Am I free to carry out home improvements such as knocking down an internal wall to create an open plan kitchen/living area?
Home improvements are welcomed, however, the plans would still have to be approved by the freeholder. This includes changes such as knocking down an internal wall to create an open plan kitchen/living area. With all Hyde’s shared ownership homes, there is an…
Is stamp duty payable on the full market value of the property, or only on the share purchased?
When you buy a share in a property through an approved Shared Ownership scheme you may have to pay Stamp Duty Land Tax. You can find more information of Stamp Duty for Shared Ownership properties on the HM Revenue and Customs website at https://www.gov.uk/guidance/sdlt-shared-ownership-property
No there is no age restriction on eligibility. However, if you require a mortgage you will need to be over 18 years old and mortgage lenders will assess your age in respect of the amount of mortgage years you have available to…
Shared Ownership is a Government-funded scheme that helps people who would not normally be able to afford home ownership to purchase a home of their own. The Shared Ownership scheme is also known as part buy, part rent because purchasers buy a…
Do leases of shared ownership homes vary in length?
Housing Associations may offer leases of varying lengths, therefore, it is always best to enquire of your sales consultant what the terms of the lease are.
I’m thinking of going travelling for 6 months – can I sublet my home while I’m away?
No, you may not sublet unless you are given permission by the Housing Association in question for special circumstances. Shared ownership is a product that benefits from government funds to make homes affordable for those unable to buy on the open market,…
Yes, you can take in a paying guest or lodger, as long as you are still living in the property and do not sign a tenancy agreement. It would make good financial sense, however, to verify through an Independent Financial Advisor IFA…