Homebuy Wales Buyers Guide - Welsh Government
Prynu CartrefCymruHomebuyWalesHomebuy – WalesBuyer’s GuideTEULUwww.gov.wales/homebuy
2Homebuy – Wales Buyers’ GuideWhat is Homebuy – Wales?This booklet is a guide to the Homebuy– Wales scheme. Homebuy – Waleshelps people to buy a home on theopen market. The scheme is operatedby Housing Associations (RegisteredSocial Landlords) throughout Wales butis only available where the Local Authoritydecides that money should be allocatedfor its provision. This guide does not coverall the rules of the scheme but sets outthe main features. For more information,please ask one of the HousingAssociations that operate the schemein your area. You can find out who theyare from your Local Authority.Homebuy – Wales is not intendedfor people who can afford to buy aproperty suited to their needs withoutassistance or those who are adequatelyhoused but wish to move to a moreexpensive location.Where it is available, funding forHomebuy – Wales will be limited,so not everyone who qualifies to obtainassistance will be able to do so. In areaswhere the scheme is in operation,Housing Associations will keep a waitinglist if the demand exceeds the moneyavailable. To see if you qualify to applyfor Homebuy – Wales, please readpages 3 to 6.Before deciding to buy a property,you should take your own independentfinancial advice to get a clear idea ofthe costs and obligations of homeownership.TEULU
February 20183Important – Information on repaying theHomebuy – Wales loanWhen you sell the home that you buythrough the Homebuy – Wales scheme,you have to repay the loan you took fromyour Housing Association.Under the terms of the loan there are nointerest or other credit charges so the loanhas no annual percentage rate (APR).But the amount you will have to repaywhen the loan comes to an end is linkedto the value of your home at the time yousell it. You may have to repay less thanyou borrowed, but it is likely that you willhave to repay more.If you have to repay more than youborrowed, the effect will be similar toa loan under which you pay credit chargesat the rate at which your home hasincreased in value. For example, if yourhome increases in value by 4 per centa year, the sum you will repay will beequivalent to borrowing under a loan withan APR of 4 per cent.If your home reduces in value the amountyou will have to repay under the Homebuy– Wales loan will also reduce. However,the amount you will have to repay yourbank or building society will not reduce.Remember that house prices can godown as well as up.
4Homebuy – Wales Buyers’ GuideHow does Homebuy – Wales work?Homebuy – Wales is funded by theWelsh Government, which has responsibilityfor Housing Associations throughout Wales.If you qualify for the scheme, you willnormally need to contribute 70% ofthe purchase price of a home througha mortgage and/or personal savings;although in certain circumstances youcould contribute as little as 50% of thepurchase price. The housing associationwill lend you the rest.To fund your percentage of the purchaseprice you will need to arrange a mortgagefrom an approved lender. For the purposesof the Homebuy – Wales scheme yourmortgage must be obtained from a buildingsociety, a bank, a friendly society or aninsurance company. Housing Associationswill be able to give detailed definitions ofthese to applicants when they are acceptedonto the scheme. Applicants should,under no circumstances, incur any costsin obtaining a mortgage (for example,for a property valuation) until the lenderoffering to provide the mortgage hasconfirmed that it is one of these types oflender. Mortgage repayments are usuallymade on a monthly basis, with the amountsometimes varying if there are changes ininterest rates.There are no monthly payments on the loanfrom the Housing Association that coversthe remaining percentage of the purchaseprice. Instead, you repay it when you sellyour home. The amount you repay will be theequivalent percentage value of your home atthe time you sell it. If you want to, you mayrepay the loan before you sell, in which casewhat you repay will be based on the value ofyour home when you pay back the loan. It isimportant to remember that the loan must berepaid when you sell the home.If someone who buys through Homebuy –Wales dies and a member of their family ortheir partner is left, they may take ownershipand continue to live in the home. If so,the costs of running the home and keepingup the mortgage repayments will normallytransfer to whoever goes on living in thehome. If not, the home will be sold to repaythe outstanding loan. You may wish to takeout insurance that pays off the mortgage ondeath, although you do not have to.Who qualifies forHomebuy – Wales?To qualify for the scheme, you must firstbe approved (in writing) by a HousingAssociation operating Homebuy – Wales.To find out who runs the scheme in yourarea, contact your Local Authority.In considering your application, the HousingAssociation must use the eligibilityrules currently in place at the time youapply. These are provided by the WelshGovernment. As a guide, you will need tomeet at least the following; requirements: You must be able to show theHousing Association either that youare not adequately housed or thatyou can no longer afford to occupyyour current home. You cannot buy a home suitable for yourneeds without help from Homebuy –Wales. The Housing Association maynot support your application if you couldafford to buy a home without help. You must be able to obtain a mortgage tocover your contribution and have savingsto cover the other costs of buying ahome, such as legal costs. The mortgagemust be from a qualifying lender such
