Wayhome is another home ownership option and is similar to Part-Buy Part-Rent Shared Ownership, but there are some crucial differences. For example, Wayhome allows you to buy more of your home each month without additional fees. We also only buy existing homes and we don't buy brand new properties, which is often the case with a Shared Ownership scheme. When you buy more, your ownership percentage is updated and your monthly rent adjusted accordingly. Wayhome is for both first time buyers and those who've bought before.
Check out our guide to What is Shared Ownership? Got any questions? Check out our FAQs. Wayhome is a trading name of the Unmortgage Group. Customers should ensure they understand what this means before they use the Wayhome product. For full details relating to our regulatory position please see our Regulatory Information Page.
Wayhome Property Management Ltd, a subsidiary of Unmortgage Ltd, is a member of The Property Redress Scheme membership number PRS , which covers activities in relation to the purchase of the home, the setting up and management of tenancy and the management of maintenance of the home. Return to home. What is Part-Buy Part-Rent?
Check out our introduction to Part-Buy Part-Rent homes February 28, Part-Buy Part-Rent is another name for Shared Ownership or Share-to-Buy, an official government affordable housing scheme which gives first time buyers, as well as some other groups, the chance to gain a foothold on the property ladder.
What is the appeal of Shared Ownership? Are there any drawbacks to Shared Ownership? Are you eligible? Are there specific lending criteria? How much deposit do you need? How much should you budget for additional costs? How much rent do you pay? This is only an example, mortgage providers will be able to provide more details about what you can and cannot put down as a deposit.
Part buy part rent properties are leasehold. This means that if you have not bought the property outright the housing association will have first refusal to find a buyer for your part buy part rent home for a nominated period, which is usually 8 weeks.
After this time if a buyer has not been found you can market the property on the open market. This is the same as you would if you were selling a home that you owned. Due to the way the lease is structured for part buy part rent it will mean that the property will be subject to a service charge.
If you cannot see them on the property listings get in touch with the housing associations to find out how much this will be. If you need to find out more about shared ownership leasehold, there are some helpful sites available online.
Take a look at The Leasehold Advisory Service. At the moment, the rent is calculated as being 2. It is worthwhile checking this with the housing association you are dealing with.
So you have decided after purchasing your part buy part rent home you would like to buy a bigger share. This is known as staircasing. You will need to be able to demonstrate how affordable this is. It is very similar process to remortgaging. The difference being is that you will need to get your property valued to work out how much more you are able to buy and get an appropriate mortgage to cover these larger payments.
The criteria may differ depending on which housing association is running the scheme. Firstly, you will need to speak to your housing association to understand what options there are to staircase your home. For example, they may have specific amounts you can staircase at a time.
You will need to pay to get someone round to do a valuation of your part buy part rent property. So, for example, if the value of the property has increased, then it will be more costly to buy a bigger share than it would have been when you decided to part buy part rent it in the first place.
However, the good thing is here that your initial share will be worth more than you paid for it. However, you could buy a bigger share cheaper than you could when you first agreed to part buy part rent.
It is important to bear in mind that you may face other costs to staircase your home. This include legal fees, mortgage arrangement fees as well as additional valuations in the case of valuer disputes or expired valuation reports.
England outside London : Help to Buy. Northern Ireland : Co-ownership. Scotland : Shared ownership. Wales : Shared ownership. Can I part-buy, part-rent any property? What deposit do I need for a shared ownership mortgage? How much is rent on part rent part buy? The rent element of a part-buy, part-rent arrangement varies on the property price and the share you want to buy. Lines are open 8am to 8pm, every day.
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