Kickstart

1. This offer cannot be used in conjunction with any other Barratt Homes offer

 

2. This offer is available on selected developments and plots only, subject to status, eligibility and availability. This offer is for a shared ownership lease of the selected property. Your Landlord under the shared ownership lease will be Legal and General Affordable Homes Limited (“LGAH”).

 

3. The shared ownership lease will be granted to you by LGAH for a term of 990 years from the completion date, for use as a single private residence for use by a single household. Your solicitor/conveyancer will need to explain to you how the shared ownership lease terms (which you must be comply with) will regulate or limit your use and occupation of the property during the Term and/or require the Landlord’s prior written consent (for which a fee may need to be paid), but these could include (but are not limited to):

• whether pets/animals (if any) can be kept at the property;
• whether you or not you can make home improvements;
• whether or not you can take in lodgers or sub-let the property;
• who is responsible for repairing and insuring the property;
• how and when you can buy further shares in the property (“Staircasing”), how the relevant price will be calculated and the associated costs and fees that will apply;
• the process to follow if selling or re-mortgaging the property before final Staircasing, is exercised, and the associated costs and fees that will apply.

 

4. Under the terms of the shared ownership Lease, you will be responsible for paying a Specified Rent (as defined in the shared ownership lease, being the rent payable on the share of the property still owned by LGAH) the Service Charge and a buildings insurance charge.  The service charge is defined in the shared ownership lease as being:

• A leasehold Management Fee charged by LGAH to cover its managing partner's services supplied in administering the management of the property and in calculating and collecting of the Specified Rent, Service Charge and other fees payable under the shared ownership lease; and
• the Transfer Payments (if the property is a house) or Head Lease Payments (if the property is an apartment) which are all sums payable under the Transfer/Lease of the property from the developer to LGAH, including any estate management charge (if applicable).  An estate management charge is a contribution paid by the relevant properties on the development towards the costs of managing and maintaining any shared and/or communal facilities on the development that the relevant properties on the development use (for example, public open space areas, play areas, any private roads or drainage systems).  These services can be provided by either the relevant developer or resident management company or managing agent or management company (as applicable).  LGAH must pay these charges, but they are not set by LGAH.  As the estate service charge is included in the Service Charge that you pay under the shared ownership lease to LGAH, LGAH is responsible for collecting this payment from you and paying it to the residents' management company, managing agent or management company (as applicable). If there are no such services provided to the development by a developer or residents' management company, managing agent or management company, then there will bo no estate service charge included in the Service Charge figure that you pay to LGAH under the terms of the shared ownership lease.
• if the property is an apartment then LGAH will also pass on to you the block service costs for the management, maintenance and insurance of the building in which your apartment is situated and any costs that LGAH incurs when obtaining any information from the managing agent or management company (for example EWS1 form).  LGAH will then pay these fees to the relevant managing agent or management company (as applicable).  

Under the terms of the shared ownership lease LGAH as your Landlord is required to take out buildings insurance but you must cover the cost of this, as an owner-occupier of the property.  This is the buildings insurance charge which is paid to LGAH or their managing partner under the shared ownership lease terms. You will be responsible for taking out your own contents insurance at legal completion.

Any payments due under the terms of the shared ownership lease will be subject to annual review/increases in accordance with the terms of the shared ownership lease. Details of the current anticipated charges and costs are outlined in the "Summary of Costs" key information document that will be supplied by LGAH to you and are also explained in LGAH’s Shared Ownership Information Sheet that will be provided to you at or before reservation stage.  Your solicitor/conveyancer will also explain how the Service Charge and buildings insurance charges work under the terms of the shared ownership lease with LGAH for the shared ownership home that you choose.

5. You will be required to attend a financial assessment with an independent Financial Adviser who is appointed by LGAH and provide to them all requested documents/information needed in order for them to complete the assessment. This assessment is to check whether you are eligible and qualify for the Kickstart scheme and what share of your new property you can afford. Following qualification, you are free to use a Financial Adviser / Mortgage Adviser of your choice.

6. As you will be purchasing the property on a shared ownership basis, you must meet all LGAH shared ownership eligibility criteria whereby:

a. You must be at least 18 years old.

b. Your annual household income must be less than £80,000.

c. You cannot own another property. Shared ownership purchasers are often first time buyers but if you do already own another property (either in the UK or abroad), you must be in the process of selling it.

d. You should not be able to afford to buy a property suitable for your housing needs on the open market.

e. You must show you are not in mortgage or rent arrears.

f. You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a property.

7. Please note that you will be paying a monthly mortgage payment, the specified rent, together with any other payments as set out in the shared ownership lease. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please ensure you can afford all payments before you enter into the contract to purchase the Property.

8. We recommend that you appoint and speak to a solicitor who specialises in shared ownership schemes and seek advice from your own Mortgage Adviser.

9. The details of this scheme that are available on our website are correct at the date of going live, but may be subject to change. The details do not form any part of the contract or agreement.

10. Neither Barratt Homes nor LGAH will be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee.

11. Please note that BDW Trading Limited has been appointed by LGAH to act as its sales and marketing agent in both the marketing of these selected Kickstart plots on selected developments for and on behalf of LGAH and in arranging the initial sales on a shared ownership basis collecting monies and providing ancillary services in relation to these Kickstart scheme shared ownership plots for and on behalf of LGAH.

12. These terms and conditions do not affect your statutory rights.

Any promoted Barratt offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of Barratt Homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.

Barratt Homes reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 42 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.

The current specific offers being advertised in relation to selected Barratt Homes developments are also subject to the specific terms and conditions set out above (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).

Barratt Homes will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. Barratt Homes will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey.

These terms and conditions do not affect your statutory rights.

Barratt Homes is a brand name of BDW Trading Limited (Registered Number 03018173) which is a subsidiary of Barratt Redrow plc (Registered Number 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF.

If you require a mortgage, you are strongly advised to obtain advice from a regulated adviser. Barratt Homes recommends from a panel of New Homes Mortgage Advisers who have extensive knowledge of the new build mortgage market, though you may, of course, seek such advice from your own Mortgage Adviser.