Call Girls Ludhiana Just Call 98765-12871 Top Class Call Girl Service Available
Train the trainer training before version
1. We are going to discuss why a registered social
landlord would have leaseholders in their
properties
1
2. Where does the funding come from?
The Homes and Communities Agency (HCA) is
the national housing and regeneration agency
for England, with a capital investment budget
of nearly £7bn and are the governing body for Housing
Associations . They contribute to economic growth
by helping communities to realise their
aspirations for prosperity and to deliver high-
quality housing that people can afford. They
provide investment for new affordable housing
and to improve existing social housing, as well
as for regenerating land.
2
3. For example:
You wish to purchase a property valued at
£235,000
Minimum share purchase is 35%
Which equates to £82,500
Most banks will require 10% deposit
You would only need around £8K instead of around £23K deposit
which makes it more achievable to get on the property ladder.
3
4. Eligibility of the Prospective buyers will need to
be agreed by the Home buy agent, they will
make the necessary checks to confirm the
buyer is eligible.
If they do not wish to register online and
prefer to process a paper application, they can
be found on our website under the sales
section > important information> downloads.
4
6. A brochure that provides good information on
Shared Ownership, is the New Build Homebuy
which is available to print in the CCL drive FM
leaflets or on our website.
6
7. Check with the caller that they are registered
with the Homebuy Agent, if not advise them
that we cannot assist them until they have had
their eligibility checked and have received their
registration number.
7
8. An example of how we receive our income to
build further homes and to put back in to the
company
Apologies, I do not have the end of years
figure available
8
13. Right to Buy discounts to rise to 75%
The Government is set to breathe life into its Right to Buy (RTB)
plans and increase the discounts available for tenants to up to
75% of the property in a bid to reinvigorate interest in the
scheme. Under the plans it is understood families could receive a
35% discount after five years' residency, with an extra 1% for
each additional year, up to a maximum of £75,000. It had
previously been expected that the maximum would be set at
£50,000. Tenants in flats will get 50% off after five years, with
2% added yearly. Currently the maximum discount stands at
£16,000 to £38,000 depending on location.
Currently there is no instruction relating to residents of Housing
Associations receiving larger discounts to purchase their homes,
but if the government are trying to offer incentives for people to
own their own homes this may change.
13
15. The Homes and Community Agency, the governing body for
Housing Associations require that LH may acquire additional
shares in their home, at a price equal to the relevant proportion
of the current open market value of their home.
Leases drawn up before April 2006 - staircasing must take place
within 4 steps to become 100% LH and you cannot staircase
within the first 12 months of purchase. If LH purchased property
as a resale they are unable to staircase until after 3 months
Leases drawn up after April 2006 - no limit on the number of
staircasing transactions and staircasing can take place any time
after purchase. If LH purchased property as a resale there is no
time limit before they can staircase.
15
17. Remember, If they own less than 100% of
their property, any potential purchaser will
have to complete an application with the
Homebuy Agent and be approved. Potential
purchaser must meet the criteria set down by
the Government and administered by the
Homebuy Agents to qualify to buy a shared
ownership home.
17
18. 100% LH can sell to anyone without
consultation with FM, we will be notified during
sale/purchase process of the change of
ownership
18
20. Remember, Tony Residents Sales Team
Manager has a waiting list of people looking
for a Shared Ownership property
20
21. If a LH wants a copy of their lease and it is not
on Swordfish, a copy can usually be available
to view as a PDF from Land Registry
immediately. This is not always the case and
some can take a few days to be sent to us.
Always advise the LH that the request will take
up to 7 days just in case any delays in postal
services etc.
21
22. This is the first year Family Mosaic have promoted Lease
Extensions – It generates vital income for us, but is also offering
our residents a service . Some of our leases are approaching less
than 80 year left – This is known as short and can cause
leaseholder problems gaining mortgages and have difficulties
securing buyers when selling.
Remember- Family Mosaic do not own all our blocks and
therefore we do not hold the freehold. The lease extension can
only be increased to the amount of years that Family Mosaic have
their lease for, with the Freeholder.
If you are unsure, you can check the residents lease on
Swordfish if available, the lease may show the wording ‘Under
lease’ this shows that there is a freeholder, Family Mosaic have a
lease with the Freeholder and our leaseholder has a lease with
us.
UNDER LEASE
22
24. Such requests can be processed through Front Office and will be
dealt with by our Credit Control Team
Sometimes we receive calls where a Shared Owners home is no
longer suitable for them and they would like to transfer to
another FM Shared Ownership property. There is no scheme in
place to do this, they will have to sell their existing property
through us in the usual way and the Resident Sales Team will
assist with their sale.
Remember the Resident Sales Team have a waiting list for
people who want Shared Ownership properties and may be able
to match them with a potential buyer which will make their sale
process far easier.
24
25. In general, home owners review their mortgage every 3 – 4
years. Family Mosaic have approximately 2800 leasehold
properties therefore we should be receiving remortgage
application regularly. Until recently we had 6 in 18 months.
Why do we need to know about a remortgage?- To ensure the
leaseholder remain the same, to ensure that the new mortgage
meets with HCA guidelines.
To ensure the mortgage is a shared ownership mortgage
To ensure Family Mosaic are aware of the new lender so that our
Building Insurance policy is noted.
To ensure no additional borrowing is requested except for Home
Improvements
To ensure Home Improvements are approved by our Asset
Management team to ensure no problems to the structure of
building or cause problems to their neighbours.
25
26. Shared Ownership agreements prohibit subletting by the owner
to protect the public funds and ensure applicants are not entering
in to affordable home ownership for commercial gain.
For residents who purchased their property
under Social Homebuy scheme- The whole point is that it is the
persons main home which they have bought with the benefit of a
Grant. We have to protect the grant funding for the 5 years,
therefore they are not allowed to sublet within this period. If
they wish to rent out and are 100% owners then the following
applies:
The lease they sign states that we will consider
letting in the same way as we do for shared owners with our
reasonable costs and disbursement paid. So for a short period
with a suitable reason – work sabbatical etc. The difference with
Social Homebuy tenants is that they have to provide a copy of
the tenancy agreement with their request to sublet.
If they have a flat there is a sub clause within
the lease which says that if they wish to sublet then they have to
also provide a copy of the tenancy agreement and pay Family
Mosaic 1% of the monthly rent. This doesn’t apply to houses.
26
30. If there is no Building Insurance payment showing, it may be
that this building is not owned by FM and we lease the building
from the Freeholder, the insurance will be included within the
management fees.
The resident would have to contact them to arrange a claim.
Details of the Managing Agent would have been provided to the
Leaseholder when they moved in to their home.
Managing Agents contact details will usually be available in the
communal area.
30
35. Disposals
Peter Stratford arranges for properties to be
sold at Auction, these are properties that are
no longer cost effective for us to maintain.
Therefore we sell them. If the property is a flat
then there will usually be ground rent and
possibly service charges if any services
provided by FM. If a house we will normally
sell as a freehold property therefore no further
responsibility to FM.
Buy to Let
At the moment we have one block Effra Parade
which was built for the sole purpose of people
purchasing to rent out as an investment. There
34
36. will be more of these in the future
100% purchase no criteria or eligibility, just
built by FM in the capacity as a developer
34
37. All this money goes towards building new
homes, so you can see how important
Leaseholders are to Family Mosaic and our
business.
35
