1. This offer cannot be used in conjunction with any other Barratt Homes offer.
2. This offer is available on selected developments and plots only, subject to status, eligibility and availability. This offer is for a shared ownership lease of the selected property. Your Landlord under the shared ownership lease will be Heylo Housing Registered Provider Limited (“Heylo”).
3. The shared ownership lease will be granted to you by Heylo for a term of 999 years less 6 days from the completion date, for use as a single private residence for use by a single household. Your solicitor/conveyancer will need to explain to you how the shared ownership lease terms (which you must be comply with) will regulate or limit your use and occupation of the property during the Term and/or require the Landlord’s prior written consent (for which a fee may need to be paid), but these could include (but are not limited to):
whether pets/animals (if any) can be kept at the property;
whether you or not you can make home improvements;
whether or not you can take in lodgers or sub-let the property;
who is responsible for repairing and insuring the property;
how and when you can buy further shares in the property (“Staircasing”), how the relevant price will be calculated and the associated costs and fees that will apply;
the process to follow if selling or re-mortgaging the property before final Staircasing, is exercised, and the associated costs and fees that will apply.
4. Under the terms of the shared ownership Lease, you will be responsible for certain payments including (but not limited to) Rent, Lease Management Fee, Insurance, Outgoings, maintenance and repair costs of communal facilities, and anything payable under the transfer to Heylo (including estate management charges).
Under the terms of the shared ownership lease Heylo as your Landlord is required to take out buildings insurance but you must cover the cost of this, as an owner-occupier of the property. This is the buildings insurance charge which is paid to Heylo or their managing partner under the shared ownership lease terms. You will be responsible for taking out your own contents insurance at legal completion.
Any payments due under the terms of the shared ownership lease will be subject to annual review/increases in accordance with the terms of the shared ownership lease. Details of the current anticipated charges and costs are outlined in the "Summary of Costs" key information document that will be supplied by Heylo to you and are also explained in Heylo’s Shared Ownership Key Facts Sheet that will be provided to you at or before reservation stage. Your solicitor/conveyancer will need to explain to you all the payments you are responsible for under the terms of the shared ownership lease with Heylo (including what they relate to and how they may be reviewed/increased), for the shared ownership home that you choose.
5. You will be required to attend a financial assessment with an independent Financial Adviser and provide to them all requested documents/information needed in order for them to complete the assessment. This assessment is to check whether you are eligible and qualify for the Home Reach scheme and what share of your new property you can afford. Following qualification, you are free to use a Financial Adviser / Mortgage Adviser of your choice.
6. As you will be purchasing the property on a shared ownership basis, you must meet all of Heylo’s shared ownership eligibility criteria, which shall include (but are not limited to):
a. You must be at least 18 years old.
b. Your annual household income must be less than £80,000 (£90,000 within London).
c. You cannot own another property. Shared ownership purchasers are often first time buyers but if you do already own another property (either in the UK or abroad), you must be in the process of selling it.
d. You should not be able to afford to buy a property suitable for your housing needs on the open market.
e. You must show you are not in mortgage or rent arrears.
f. You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a property.
Further eligibility criteria may also apply.
7. Please note that you will be paying a monthly mortgage payment, the specified rent, together with any other payments as set out in the shared ownership lease. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please ensure you can afford all payments before you enter into the contract to purchase the Property.
8. We recommend that you appoint and speak to a solicitor who specialises in shared ownership schemes and seek advice from your own Mortgage Adviser.
9. The details of this scheme that are available on our website are correct at the date of going live, but may be subject to change. The details do not form any part of the contract or agreement.
10. Neither Barratt Homes nor Heylo will be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee.
11. Please note that BDW Trading Limited has been appointed by Heylo to act as its sales and marketing agent in both the marketing of these selected Home Reach plots on selected developments for and on behalf of Heylo and in arranging the initial sales on a shared ownership basis collecting monies and providing ancillary services in relation to these Home Reach scheme shared ownership plots for and on behalf of Heylo.
12. These terms and conditions do not affect your statutory rights.
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