Terms and conditions

Shared Ownership Terms and Conditions

18 July 2022

Shared Ownership
When you buy a shared ownership home you are buying a share of a property and renting the remaining unsold share from Plymouth Community Homes. You will be a shared ownership Leaseholder with a lease term of up to 990 years, depending on how many years are left on the lease when you buy your property.

Repairs and Maintenance
As a shared owner, you are responsible for all maintenance and repairs to your home (internal and structural). Most new build properties will have a period under which the developer will resolve defects, known as a defect period (which is usually 12 or months from when the property is build complete, subject to the warranty provider). Defects are not general wear and tear, or the house settling. A defect is a problem that has arisen as a result of the workmanship used by the builder.

Should you wish to make additions and improvements to your home, you will need the prior written consent of Plymouth Community Homes before carrying any of those works.

Advertisement
Prices of homes are correct at time of advertisement and can be subject to change. Whilst every attempt is made on the accuracy; the following is for guidance only and are subject to change during construction where appropriate:
• floor plans and measurements
• location and site maps
• window and door positions may vary from property to property
• some layouts maybe reversed to the one advertised
• external finishing’s and external door colouring may differ
• CGI images are for illustration purposes only

Significant changes to the property after reservation which substantially alters the size, appearance or value of the home will be notified to you by the sales officer.

Shared Ownership specification
Shared Ownership specification on each scheme is fixed, and non-negotiable. Each scheme specification may differ. For details regarding the current specification on a scheme please speak to a sales officer.

Floor plans
The Floor plan is for illustration purposes only. Measurements, layout of walls, doors, window fittings and appliances are shown are approximate only and cannot be relied upon as the plans are not to scale nor accurate in detail. Window and external door configurations vary on selected properties. Please consult with the sales officer details of your chosen property prior to reservation.

Open market values and rent figures
Open market value and rent figures shown in adverts are correct at the time of print. Service charge figures shown are estimates only and may be subject to revision or change.

Site plan
The scheme layout does not show details of gradients of land, boundary treatments, or landscaping. This is a computer-generated image purely for marketing purposes only and cannot be relied upon for accuracy for the scheme layout, house designs, boundaries, landscaping, roads and footpaths and tenure which are all subject to change as the development progresses. Please consult with the sales officer for details of your chosen property, prior to reservation.

Incentives
We may from time to time offer plots with incentives for example carpets, washing machines, washer/dryers, fridge freezers. These items are not standard items and are offered as incentives at the discretion of Plymouth Community Homes. Any incentives are not transferable and cannot be exchanged.

Rent and Service Charges
The rent charge is calculated upon the advertised share and the open market valuation for the property. Following your affordability assessment, if the share level you purchase increases, the rent will decrease proportionally. The rent charge is reviewed annually in April, in line with your lease. Service charges are reviewed annually in April, and may change during your conveyancing process.

General
The estate plan in the brochure does not show details of gradients of land, boundary treatments, or landscaping. This is a computer-generated image purely for marketing purposes only and cannot be relied upon for accuracy for the scheme layout, house designs, boundaries, landscaping, roads and footpaths and tenure which are all subject to change as the development progresses. Please consult with the sales officer for details of your chosen property, prior to reservation.

Plymouth Community Homes has a policy of continuous improvement and reserves the right to change specification details, designs, floor plans and site plans at any time. Any computer-generated images depict a typical future street scene of the development once completed. These particulars are intended as a guide only and do not constitute any part of an offer or contract. While particulars are prepared in good faith, no responsibility is accepted as to their accuracy or for any other error, omission or mis-statement made by Plymouth Community Homes and the SO Living sales team in their employment or their agents whether in the course of negotiation, in these particulars or otherwise.

Resales
Resale property particulars have been prepared in good faith on behalf of the seller but does not form part of an offer or contract. The property is sold as seen, and buyers must satisfy themselves by inspection or otherwise as to their accuracy. No testing of appliances has been carried out. Lease details should be check prior to ensure their exactness.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT. Credit is secured against your home.

 

07 March 2024

Staircasing Promotion from 8th March 2024 until 30th September 2024

Plymouth Community Homes is promoting staircasing for a time-limited period, where the leaseholder can purchase more shares in their home. 

The offer:

• Buy additional shares between 5% & 20% and we will pay your valuation fee. Shares between 5% and 10% are only available to the new model lease.
• Buy additional shares between 21% & 65% and we will pay your valuation fee and £250 towards your legal fees.
• Buy additional shares and staircase to 100% and we will pay your valuation fee and £500 towards your legal fees.

 

Promotion is only open to existing PCH shared ownership leaseholders, applicants staircasing as part of a resale purchase are not eligible to apply.

The Leaseholder would apply by completing the contact page on www.so-living.co.uk, once applied we will send out a Notice to Staircase Form to complete and return to us.  You will need to pay for RICS valuation fee in advance to PCH this is £450.00.  The valuation fee will be refunded at completion only.  We will instruct the RICS valuer to value your home. 

Once the valuation has been received, we will then send you the Instruction to Staircase form for you to complete and return. This form must be returned to us before midnight 31^st May 2024 with supporting documentation.

We will then instruct solicitors and you will need to legally complete by 5pm on 30th September 2024 to qualify for the promotional offer.  If you cannot complete by this deadline the promotional offer will not apply.  If the delay for completing the sale by this deadline is due to your lease, held with us and confirmed by PCH solicitor, we may consider this an exception, no other reason for the delay will be considered. 

The leaseholder needs to engage with their solicitor to ensure the legal completion deadline can be achieved. 

Prior to the legal completion, we will agree a completion statement for the sum to be paid to us for the share you have purchased, we will then deduct the promotional offer you qualify for from the additional share value due to us. 

For example:

• Property value is £200,000 and you currently own 40%, now valued at £80,000, and you purchase 20% additional shares for £40,000. The income due to us will be £40,000 less the RICS valuation fee of £450.  The sum due to us will be £39,550. 
• Property value is £200,000 and you currently own 40%, now valued at £80,000 and you purchase 30% additional shares for £60,000. The income due to us will be £60,000 less the RICS valuation fee of £450 and the £250 towards your legal fees, total £700. The sum due to us will be £59,300.
• Property value is £200,000 and you currently own 50%, now valued at £100,000 and you purchase 50% additional shares for £100,000, whereby you then own 100%. The income due to us will be £100,000 less the RICS valuation fee of £450 and the £500 towards your legal fees, a total £950.  The sum due to us will be £99,050.