What happens when I find a property I want to buy, part buy or rent?
Visit the developments/properties listed and contact the Principal Strategy Officer - Corporate Policy if you are interested in a particular property but, only when you have checked with the housebuilder, letting agent or other that it is still available. You must not pay for a survey or make a reservation with a housebuilder, letting agent or other without receiving written permission from the Council, subject to a financial assessment and completion of the Council's 'check list' declaration by an independent financial advisor (where applicable).
Some housebuilders, housing associations and estate/letting agents have their own financial advisors who may be able to do this for you. You should ask your financial advisor to carry out an affordability check with you, to make sure that you can afford your mortgage and/or rent payments (if applicable) and future living costs. If you are buying a property, your financial advisor will be able to help you find a mortgage which meets your needs. Once you have chosen a financial advisor to act on your behalf, please make sure they speak to the Principal Strategy Officer - Corporate Policy first, to ensure that they have a full understanding of this scheme.
Please be aware that some financial advisors and mortgage companies charge for their services. In addition, you will have to pay a valuation fee and solicitor fees if you are buying or part buying a property. Your financial advisor and solicitor will be able to give you details of any additional costs.
Once your mortgage company has approved your mortgage application, they will send a valuer to examine the condition of the property to see how much it is worth. You must have a valuation to check that the sale price is correct and to ensure that you are getting the right amount of discount (if applicable). For example, if the property you want to buy under Home Ownership/Discount Market Housing has a 25% discount and is being advertised for sale at £75,000, the full market value of the property should be £100,000. It is your responsibility to check this with the valuer you appoint, your financial advisor and chosen solicitor. You must have the property valued even if you do not need to get a mortgage.
The valuer's report will be sent to your mortgage company and they will let you know if they are prepared to give you a mortgage. You will receive a copy of this report, and you must make sure that the details of your purchase have been correctly identified in the report. For example, if you are buying a property under Home Ownership/Discount Market Housing with a 25% discount off the full market value, you must make sure that your valuation report and subsequent mortgage offer gives a clear explanation of this. Your solicitor will be able to check this for you.
Upon completion of your purchase, you are required to pay the Council an administration fee of 1% of the discounted market value (or 1% of the full market value if shared ownership - where applicable), as a contribution towards the costs associated with the nomination process.
All costs associated with your purchase/rental whether it is completed or not are your responsibility and, we cannot accept any liability.