|
Landmark Housing Association is part of
Family Mosaic.
We build and sell shared ownership properties across London and Essex to people
who would otherwise not be able to afford to buy their own home.
CLICK HERE TO REGISTER FOR SHARED OWNERSHIP
Frequently Asked Questions
What is shared ownership? Shared Ownership means part buy, part rent. You buy a share in the property, normally by getting a mortgage for a percentage of the property's full market value. Shares can start at 25% and range all the way up to 75% of the value of the property. You pay a subsidised rent to the Housing Association on the share that you don't own. Share owners have a lease, which entitles them to live in their home with similar rights and responsibilities to that of a homeowner. Who is eligible for a shared ownership property? You must have Indefinite Leave to Remain in the United Kingdom.
You must not have any recent county court judgements against you.
You will not qualify if you can afford to buy a suitable home on the open market.
The most important criteria is that you must be able to raise the purchase price of the share on offer (usually by mortgage), and be able to afford all the monthly payments.
Existing home owners do not qualify. However, people who have had to sell their home (e.g. following a relationship break-up) will also be considered.
How is eligibility prioritised? Some developments have qualification criteria that are set out by the Government or local authority (council). To qualify for such a development you must meet that criteria in addition to the basic scheme requirements. For instance, certain schemes are restricted to ‘key workers’ or residents of a particular local authority area.
All development criteria can be found by selected the 'MORE' icon to the right of the property listing after you have performed a property search.
How can I register for shared ownership? What happens after I register? After you have registered your details with us you will receive confirmation of your registration within ten working days. You will then begin to receive via e-mail and/or post information on any of our shared ownership schemes developments for which you are eligible, as they become available on the market. Where can I search for Landmark properties? All our shared ownership properties for sale can be found on this website by performing a property search.
Property searches are a fast and simple way to keep you up to date with what developments are on offer and to ensure that you are fully informed as to whether or not you meet the criteria for the development.
How can I view a property? For new developments please contact Yvonne Singh, Marketing Team Sales Negotiator, to arrange a viewing on 020 7089 1305.
To view a re-sale property please contact Emma Adjei, Marketing Team Sales Administrator, on 020 7089 1331. How can I purchase the property after I have viewed it If after you view the property you decide that you would like to purchase you will be required to fill out and submit a reservation form along with a hold fee cheque made out for What happens after I submit an application to purchase? Within 10 working days from receipt of your reservation form and cheque you will receive a call from a member of the Marketing Team to invite you to attend a financial interview.
A financial interview is essential for us to assess the financial and social viability of the applicant. All financial interviews will take place at our offices on Wednesdays between 4 - 7.30pm What do I need to bring for my financial interview? The below list is what you be required to provide at the financial interview.
- passport
- birth certificate/s (as well as for children when applicable)
- marriage certificate (where applicable)
- last 3 months payslips and P60
or
last three years audited accounts if self-employed
- last 3 months bank statements
- rent book or most recent rent statements and the name of the landlord or the individual/organisation that will provide references on behalf of landlord (public or private)
- employers name and address
- proof of savings (either bank statements or savings books)
- proof of registration for council tax (either paying in book or notice for demand)
- details of any HP, bank loans, other loans, credit/store cards etc
- as many as possible of the following;
Driving Licence
Utility Bill (e.g. gas, electricity and/or telephone)
If I pass my financial interview will I definitely be allocated? Applications receiving approval from the financial adviser will be presented to Landmark's
Allocation Panel. The properties will be allocated to those applicants with the highest priority
under our Allocations Policy. Unsuccessful applicants and your reservation details will be kept on a
reserve list for any properties, which may later become available at the development How does the sales process work? Successful applicants will receive a formal offer of the property together with a Memorandum of Sale for completion by the applicant. The letter will detail the terms of the offer and the timescale that you will be required to work to.
You must now instruct your solicitors and complete your mortgage application form immediately on receipt of this offer. If you do not do this then you will not meet the time scale required of you. You must provide a copy of your mortgage application form to the financial adviser for checking if you apply for your mortgage through a different broker or lender. During this time the survey and solicitors searches will also take place.
What is Housing Options? Housing Options is the gateway to all affordable housing in London.
Here you will find all the homes that are available to buy through New Build Home Buy (also referred to as shared ownership), a 'part buy/part rent' opportunity and other affordable housing schemes.
The Housing Options Service has been designed so that anyone looking for an affordable home in London will only need to fill in one application form to gain access to all the different Housing Association listings. Do I have to be registered with Housing Options to buy a Landmark shared ownership property? Yes. You will need to provide your Housing Options registration number as part of your eligibility to purchase under the Landmark Scheme. |