February 2018as a bank, building society or insurancecompany. Other lenders may beacceptable but you need to check firstwith the Housing Association whetherthe lender can provide a mortgage forthe Homebuy – Wales scheme. You must not be in rent arrears, or inbreach of your tenancy agreement, if youare a tenant of a Housing Association orLocal Authority. You must not be receiving HousingBenefit or have received it during the12 months before you apply for theHomebuy – Wales scheme. If you currently own your home orpart-own a property, you can only beconsidered for Homebuy – Wales ifyour Local Authority accepts you arein housing need. If so, you would haveto sell your interest in that home at thesame time as buying a home throughHomebuy – Wales. In rural areas, there will be someinstances where access to the schememay be restricted topeople who meetadditional local residency, or employmentrules that have been agreed with theLocal Authority.In addition, some Housing Associations maymake Homebuy – Wales loans availableto help their tenants buy the dwellingsthey currently rent, in which case the firstrequirement will not apply.Can you buy with someone else?You may buy a home with someone elseprovided your joint income and savingsdo not enable you to buy a home outright.Your Housing Association will take intoaccount your joint incomes when deciding5whether you can afford to buy a homewithout help from Homebuy – Wales.If the person joining you already ownsa home, that property will have to besold at the same time as buying throughHomebuy – Wales. Any likely profit fromthat sale will also be taken into accountin considering the Homebuy – Walesapplication.A joint application will not qualify unless allparties are to jointly own the home. A Deedof Trust providing rights of occupation fora qualifying applicant is unacceptable as analternative to becoming a joint legal owner.No more than four people can jointly buya home through Homebuy – Wales.What kind of property can you buythrough Homebuy – Wales?You may buy a property provided it meetsthe following requirements: it is within any areas designated by therelevant Local Authority the size of the home is suitable for yourcurrent housing needs the purchase price of the home iswithin the published price limits for thescheme. (Price limits vary accordingto family size because the bigger yourfamily, the bigger the house you willneed. Please check with your HousingAssociation which price limits apply inyour case) it is in a reasonable state of repair andimmediately habitable (you will haveto obtain a survey report, such as aHomebuyer’s Survey and ValuationReport – the Housing Association will notneed to see a full structural survey)
6Homebuy – Wales Buyers’ Guide it is for sale with vacant possession(that is, no-one is a tenant there) it will be your sole residence if offered on a leasehold basis(mainly flats) the lease has a remainingterm of at least 60 years.New properties under construction andbeing marketed by developers may beconsidered for the scheme if the sale priceis fixed and exchange of contracts can beachieved within 6 months of the HousingAssociation saying that you can look for ahome (the approval to look for a home mustbe in writing).The following properties do not qualify forthe scheme: property containing any element ofcommercial use caravans, houseboats and othermobile homes properties offered to you at a discount bya Housing Association, Local Authority orother public body property owned or part-owned by yourspouse/partner, family member (parent,grandparent, child, grandchild, brother,sister,uncle, aunt, nephew or niece),or business associate (someone who isyour business partner or fellow director).What happens after you buythrough Homebuy – Wales?When you buy through Homebuy – Wales,you will own the property outright. Like otherhome owners, you will be responsible forall the repairs and maintenance, as wellas making your mortgage repayments andpaying your Council Tax. You will also needto take out buildings insurance, in caseyour home is damaged by fire or a similarhazard. This is a normal requirementwhen getting a mortgage and gives youprotection against losing your home in adisaster. If you buy a flat, the owner of theblock normally takes out the insurance andshares the costs between the owners of theflats. Also, if you buy a flat, you will usuallyhave to pay service charges to covermaintenance costs for common areas ofthe block.The Housing Association needs toprotect its loan. Therefore, the followingconditions apply: You must notify the Housing Associationand obtain its approval to alterations orimprovements you intend making to theproperty, such as building an extensionor altering the layout of the home. If you need to take out further loans forrepair or improvement which have to besecured on the home, you need to getthe consent of the Housing Associationbefore you take out the loan. If you want to sell your home or wish torepay the loan you must ask the HousingAssociation for an independent valuationof your home. This is so that the valuecan be agreed (you will have to pay thevaluation fee).The Housing Association will give you amore detailed list of requirements whenreplying to your application.
