Spectrum Housing Group, Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE. Dear Sir/Madam. Shared Ownership

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1 Spectrum Housing Group, Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE Dear Sir/Madam Shared Ownership Thank you for your recent enquiry concerning Shared Ownership accommodation with the Group. As requested, please find enclosed an information pack, along with our application form to complete and return should you wish to register with us. Shared Ownership is a scheme designed to assist first time buyers who are unable to buy on the open market. It is an arrangement that allows a purchaser to buy a share in a property whilst renting the remainder, thus keeping initial outgoings to an affordable level. The purchaser will in addition pay to the Association a monthly rent and service charge on the remaining unsold equity. There is usually the opportunity to buy more shares in the property and in most cases you can own the property outright. If you have any other questions, please do not hesitate to contact us. Yours sincerely Homeownership Team Home Ownership Team Spectrum Housing Group Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE Tel: get.move-in@spectrumhousing.co.uk

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3 Shared Ownership Important information Home Ownership Team Spectrum Housing Group Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE Tel:

4 Thank you for your interest in our Shared Ownership homes and for requesting an application pack. This information sheet gives you details of the following:- An explanation of Shared Ownership A step by step guide to buying a Shared Ownership home Please ensure you read this information carefully, if you have any questions contact the Home Ownership Team and we will happily clarify things for you. What is Shared Ownership? Shared Ownership is an alternative to renting and full ownership. It is particularly suitable for people with a regular income who want to buy their own home but cannot afford to do so. With Shared Ownership you buy a share of a property and the Association owns the remainder, you pay a monthly rent to the Association on the share you do not buy. The total monthly costs of the rent and mortgage are usually lower than the cost of a mortgage needed to buy 100% of the same home. Who can become a Shared Owner? Shared Ownership is designed for those people who want to buy a home of their own, but can t afford to pay the full market price outright. A financial assessment will be carried out to ensure you are able to afford the mortgage required and pay all the bills on a monthly basis i.e. rent, service charge, council tax etc. So who is unable to become a Shared Owner? People who do not qualify are those who would not be able to afford the cost of the rent and mortgage. In addition, you may not be eligible if: You have existing debts of more than 15,000 (excluding student loans or an existing mortgage). You have any unsatisfied County Court Judgements (CCJs). The Association reserves the right to carry out a CCJ check on applicants. You have rent arrears or a poor rent record. Your annual income is in excess of 60,000 per annum. You can afford to buy a suitable property on the open market. Important Note: Existing homeowners that meet the qualifying criteria may apply for Shared Ownership if you are unable to remain in the home that you own, for example because of a relationship breakdown. If you are offered a Shared Ownership home by the time you exchange contracts, you are not permitted to have a financial interest in any other property in the UK or elsewhere. Please ask a member of the Shared Ownership team if you require clarification of this point. How does Shared Ownership work? Shared Owners purchase an agreed % of the property and pay a monthly rent to the Association on the share which they have not bought. For the share you buy, you will normally need a mortgage though you can pay cash for your share if you have it.

5 A step by step guide to buying a Shared Ownership home If you have not done so already, complete an application form and return to us. You will then be assessed for eligibility and be sent details of suitable properties that become available for Shared Ownership sale. If we have any queries regarding your application we will contact you. Seek advice regarding mortgage finance but do not commit yourself to anything at this stage. We can give you details of Independent Financial Advisors (IFA s) that specialise in Shared Ownership mortgages. If you are successfully shortlisted for a new-build property, we will arrange an open day where you can view the properties available and provisionally reserve a home. A presentation will be carried out during the open day, informing you about the Shared Ownership scheme and your responsibilities. In the case of a re-sale property, we will put you in touch with the existing Shared Owner who is selling and advise you of the process if you wish to proceed. If we have over-demand for any particular home we will prioritise in accordance with the Association s Sales and Allocations policy. If you are unsuccessful, your details will be placed on our reserve list and we will let you know if any properties become available. If you are successfully awarded a home, you will need to arrange your mortgage (unless you are a cash purchaser) and instruct a solicitor. We can give you details of solicitors who specialise in Shared Ownership. Upon receipt of your solicitors details we will issue a memo of sale to our solicitors and the legal process will commence. Our appointed solicitors will send yours a contract pack. You should ask your solicitor about the various ways in which Stamp Duty could be paid on the purchase so you can choose the one that suits you best. Once we receive a copy of your mortgage offer we will ask you to sign a contract to buy the property at the agreed price. Contracts are exchanged and a date will be agreed for completion. After contracts are exchanged you are legally bound to buy the property. Before completion, your solicitor will send you a statement showing how much money you have to pay to complete the purchase. This figure will include the house price, Stamp Duty (if applicable), Land Registry Fees and your solicitors fee. You will need to have enough money to pay all these sums to the solicitor, except the house price. Your mortgage lender will pay this direct to your solicitor. And that s basically it! On completion day, your solicitor will hand over the money to complete the transaction. In return he receives the deeds from the Association. These are the documents that prove you own a share of the property and will be passed to your mortgage lender as security for the money they have lent you. We will give you the keys to your new home and you can move in. Any more Questions? If you have any more question please contact the Home Ownership Team on: Tel: get.move-in@spectrumhousing.co.uk

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7 Shared Ownership The information we hold about you Home Ownership Team Spectrum Housing Group Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE Tel:

8 Data Protection - what this means to you The Data Protection Act, which was introduced in 1998, enhances your rights in respect of information held by organisations about you. Spectrum Housing Group takes the privacy and confidentiality of its applicants/residents seriously. This guide sets out the ways in which we handle information about you and your rights. When do we receive information from you? We obtain information when you complete your initial application (or nomination) and at any other time during the course of your residency with us. Any information provided by other agencies may be either requested by us or provided to us without a request. What information do we need? We hold on our computer systems: Your original application form Information which is the subject of letters Personal or telephone attendances as well as legal documents and notices Information including your tenancy / leasehold details Your rent / service charge account and notes of any action that is being taken Examples of the information include: Names, previous addresses, addresses, dates of birth, health conditions, health professional s involvement, financial details, forwarding addresses, details of complaints, any risk to a child or other person, next of kin, ethnicity and your cultural and religious needs, members of your household, relationships, employment, physical disability or health needs, medication being taken, housing benefit and arrears info, bank details, details of other agencies involved, information relating to anti-social behavior, National Insurance number. Who gives us this information? We can receive information about you from a number of sources, which are generally: Directly from you in your application for housing or subsequently during your residency From members of your own household or other representatives From other agencies such as other housing providers; housing benefit departments; health professionals such as GPs; social services or the police, banks and mortgage providers Some of the information we hold may be sensitive which would include any details of any medical conditions, your religious beliefs, criminal matters or the ethnicity of you or your family.

9 Who do we ask for information? Who? What? Housing Benefit Departments Health and Social Care Professionals The Police / Local Authority / Other Housing Providers About any over or under payment or the timing of payments About your medical needs About your compliance with the terms of your residency and any crime / nuisance / anti-social behavior committed during the course of your residency. What do we do with the information about you? To enable us to manage our business and the housing provided, we hold any relevant information given to us. This includes: Assessing applications for Shared Ownership or other affordable housing schemes. Using a points system based on the information you have provided allows us to impartially allocate properties on the basis of greatest need by assessing eligibility / appropriateness of accommodation. Administering your rent / service charge account including arrears enforcement. Responding to any query that you have about your application or residency. To deal with any complaint you may have or made against you. To provide maintenance / repair services. To enable us to provide a service which takes into account any disabilities or other support needs you may have. To ensure that our service is meeting the needs of minority groups and tenants. To enable us to carry out research and statistical analysis. To perform any of our statutory obligations. How will we care for your personal information? We promise: To keep the information we hold about you as secure as is appropriate for the nature of that information and to ensure any other person / agency we give that information to also keeps it secure. Not to hold any excessive information. To keep the information as accurate and up-to-date as possible. Please help us to do this by informing us of any changes. Not to keep any information any longer than is necessary which will generally be for as long as you are a resident with us (or remain on our waiting list) although we will retain information after your residency has ended in order to resolve subsequent queries or issues. To process your information in accordance with the Data Protection Act 1998

10 Who do we share this information with? Who? What? Housing Benefit Departments The rent / service charge that you pay (including how this is calculated), whether we believe you to be living at an address and the dates of your residence, and any other verification information that may be required to prevent benefit fraud. Utilities Your name and dates of the duration of your residency, if you have not supplied this, in order that invoices are correctly directed. The information shared would not include forwarding addresses. Police / Local Authority Any details necessary to reduce crime or disorder, or the fear of crime and disorder. Supporting People Administering Authorities Our Insurer s and their Solicitors Tracing agents and debt collecting services Mailing Houses Solely for the purposes of distributing resident wide letters; newsletters; consultation. ing Houses We may you with details of our products and the mailing company might use servers outside the UK. Payment Card producing companies Research companies Solely to canvas your opinion on the service that the Association provides. Estate Agents / Valuers / Surveyors The Homes and Community Agency Other Housing Providers To check the performance under a tenancy with the Association. For example: details of a breach in residency condition or information relating to special or housing needs, and the reason for leaving the accommodation. Managing Agents and Maintenance Contractors Any Supporting People funding being provided directly or indirectly to you. Including confirmation that you are living at the address, the dates of residency and any other information that would be required for the purposes of preventing fraud. Supporting Partners To provide you, where necessary, with assistance in order to sustain your tenancy. Our Solicitors and the Courts Any details necessary for any enforcement action. Any claim made against the Association. Any details necessary for the purpose of recovering debt or legal enforcement action. Names and addresses of residents solely to produce and distribute payment cards. To assist in the sale of part owned / leasehold property. For the purposes of its regulatory functions/ensuring quality standards of service. In order to provide services on behalf of the Association.

11 Your Rights under Data Protection Act 1998 You may request details of the information that we hold about you and the purposes for which it is held by writing to us at the address below. There is a charge for the provision of this information, which is allowed by the Act, and is currently 10. We will respond to your request within 40 days, unless the fee payable, supplementary information, or verification of your identity is received after your request in which case the 40 days will run from which ever is the last of the above to be received by us. You are entitled by giving us notice in writing to require us to stop or not to begin processing of personal information on the ground that it is causing or is likely to cause substantial damage or distress to you or to another and that damage or distress is or would be unwarranted. This does not apply where you have consented to the processing (for example in the application for accommodation); the processing is necessary for performance of a contract (for example to allow us to perform our obligations under your residency agreement); the processing is necessary for compliance with a legal obligation; or the processing is necessary to protect your vital interests. If you require further information or a copy of our Data Protection Policy, please contact us - Spectrum Housing Group Spectrum House Grange Road Christchurch Dorset BH23 4GE Tel: get.move-in@spectrumhousing.co.uk This leaflet is available in other languages, Braille or large print on request. You are entitled by giving us notice in writing to require us to ensure that no decision is taken by or on behalf of Spectrum Housing Group which significantly affects you, based solely on the automated processing of your information. The contact for any of these requests is: The Data Protection Officer, Spectrum Housing Group, Spectrum House, Grange Road, Christchurch, Dorset, BH23 4GE. If you wish to know more about your rights in respect of protection of personal data, you should write to: Data Protection Commissioner s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF (Tel: ). Who should I contact for more information?