Information On Buying A Home

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1 Gateway To Affordable Housing NEW SUPPLY SHARED EQUITY Information On Buying A Home ALL YOU NEED TO KNOW ABOUT NEW SUPPLY SHARED EQUITY

2 The Association is delighted to announce the sale of 32 properties within our Greenlaw Estate at Newton Mearns under the New Supply Shared Equity Scheme (NSSE) also known as Low-Cost Initiative for First Time Buyers (LIFT). What is a new supply shared equity? Shared Equity is a Scottish Government Initiative aimed at making owner occupation more affordable to first time buyers. The Scottish Government has given Arklet Housing Association a grant which has helped us build 32 new homes for sale in the Newton Mearns area. This means that when you buy a home from Arklet (who are operating on behalf of the Scottish Government), we will share the cost of the property with you. Shared Equity owners buy full Title to their property but only at a share of between 60%-80% of the full price. No rent is paid to the Housing Association for the part which is not owned. The equity in the property is shared between the owner and the Scottish Government which means that when the property is sold on, all receipts are split between the owner and the Government in proportion to their equity stake. If for example, you buy a 60% equity share, when you decide to sell on the open market, you will only be entitled to 60% of the price at which it was sold. The equity share that you purchase will normally be determined by the maximum affordable mortgage that you can obtain plus any personal contributions that you are able to make. Prospective purchasers should note that the property cannot at any stage be bought outright; the maximum equity stake you can purchase is 80%. The New Supply Shared Equity Scheme aims to help people on low incomes who wish to own their home but who cannot afford to pay the full price for a house. It is part of a range of assistance from the Scottish Government under its Low-cost Initiative for First Time Buyers, LIFT. Who is Eligible? There are very clear guidelines as to who is eligible to apply for NSSE. Please note the criteria is as follows: Our New Supply Shared Equity scheme is for first time buyers on low to moderate incomes. In partnership with the Scottish Government and East Renfrewshire Council it has been agreed that applications will be prioritized in the following order: Group 1 - First time buyers: tenants of East Renfrewshire Council, tenants of Arklet Housing Association plus tenants of other Registered Social Landlords (RSL s) operating within the East Renfrewshire Local Authority area. First time buyers: people in the Armed Forces or veterans, widows, widowers and other partners of service personnel.

3 Group 2 - Group 3 - First time buyers: any other first time buyers. e.g people living in private rented housing or with relatives. Non First time buyers: people with a significant change in their household circumstances or people from the ambulant disabled category (the Association has 3 ground floor apartments suitable for this client group). In the event that there is an excess of applications, then the applicants connections to the local area will be taken into consideration. How much of a stake can I buy? Your stake will be between 60% and 80%; this will be determined by the Association following a means test. The maximum stake you can take is 80%. The scheme does not allow you to reduce your percentage in the future. The Scottish Government will retain a 20% stake in the property and this is known as a Golden Share. You will not be able to buy the property outright; the maximum you can buy is up to 80%. Each applicant will be assessed on an individual basis (means tested). Where an owner s initial stake is less than the maximum allowable 80% then they must wait a minimum period of two years after the initial purchase before they can increase their equity stake in a property to 80%. Example An example of where a shared equity owner increases their equity stake and there is a Golden Share Jane bought a flat from a registered social landlord and took a 60% equity stake. The flat is in an area where house prices are high and there are few opportunities for building more affordable homes. Before she bought the property she was informed that the Scottish Government had the legal right to retain a 20% golden share in the property. Her financial situation has improved since she bought the flat and she would like to increase her stake in the property. As it is more than two years since she purchased her home she is able to increase the stake. She must increase her stake to 80% but because of the golden share she cannot raise it above this level. After taking independent financial advice she decides to raise the stake to 80%. What happens when I want to sell my shared equity property? Example: If, for example, you have an 80% stake in your property when you want to move, then you will receive 80% of the current selling price when it is sold. The Scottish Government will receive the remaining 20%. The percentage you receive is not affected by changes in the value of your

