The simple steps to get on the housing ladder with Your Home are:
Apply and our specialist Your Home team will contact you within 2 working days with a decision in principle and a buying budget - this will detail heylo as a cash buyer for the entire purchase price meaning as a cash buyer you are able to find your ideal property. (The team will also be on hand to fully explain the features of Your Home and the buying process.)
Find an existing home for sale on the open market. As a cash buyer, negotiate and agree the best offer price through the estate agent.
Once your offer has been accepted, immediately contact the Your Home team again confirming property details and share to be purchased and instruct a professional RICS Homebuyer Valuation Report on your behalf. (At this stage you will also need to pay the Your Home product fee which are fixed at £1,200 for freehold properties and £1,800 for leasehold properties with more than 125 years remaining.)
Assuming the valuation report is satisfactory, instruct a solicitor to act for you in the purchase and let the Your Home team know who they are. The Your Home team, on behalf of heylo, will work with you to secure the purchase of the home you have chosen. Just like an outright property purchase a 10% cash deposit of the full property purchase price will be payable by you on exchange to secure your purchase - if you are buying more than a 10% share then the balance of the cash purchase price of your share will be payable on completion. heylo's solicitors will make contact with the solicitors acting for all parties in the transaction. (The Your Home buying process is almost identical to any other house purchase. The only difference is that heylo will acquire the property and then issue you a shared ownership lease confirming your agreed percentage share on the same day of legal completion.)
Once your solicitor and heylo’s solicitor have received all of the documents they need, we will be ready to exchange contracts. You will sign a legally binding agreement to buy the property and we shall sign a contract to sell you your agreed percentage share. At exchange of contracts you will pay the deposit to secure the purchase and a date will be set for sale completion, which is usually one or two weeks after exchange and takes into account any time-scales required by the current owner of the property.
Your purchase will complete and we will send you a welcome pack to describe the on-going management of the Your Home lease.
On the day of purchase the landlord's share (the part you did not buy) must be either 50% or at least £100,000 of unpurchased property value.