February 20187A step-by-step guide to Homebuy – WalesStep 1 – Making an applicationYou first need to get an application formfrom the Housing Association operatingthe scheme in your area. For a list of these,please contact your Local Authority.When you have completed the applicationform, return it to the Housing Association.Please keep a copy of the form foryour records.Do not make any financial or legalcommitment to buy a home at thisstage; otherwise you will not qualifyfor the scheme.Step 2 – Response to yourapplicationThe information you have given on theapplication form will be checked bythe Housing Association. It may askyou for more information, for example,evidence of income or savings.If satisfied with the details you haveprovided, the Housing Association willinform you in writing whether you qualifyfor the scheme.Step 3 – Finding a homeWhen you have been accepted onto thescheme, the Housing Association will sendyou more detailed information on what todo next. You will receive approval to lookfor a home up to a certain price limit andbe told the minimum percentage of thepurchase price that you will have to find.It is important to remember that differentprice limits apply in different areas. If youhave changed your mind over where youwant to live, you will need to check with theHousing Association to see if the price limitstill applies. You can then agree a price(usually through an estate agent) with theperson selling it.Having agreed a price you can then: apply for a mortgage and get the propertysurveyed appoint a legal representative (solicitoror licensed conveyancer) to handle thepurchase on your behalf.The Housing Association should havegiven you guidance notes to pass to yourlender and legal representative about howHomebuy – Wales operates. If you havenot received these, go back to the HousingAssociation.Do not enter any legal agreement to buythe home at this stage as your HousingAssociation needs to approve the homeyou have chosen.As soon as you have received yourmortgage offer and survey (if the home youhave chosen is not new), you will be ableto give details of the home to the HousingAssociation for approval.Step 4 – Approval to enter the legalagreement to buy your homeAs soon as the Housing Association hasagreed your application, you may instructyour legal representative to go ahead.Your legal representative will receive someinstructions from the Housing Associationabout the timetable of the purchase andwhat they are required to do.When your legal representative hascompleted the necessary checks, you willbe told when you can sign the legalagreement to buy. After this, your legal
8Homebuy – Wales Buyers’ Guiderepresentative will tell the HousingAssociation, which will then arrange to paythe agreed percentage of the purchaseprice to your legal representative ready forcompleting the sale.Step 5 – Selling your homeor repaying the loanIn the future, you may wish to sell yourhome or repay the loan. When you do,you will need to inform the HousingAssociation who gave you the Homebuy –Wales loan. They will then get a valuationin order to agree the loan repaymentamount. The amount you repay is basedon the market value of your home at thetime you want to sell or repay the loan.For example, if your loan was 30% of thevalue of your home, you will be requiredto repay 30% of the market value of yourhome at the time you make the repayment.The valuation will not include improvementsyou have made to your home which theregistered social landlord gave you writtenconsent to carry out. You will be responsiblefor paying the valuation fee.
