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Frequently asked questions

Please choose from the following Question and Answer Sections below:

General FAQ's
Intermediate Rent
New Build HomeBuy
Social HomeBuy
HomeBuy Direct
Rent to HomeBuy
HOLD

If your questions is not answered here, please contact our support team directly.

MyChoice HomeBuy
   
Question & Answers Who can apply for MyChoice HomeBuy?
   
 

All First Time Buyers below a gross household income maximum of £60,000 per annum, who cannot afford to purchase a property suitable for their housing needs.  
Priority will be given to:

  • Social rented tenants of Local Authorities and Housing Associations
  • Public sector key workers
  • Other First Time Buyers

In certain circumstances current or previous home owners may also be considered e.g. applicants going through relationship split who are still unable to afford a property suitable for their housing needs


 
Question & Answers Do I need a deposit?
 

You may apply for this scheme whether or not you have a deposit.  However we estimate you will need about £3,500 to cover legal fees, mortgage fees, stamp duty and other costs associated with buying and moving into a property, and these costs cannot be added onto your mortgage.

 
Question & Answers What kind of property can I buy?
 

You choose a suitable property (probably through an estate agent or developer) of traditional construction, on the open market.  You may choose 1 bedroom more than your current need if it is an affordable and sustainable option for you.

 
Question & Answers Are there any types of properties I cannot buy?
 
  • Mobile homes of any sort e.g. houseboats, caravans etc.
  • Properties brought at Auctions
  • Properties that need more than £5,000 spent on defects to bring them up to standard
  • Commercial properties
  • Leasehold properties with less than 55 years on the lease

If in doubt, please check with Lea Valley Homes

 
Question & Answers Can I make alterations / adaptions to my property in the future?
 

You must have your HomeBuy Agent’s permission in writing before you make alterations to your property.  However, the HomeBuy Agent cannot withhold permission unreasonably.


 
Question & Answers Can i reduct my equity loan or buy my home outright in the future?
 

You can pay back all or part of your equity loan after one year of owning your home. The minimum percentage you may pay back is 10% and your home will be valued by an independent surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS). If you decide to proceed, it will be at a price based on the valuation at that time. The monthly charge that you pay will be reduced proportionately - to zero in the event that you pay back your loan completely.

 
Question & Answers How much equity loan will i get?
  You will need to obtain a mortgage through an independent financial advisor, bank or building society. When the property you choose is approved by us, you pay a percentage of the purchase price with a mortgage and any savings or deposit you may have. (In certain circumstances you may keep up to £10,000 of your savings / equity.) We will give you an equity loan to cover the remainder of the purchase price between 15% and 50% of the property value, (up to a maximum of £140,000 for family size properties) dependant on your household income, family size and property values in the area where you live or work. The loan is redeemed in full when the property is sold at the current market value.
 
Question & Answers How much will the equity loan cost me?
 

There is a low monthly interest charge on the loan of up to 1.75% p.a. reviewed annually.

 
Question & Answers Who is responsible for Repairs and Maintenance?
 

It will be your responsibility to repair and maintain your home, along with paying all bills including amenities, council tax and buildings insurance.

 
Question & Answers When I sell my home, how much do I have to pay back?
 

The loan you receive through the MyChoiceHomeBuy scheme represents a percentage of the purchase value of your property.  If you have not paid off any of the original loan when you sell, you will repay the same percentage based on the property’s value at the time of sale. In certain circumstances, you can transfer your loan to another property but you must have the prior approval of your equity loan provider.

 
Question & Answers If I need to move home, do I have to repay the loan?
 

There are certain circumstances where key workers are allowed to transfer their loan to another property. However, in general this is not allowed and you will have to repay your loan if you wish to move. Please contact Lea Valley Homes for advice.

 
Aldwyck © 2007
Lea Valley Housing
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Lea Valley Homes is a division of Aldwyck Housing Group,
6 Houghton Hall Business Park, Porz Avenue, Houghton Regis, Beds, LU5 5UZ
Tel: 01582 869440