Your Questions
- Who pays for extras in a new build property?
- With Co-Ownership there are 2 payments every month - mortgage and rent. How can this be cheaper than making a single monthly mortgage payment?
- The valuation report on my property has raised some queries or recommended further investigations. What should I do?
- What are the fees that accompany the application form?
- How soon after I apply to purchase a property will I hear from Co-Ownership?
- My parents would like to be guarantors and help me to pay for the property - can they do this?
- Is there any further advice you can give me?
Who pays for extras in a new build property?
The Co-Ownership purchaser does. We agree to pay for the basic property, including any PC sums.With Co-Ownership there are 2 payments every month - mortgage and rent. How can this be cheaper than making a single monthly mortgage payment?
Because with Co-Ownership the mortgage payment is much less, and the rent is an affordable one. So when the 2 amounts are combined, the total is less than a single large mortgage payment. Our home buyer's calculator compares the cost of buying a property without Co-Ownership and buying with Co-Ownership.The valuation report on my property has raised some queries or recommended further investigations. What should I do?
The valuer's role is to comment on the condition of the property generally and to value it for mortgage purposes. As part of those comments there may be queries about specific aspects of the property or recommendations for further investigation by a specialist. Where this happens we recommend that you get each queried item checked out to your satisfaction by an appropriate professional before you go any further. For instance, if the report recommends a specialist report on the central heating boiler, then get the boiler inspected by a qualified heating engineer.
What are the fees that accompany the application form?
There are 2 parts to the fees sent in with your application. There is a legal package fee of £210 and a valuation fee of £40. This makes a total payable of £250. For more information on fees, please check out our information leaflet for applicants in the Publications area.
How soon after I apply to purchase a property will I hear from Co-Ownership?
You will hear from us several times.
The most important thing is to make sure that your application form is fully completed and that you send in all the evidence required (eg, payslips, landlord and employer's forms). Incomplete applications will be returned and you will be asked to make a new application.
We will write to acknowledge receipt of your application and let you know what is happening in your case.
My parents would like to be guarantors and help me to pay for the property - can they do this?
You will be purchasing the property in your own name and signing legal documents in the same way. Unfortunately, we cannot accept a guarantor in this situation. However, if your parents can make you a cash gift you could then use the money as a deposit on the property.Is there any further advice you can give me?
We do not give financial, taxation or legal advice. If you need advice, you must consult your own professional adviser.
