria. We then have a transparent process by which eligible applicants are allocated homes based on a set of priorities. We aim to meet the current legislation requirements that Registered Social Landlords will "prioritise households on low incomes who would benefit from ownership of the property". All applicants will be treated fairly and equally regardless of disability, sexual orientation, race, religion or ethnic origin. Eligibility for and allocation of shared ownership homes will comply with the Group's Equality and Diversity Policy. The Group has written procedures for applications covered by Section 1 Schedule 1 of the Housing Act 1996 (Employees, Board Members and their close relatives). All such applicants must meet the requirements of our Schedule 1 procedures which include, amongst other things, the Group's eligibility and allocation policies for shared ownership. ELIGIBILITY POLICY is only able to sell to buyers who meet the minimum requirements of our Eligibility Policy. These are that: Applicants must be over 18 years of age. Applicants should not be able to afford housing to meet their reasonable needs and preferences at prevailing market prices. Applicants should have sufficient savings of one form or another to meet the one of costs of buying a shared ownership home and access to capital or a mortgage to fund their share of the purchase. Applicants must satisfactorily demonstrate their ability to afford the total monthly outgoings of both rent and mortgage required under shared ownership. For some future schemes the Eligibility Policy may be extended to include eligibility criteria linked to funding arrangements, planning conditions, property constraints or scheme design. Where such additional criteria apply this will be made clear to applicants when schemes are marketed. The assessment of Applicants against the Eligibility Policy will involve an interview where we collate your information and advise of the process. This will have the two-fold purpose of: Carrying out rigorous vetting to ensure the eligibility of the potential buyer and that the property is affordable; Providing detailed information about how shared ownership works and the responsibilities that are entailed in buying a home. The financial assessment of eligibility will include requests for Evidence of salary and income. Evidence of any children or other people living with the buyer. Proof of savings. Proof of current residency. Detailed credit references. This is to ensure that on the one hand any potential Applicant can afford the property and if necessary secure a mortgage and on the other, that they could not afford to buy on the open market. The Group operates minimum and maximum limits on monthly disposable income (after payment of their mortgage, rent and all other normal monthly outgoings) against which individual Applicants will be assessed. These are at present 100 and 500 respectively, but are reviewed from time to time and from scheme to scheme. Applicants who fall outside these thresholds will be considered at the discretion of the Group. ALLOCATION POLICY We will advertise the availability of new shared ownership homes in advance of their completion and set a date when all application forms will be mailed out. A cut off date for receipt of completed application forms will be given. If at the time demand exceeds supply, (i.e. if there are more applicants who meet the eligibility criteria than there are properties available) reasonable preference between eligible applicants will be given to: a) Applicants who attract the highest banding on the Home Choice Plus waiting lists. b) Applicants with local connections where there are specific aims to attract local applicants. c) Applicants with the ability to proceed quickly, to minimise the cost of standing stock to the Group. d) Applicants whose family size is most appropriate to the accommodation on offer. e) Applicants who are first time buyers If after prioritising in accordance with the above criteria there are still more eligible applicant with equal priority than there are properties then the order of receipt of fully completed application forms, including all supporting information the Group may reasonably request in support of an application, will be used as the tie-breaker assuming all other factors are equal. Where a number of applications in such atie-breaker are received on the same day the successful applications will be selected from them at random by the Housing Needs Manager. Tel: Fax: sharedownershipteam~communityhg.com Website: communityhg.com/sharedownership

4 Lenders who offer Shared Ownership Mortgages LEEDS BUILDING SOCIETY CHESHIRE MORTGAGE CORPORATION Website: Website: Mortgage Advice Hotline: Contact Telephone Number: address: direct mortgagesc~leedsbuildingsociety.co.uk WOOLWICH BUILDING SOCIETY Website: Contact Telephone Number: ECOLOGY BUILDING SOCIETY Website: Contact Telephone Number: Property must be energy efficient with `B' EPC rating as minimum requirement HALIFAX Website: Contact Telephone Number: NATIONWIDE BUILDING SOCIETY Website: Contact Telephone Number: SANTANDER (Previously known as Abbey National) Website: Contact Telephone Number: To apply for a shared ownership mortgage applicants are advised to apply to their nearest branch HOLMESDALE BUILDING SOCIETY Website: Contact Telephone Number: DUDLEY BUILDING SOCIETY Website: Contact Telephone Number: Please check with Dudley BS as they may not accept gifted deposit from vendor This list for potential customers to use for information purposes only and by no means a list of recommended shared ownership lenders by Wyre Forest Community Housing Ltd. Potential purchasers are strongly advised to seek as much independent financial advice prior to proceeding with their application. There maybe other lenders who can offer shared ownership mortgages.

5 SOLICITORS Thursfields Solicitors Prescotts 14 Church Street 4 Church Street Kidderminster Kidderminster Tel: Tel: infoc~thursfields.co.uk dtpc~prescotts-sol.co.uk Talbots Painters 30 Church Street 29 Church Street Kidderminster Kidderminster Tel: Tel: infoc~talbotssolicitors.co.uk infoc~painter-sol.co.uk MFG Solicitors Lumsdon Grindley Carlton House 17 New Street Worcester Street Stourport on Severn Kidderminster Wores Tel: Tel: mailc~mfgsolicitors.com infoc~lumsdonsllp.com Marion Evans Binnion Lindsay-Veal 67 High Street 2 High Street Bewdley Stourport on Severn Tel: Tel: infoc~marion-evans-solicitors.co.uk blvlawc~btinternet.com Alexander & Co D W T Legal Ltd 7 Foregate Street 37 Worcester Street Worcester Kidderminster Tel: Tel: Alexanderco~tiscalli.co.uk kiddc~dwt.co.uk Wyre Forest Community Housing are aware that the Solicitors set out above have previous experience with Shared Ownership transactions, but inclusion of their details on this list in not intended to constitute a recommendation, representation or warranty as to their professional competence. By including a Solicitor on this list Wyre Forest Community Housing is not holding them out as an expert, and is not responsible for the quality of their advice. Purchasers should always make their own enquiries before selecting a solicitor to advise them. It is up to you to satisfy yourself as to the competence of the solicitor of your choice.

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