February 20189The cost of buying your own homeIt is important to consider the costs andresponsibilities of buying your own homebefore making a decision to go ahead. Youshould take your own independent advicebefore making any commitment. Here is alist of some of the costs you have to pay for.1. Survey and legal costsYou will be responsible for your ownlegal costs and the costs of getting amortgage for your contribution to thepurchase price of the home. Whenarranging a mortgage, you will normallyhave to pay the lender a fee.You will need to get a survey of thecondition of the home (if it is not new)and this cost will be in addition to themortgage fee. The Housing Associationwill not require you to get a fullstructural survey.2. Stamp dutyStamp duty is a tax you may have topay if the home you buy is above acertain price. Your legal representativewill inform you about any stamp duty.3. Land RegistryWhen you buy a home, your legalrepresentative has to arrange for itsdetails to be registered at a governmentoffice, the Land Registry. You will needto pay a fee for the registration (yourlegal representative will tell you howmuch).4. Mortgage repaymentsFor your contribution towards thepurchase price, you will normallyneed to take out a mortgage. Mostmortgages require you to repay theloan by monthly payments, which mayincrease or decrease if interest rateschange. The amount you can affordto borrow will depend on your incomeand savings. An independent financialadviser will be able to explain the costsof different types of mortgage.5. Mortgage payment protectioninsuranceIf at any time you become unableto meet your mortgage repaymentsbecause you lose your income through,for example, unemployment or illhealth, your home may be repossessedby the mortgage lender.Help with mortgage repayments isavailable through the State benefitssystem but this assistance is limitedand you are unlikely to receive any helpwith your repayments for the first ninemonths of your claim. Depending on thesize of your mortgage any benefit paidwill help with your mortgage interestbut not with other expenses on yourmortgage or insurance.When you arrange your mortgage youshould consider whether you wouldbenefit from the security providedby Mortgage Payment ProtectionInsurance (MPPI). There are manysuch policies available and their termsand conditions vary considerably.You should seek advice from yourlender and/or an independent financialadviser to find out whether MPPI will
10Homebuy – Wales Buyers’ Guidebe of benefit to you and to decide on apolicy that will suit your needs and giveyou the cover you require.6. InsuranceYou will have to insure your homein case your property is damaged ordestroyed by fire or similar disaster.This is called Buildings Insurance. Aswell as insuring the building, you maywish to insure your belongings andfurniture. You should take your ownindependent financial advice beforemaking any commitment.7. Service chargesIf you buy a flat or maisonette, you willhave to contribute towards the upkeepof the building. The person who ownsthe block of flats (called the freeholder/landlord) will be responsible forrepairing and maintaining the outsideof the building and any common parts.The costs of work will be listed in aservice charge, which each flat ownerhas to contribute to.8. RepairsWhen you buy a home of your own, youhave to pay for all repairs needed tothe property.9. ServicesYou will need to pay for gas, electricityand water supplied to your home. Youwill also be responsible for payingCouncil Tax.Further information on the costs ofrunning a home that you own canbe found in a number of consumermagazines or books.Where to go for further adviceIf you have questions about the scheme,you should contact your local HousingAssociation. Your mortgage lender andlegal representative can advise generally onbuying a home, and independent financialadvisers can tell you about the differenttypes of mortgage and insurance productson the market.
February 2018Further copiesFurther copies of this booklet are available from:Homebuy – WalesHousing DirectorateWelsh GovernmentRhydycar Business ParkMerthyr TydfilCF48 1UZwww.gov.wales/homebuyE-mail: HousingSupply@gov.walesPlease contact us if you would like a copy of this document inlarge type or Braille.Mae’r ddogfen yma hefyd ar gael yn Gymraeg.This document is also available in Welsh. Crown copyright 2018WG33786Digital ISBN 978 1 78903 575 911
a loan under which you pay credit charges at the rate at which your home has increased in value. For example, if your home increases in value by 4 per cent a year, the sum you will repay will be equivalent to borrowing under a loan with an APR of 4 per cent. If your home reduces in value the amount you will have to repay under the Homebuy .
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