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 changes in guidance and legislation. If your home is in a building that is 5 storeys or 11 metres in height, as part of your sale or remortgage process the Building Safety Act means you will need to provide your landlord with a Leaseholder Deed of Certificate, and your landlord will need to provide you with a Landlords Certificate.
As part of the process these will be requested by the acting solicitors & mortgage lender. Further information on the certificates can be found here - Mandatory information required from leaseholders and building owners - GOV.UK.
If you have any queries please contact us at [email protected].
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 £300 (including VAT) for a leasehold or shared ownership property and £250 (inc 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 [email protected] 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)
- Registration information
- Details of any alterations or breaches of the lease
Should you require additional information, we charge a further fee depending on the number of enquiries and the work required to get the information for your response: this is as follows:
|Up to 6 additional enquiries||
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.