Re-mortgaging, staircasing or selling your home if you live in a flat in one of our buildings
If you own a home in a block of flats you might be finding it difficult to sell, staircase (buy an extra share in the home) and in some cases re-mortgage your property. This is because of government advice issued in 2019 and early 2020.
Please read our EWS1 advice around building safety before you start any of these processes. We would not want you to incur costs unnecessarily at this time.
Requesting a sales or management pack
If you are selling or re-mortgaging your property, your acting solicitors will request a sales or management pack (also known as a pre-assignment pack). Due to the Data Protection Act, we can only supply this pack to you or your appointed legal representative.
The fee for our standard pack issued to solicitors electronically is £250 (including VAT) for a leasehold or shared ownership property and £190 (inc VAT) for a freehold property. If your solicitor would like this issued in hard copy format our standard fees are £250 (inc VAT) for a leasehold or shared ownership property, and £250 (including VAT) for a freehold property. Please note all our responses are issued in 10 working days from the date payment is received. You can pay this over the phone using your credit or debit card.
We cannot currently accept cheques. However, a solicitor can make this payment for you. They should email us at HomeOwnershipTeam@hyde-housing.co.uk and we will provide BACS details.
Our standard pack contains key information including:
The current balance of the service charge account
The last three years actual expenditure and estimated costs
Details of any planned major or cyclical works to be carried out in the next two years
Details of the Buildings Insurance
Details of any asbestos or fire risk assessment carried out (if applicable)
Details of any alterations or breaches of the lease
Should you require additional information, we charge a further fee of £50 (including VAT) for electronic responses and £100 (including VAT) for responses by post.
You can email us for further information.
At some stage, you may wish to review your finances and make changes to your mortgage. Because of our financial interest in your home, Hyde must consent to any changes to your mortgage or lender.
How much can you borrow against your home?
You can borrow up to 75% of the value of the share you own in your home.
For example: If your home is valued at £200,000 and you own a 50% share (£100,000), you can borrow up to 75% of the £100,000, this amounts to £75,000 in total, including your existing mortgage and any other loans you may have secured against your home.
What you need to send us
In order for us to assess your re-mortgage, please send us the following:
- Mortgage offer from your proposed new lender (for interest-only mortgages we also require evidence of a repayment vehicle)
- Confirmation of the current value of the property from the lender
- Confirmation from the current lender confirming the outstanding balance (redemption statement)
- Confirmation of the percentage of equity you own in the property
- Confirmation that there is no additional borrowing
- Payment of our administration fee of £130 (inclusive of VAT). You can pay this over the phone using your credit or debit card
Shared Ownership transfer of equity
During the course of your shared ownership lease you may wish to transfer or assign the ownership of the property to increase or reduce the number of registered owners.
To facilitate this, your solicitors will be required to contact us for confirmation on what is required under the terms of the lease and our administration fee payments.
Should you wish to become the sole owner of the property we also require confirmation from your lender that you pass the affordability checks.