4 property over time. In this example, if the value of your house increases, you will benefit from 80% of the increase. The other 20% of the increase will go to the Scottish Government. Similarly, you should note that the same theory applies should the value of your property decrease at the point of re-sale. Example An example of when the value of your property increases Initial property value 100,000 Your stake 80% 80,000 Scottish Government s stake 20% 20,000 Sale price 140,000 You receive 80% 112,000 Scottish Government receives 20% 28,000 In this example, the value of your stake has increased from 80,000 to 112,000 The next example shows what happens if the value of your property decreases Initial property value 100,000 Your stake 80% 80,000 Scottish Government s stake 20% 20,000 Sale price 90,000 You receive 80% 72,000 Scottish Government receives 20% 18,000 In this example, the property value has fallen by 10,000. You have an 80% stake and make a loss of 8,000 (80% of 10,000) The Development at Newton Mearns: The development comprises a mix of shared equity properties and rented properties and offers a range of housing from 2 apartment flats to 4 apartment houses for sale on a shared equity basis. The table below provides details of the properties available for sale on a shared equity basis. PROPERTY TYPE SHARED EQUITY 2 person 2 apartment (1 bedroom) GROUND FLOOR FLAT (General Needs) 2 2 person 2 apartment (1 bedroom) 1ST FLOOR FLAT (General Needs) 2 2 person 2 apartment (1 bedroom) 2ND FLOOR FLAT (General Needs) 2 3 person 3 apartment (2 bedroom) GROUND FLOOR FLAT (General Needs) 3 3 person 3 apartment (2 bedroom) GROUND FLOOR FLAT (Ambulant Disabled) 3 3 person 3 apartment (2 bedroom) 1ST FLOOR FLAT (General Needs) 6 3 person 3 apartment (2 bedroom) 2ND FLOOR FLAT (General Needs) 6 4 person 3 apartment (2 bedroom) MID TERRACE HOUSE (General Needs) 4 5 person 4 apartment (3 bedroom) END TERRACE HOUSE (General Needs) 4 TOTAL PROPERTIES FOR SALE 32

5 Please refer to the separate brochure on Property Information and Selling Prices for further details. How will I know if I am eligible? The property that you buy must be your only and principal home. Although it should be suitable for your current housing needs, you can if you wish buy a home that is a little larger than your current requirements. You will be able to purchase a property two bed spaces more than the number of people in your household. For example, a couple would be eligible to buy a house with two double bedrooms, or a double and two single bedrooms. As the New Supply Shared Equity scheme is aimed at low income households, we will assess your application to see whether or not you qualify. To allow this to happen, a form of means testing will be carried out. You will need to demonstrate that you cannot buy a house suitable for your needs without assistance from the New Supply Shared Equity scheme. The amount that you contribute must be the maximum mortgage you can reasonably obtain. The overall amount must be enough to pay for your stake and cover all the costs of buying a home, such as your legal fees, survey fees and where applicable, stamp duty. The stake that you hold will be determined by the maximum mortgage that you can obtain and afford plus any personal contributions that you are able to make towards the purchase. For example, if a property is valued at 100,000 and you can afford to contribute 70,000 (the maximum mortgage that you can raise plus any personal contribution), you would hold a 70% stake in your home. When you apply to buy a house, you will have to state all your sources of income including: gross earnings, per single person or couple, as appropriate; any other income, comprising, sickness benefit, unemployment benefit, bank interest, superannuation or pensions from previous employment, working families tax credit, widow s pension and shareholder s profits; and personal contributions. Personal contributions may include, for example, savings and gifts. The definition of savings that we use includes: cash; Premium Bonds; stocks and shares; unit trusts; bank or building society accounts and fixed-term investments; the surrender value of any endowment policies; property; redundancy payments; and pension lump sum payments. You may keep 5,000 of any personal contribution you can make. Above this amount, 90% of the balance will be treated as a contribution towards the cost of buying your home. Given the complexity of this, the Association strongly advises that you consult an Independent Financial Advisor before making any application. Arklet Housing Association will then require assessing your application in order to:-

