Do I have to buy a share of my home?

No, you can remain as a tenant.

What does 'subsidised rent' mean?

It means your rent is calculated to be 80% of the rental value of similar homes in your area. L&Q receives funding from the Regulator of Social Housing to ensure that rent remains below similar homes from private landlords.

Does it matter how much I earn?

IYour household income must be £64,300 or less. You are not eligible for Shared Ownership if your household income is above this. If your income is above this and you still wish to purchase the home, you may be able to do so outright. You will still benefit from the 5% discount

If I want to buy part of my home, how will I finance it?

You’ll need to get a mortgage from one of the high street lenders. We’ll arrange for you to get expert advice from an independent financial adviser.

What does '5% equity free' mean?

If you have been renting your home for six months or more and you go on to buy a share, we’ll give you 5% of the home for free.

What if I want to buy more of my home?

This is called 'staircasing'. This is when you gradually increase the share of your home that you own. You can do this whenever you choose and up to 100%.

What if I rent a home and then want to move out?

After the first six months you can move out whenever you choose with four weeks notice ending on a Monday.

What if I own part of my home and want to move out?

You can sell either the part of your home you own and the new owner will rent the remainder from us or sell it as a whole.

Can I sublet my home?

No. These homes are not available for buy to let and it will be a condition of the tenancy agreement that you are not allowed to sublet. These homes are designed to help people get on the property ladder.

What do I do if I'm interested?

What are the next steps in buying my UpToYou Home?

1. You will need to contact us to inform us that you would like to purchase your property
2. L&Q will carry out market research to see if the property value is above or equal to the reserve price that was provided to you in the Purchase Options letter when you moved into the home
3. We will contact you to inform you of the outcome, if you would like to proceed we ask for you to update your First Steps application form so that we can carry out an initial affordability assessment
4. If you seem affordable, we will ask for you to have a telephone financial interview with one of the Independent Financial Advisors on our panel.   They will assess your income, savings and loans to see whether it is likely for you to obtain a mortgage for the purchase
5. If you are affordable, we will instruct an independent RICs surveyor to visit your home and carry out a standard valuation to determine the current market value of the home
6. On receipt of the valuation, L&Q will ensure that the value is above the reserve price.  Please note, if the value is below the reserve price, you will be unable to proceed with buying the home at this time
7. If the value is equal to or above the reserve price, L&Q will carry out a further financial assessment to ensure that you are still affordable to purchase the home
8. Subject to you being deemed as affordable, we will make a verbal offer to you and should you accept the offer, we will carry out an Anti Money Laundering check. Please note that this is a legal requirement
9. Subject to you passing the Anti Money Laundering check, we ask that you meet with the Independent Financial Advisor (IFA) for them to ensure that you can obtain a mortgage and keep up with the monthly mortgage, rent and service charge payments.  Please note that this interview is compulsory and you must meet face to face with the IFA
10. You should be able to complete a mortgage application during the financial interview
11. Following a successful financial interview,  your mortgage application can be submitted to the mortgage lender (the IFA can do this for you) and you must instruct a solicitor to act on your behalf for your purchase.  We have a panel of solicitors for you to choose from who all have extensive experience in intermediate housing and offer preferred rates to L&Q purchasers
12. The sale will progress with solicitors
13. Upon receipt of a satisfactory mortgage offer, L&Q will pass to their solicitors for approval
14. When your solicitor is satisfied with the information they have been provided with, an exchange and completion date can be discussed and agreed. Exchange of contracts is when the purchase is legally binding; you are then unable to withdraw from the purchase and L&Q are also unable to withdraw you or pull out
15. Contracts will be signed and exchanged between solicitors. At this point, a completion date will be set
16. Completion will now take place and you become the new Shared Owner

What happens if the property price is less than the reserve price?

If the property price is less than the reserve price, we are unable to sell you the home at this time. We would however reassess the market conditions in the next six months to see if values have risen.

What happens if I disagree with the valuation amount?

L&Q will cover the cost for the initial valuation, however if you disagree with the value, you're able to challenge this and provide comparable evidence justifying a lower or higher valuation for us to discuss with the surveyor. Please note that this may not mean that the value will change, but we will assess on a case-by-case basis with the qualified surveyor. Alternatively, you can pay for your own independent survey subject to the surveyor meeting our survey requirements which means being qualified by the Royal Institute of Chartered Surveyors (RICs).

If I am accepted, what will my responsibilities be?

As you will now be a Shared Owner, you will have the same responsibilities as a home owner. As a Shared Owner you will become a leaseholder and the terms of your lease will be explained by your legal representation (solicitor) during the Conveyancing process. The lease determines L&Q’s responsibilities to you and your responsibilities to L&Q.

Will I need a deposit in addition to the 5% incentive from L&Q?

Most mortgage lenders will require a deposit from you in addition to the 5% discount provided by L&Q. The Independent Financial Advisor will advise of this during the financial interview as it could differ between lenders.