6 Verify your household income Assess whether you can afford all the cost of ownership of at least 60% of the value of the property you are interested in Assess whether you could afford to buy a similar property in the area without any assistance through the shared equity scheme Calculate the share of the equity (60%-80%) you can reasonably afford to buy Example: An example of how the New Supply Shared Equity scheme works Ian is single and has seen New Supply Shared Equity properties advertised in the area where he would like to live and thinks that he might be eligible for the scheme. The properties are valued at 100,000 each. He works full-time and earns a salary of 21,000. Ian has 8,000 saved towards the cost of buying a property. He may keep 5,000 and must contribute 90% of the 3,000 balance. Therefore he can make a contribution of 2,700. The maximum mortgage that Ian can secure is 63,000. This sum, together with his savings of 2,700, means that Ian can contribute 65,700 towards the purchase of a property. After the property has been bought, Ian has a 65.70% equity stake in it. The Scottish Government holds the remaining stake of 34.30%. How do I go about getting a mortgage? Arranging a mortgage is your own responsibility and we would strongly recommend that you take independent financial and legal advice before entering into any mortgage agreement. We cannot recommend any financial institution. Please note that some banks and building societies will not lend to purchasers acquiring shared equity properties. For your guidance we would advise that at the point of publication of this document, the following lenders have indicated that they are willing to consider applications for a mortgage to buy on a shared equity property. MORTGAGE LENDER ADDRESS POST CODE TEL. NO. Bank of Scotland a Fenwick Road, Giffnock, Glasgow G46 6XF Clydesdale Bank 1 Fenwick Road, Glasgow G46 6AU Clydesdale Bank 227 Fenwick Road, Glasgow G46 6JG The Royal Bank of 158a Fenwick Road, Giffnock, Glasgow G46 6XB Scotland Please note that you may be required to pay a 5% (not borrowed) deposit. Please note there may be other lenders on the market who are willing to offer mortgages on a Shared Equity property the above list is not exhaustive.

7 What responsibilities does a shared equity owner have? When you purchase through the New Supply Shared Equity scheme you will hold full Title to the property. Like other home owners you will be responsible for all maintenance, insurance and repair costs, as well as making your mortgage repayments and paying Council Tax to your Local Authority. You are responsible for keeping your property in a good state of repair. If the property has common and shared areas (flats for example) you will be responsible for paying any common maintenance or service charges to Arklet as your Factor. You will need to take these costs into account when assessing whether you can afford to buy a property. You should seek independent financial and legal advice on the responsibilities that come with being a home owner both generally and in relation to any particular property you select. You are only allowed to let or sub-let your property with the Scottish Government s prior written consent. If you are given permission to let your property you will only be able to do this for a limited period of time. This is because you are expected to live in the property as your only home. You must therefore receive written consent agreeing the start and finish dates for the period of letting. If written consent is not in place you must NOT let out your home. How do I apply? You should complete the application form sent with this brochure and return to Arklet Housing Association Ltd. We will assess your application and will write to you to tell you whether or not you are eligible to buy a property. If you are eligible we will invite you to call at the office to discuss the next step. Applications will be assessed based on the date and time the application is received with all appropriate information. All applications will be sorted into priority groups as agreed with the Scottish Government and East Renfrewshire Council.

8 What you need to consider and ask yourself before applying: Do I meet the criteria? Can I get a mortgage? Have I sought independent legal financial advice (remember if you fail to keep up payments with your mortgage the building society or bank can start repossession proceedings) Have I got all the appropriate evidence to accompany my application (forms will only be taken and assessed once all appropriate information is received). If your application is received without the required supporting documentation it will be returned to you without logging. It will only be logged (date and time stamped) and considered once all information is received. Have you appointed a solicitor to oversee the sale and please note you will be responsible for all costs associated with their appointment. Your solicitor will work with the Association s solicitor to conclude the sale. You will have factoring charges to pay Arklet Housing Association, details of which are illustrated in the separate brochure on Property Information and Selling Prices. Buying a home is a big step for anyone and the Association will do everything possible to assist you and give you advice and information. Please contact us if you have any questions which may not have been answered in this Information Brochure. ARKLET HOUSING ASSOCIATION LTD BARRLAND COURT, BARRLAND DRIVE, GIFFNOCK, G46 7QD TEL: Further details of the Scottish Government Low-cost Initiative for First Time Buyers can be found on their website:

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