Useful FAQ's

It’s important you have enough saved to cover all costs when moving house. There are some payments to be made beforehand, such as: Deposit Valuation fee Stamp duty Surveyor’s fees Legal fees Solicitors fees Electronic transfer fee Insurance Removal costs Furniture

You may have heard myths surrounding moving house about how stressful it can be. After all, you are changing your routine, perhaps moving away from friends and family or maybe you’re just feeling unprepared for the move. Everyone will have their own personal experience and whether it’s deemed ‘stressful’ or not is down to the individual.

You need to have a permanent address in order to get credit. So how long you’ve lived at one address can affect your credit score. If you regularly move house, this could have a damaging affect to your credit rating, however if you’re moving for the first time or not very often, it shouldn’t affect it too much.

By choosing Space Homes to purchase your new home, you can rest in the knowledge that no matter where you are on the property ladder, our team are here to help every step of the way. So whether you’re a first time buyer or up-sizing to a bigger family home, we can help you find your space.

If you're moving out for the first time and need to set up a new gas and electric supply, this could be a great opportunity to get a good deal. Call around different gas and electric providers to find the best deal, or use a comparison website such as comparethemarket.com to find the best deal for you. If you’re changing your address, you need to inform your gas and electric supplier. Give them a call to inform them and let them know what your new address will be. Aim to do this around 2 weeks before you move, then it'll give them enough time to set up your new account. On the day you move, take your meter readings so you're not charged for anyone elses energy use after you've moved.

If you’re moving out for the first time and need to sign up to start paying council tax, you can do so on the Government website. Click here to register. When moving house, you’ll need to inform the Local Authority of where you’re moving from and where you’re moving to around a month in advance of your move. How much council tax you’re charged could change depending on your new location and the value of your new home. You can usually find a ‘change my address’ section on your Local Authority’s website and you can update your new details online. Don’t forget, you’ll need to do this for each adult living in your home.

Believe it or not, car insurance should be on your checklist of who to inform once you’ve changed your address. In fact, if you change your name, address or occupation, your insurer and the DVLA need to know about it. If you don’t update your details with your car insurer, your cover may not be liable should you come to need it, or you could even face a fine. If you’re moving to an area with heavier traffic or more frequent accidents, your car insurance rates may rise, so it’s important to keep your car insurer in the know if you change your personal details.

Making sure you’re happy is our top priority. That’s why your feedback is so important. It helps us improve what we do and build the right home buying process for you. So, whether it’s good or bad, we want to hear what you have to say. 

To give us feedback, please visit the link below - 

SHARE YOUR FEEDBACK

This will depend where you live. Two local estate agents will look at the value for us. If we agree on the price for your home a Chartered Surveyor will carry out a property condition survey and do an EPC.

Estate Agents will normally visit you within 3 to 5 days of your application. One of our management team will also visit within that time. We would expect to be able to make an offer to you within 14 days of the estate agents visiting you.

We will base our offer on the feedback the agents give us, comparing prices from similar nearby properties that are currently on the market against recently sold homes within your area. 

The offer is generally based on the average valuation with an anticipated sale period of 6 to 8 weeks but will take into account any factors that might affect the value. Space Homes reserves the right at it’s absolute discretion to refuse, consider or accept any applications if part exchange is deemed to be unsuitable. All fixtures and fittings at the property are to be included in the sale. 

Part Exchange is available if you meet all of the below criteria. If you would like more clarification your Sales Consultant will be able to give you more information; 

• Your home must be in Yorkshire 

• You must be the sole owners of the property, with it being your main residence ​

• The home you buy from us must be intended as your main residence 

• Your home cannot be worth any more than 70% of the value of the home you intend to buy 

• We will need to have vacant possession of your current home on completion 

There are some properties that we can’t consider, some examples of this could be; 

• Leasehold properties 

• Flat roofed properties 

• Properties with non-compliant cladding 

• Properties that have already been on the market for a long time 

• Properties that are in a poor state of repair 

You will have 3 working days to accept the offer. 

Shared Ownership is a great way to get on to the property ladder when you can’t quite afford to buy a home on the open market. Shared Ownership allows you buy an initial share of your home between 25% and 75% based on your affordability. You will then pay a small monthly payment to rent the remaining share from us. The scheme works by offering a percentage of the full market value of the property. For example, if your chosen property is worth £100,000 and you can finance a mortgage of £50,000 you would eligible for a 50% share and would pay a discounted rent amount on the remaining 50% share that we own. When you’re in your home, you can purchase additional shares or even the remaining share until you own the property outright. There are no timescales or deadlines on when you have to do this, it is completely your decision. This process is called staircasing. The more shares you purchase, the lower your monthly rent payments will be.

You are eligible for the scheme if :

• You have a household income of less than £80,000
• You have no ties to any other properties (if you are selling your current home, this must be sold subject to contract)
• You are unable to buy on the open market

The deposit amount will be variable depending on which lender your mortgage is with. You should also take into account the reservation fee of *£300, the mortgage valuation cost, legal fees and general moving in costs.

Yes, there is a wide range of mortgage products available to people purchasing a Shared Ownership home, with a surge in high street lenders who are now on board. The size of the deposit depends on a number of factors, but mortgages are available with deposits ranging from as little as 5% of the value of the share you purchase.

To check you are eligible for the scheme and to apply, you just need to complete the form below. Once this is approved, you can then book a viewing with our sales teams at the property you desire.

Shared Ownership Application Form

We ask for a non-refundable *£300 reservation fee which is taken off the completion statement at the end. Along with this, we will need proof of funds that you can afford to purchase this share of the property.

Speak to your Sales Consultant who will give you all the information you need, check that part exchange is available on the development you’re looking at and help you to decide if the scheme is for you.

Usually stamp duty is paid before you start your mortgage, up to 14 days after you've completed your new home purchase. Typically the solicitor or conveyancer will require you to pay them before your completion date and you are responsible for making sure it’s all submitted on time. However, it is possible to add the stamp duty charges onto your mortgage. This will incur interest, just like your mortgage, but it means you can pay monthly rather than the upfront cost before moving into your home. This will depend on your mortgage lender, so it's important to check with your mortgage lender beforehand.

It is not possible for you to pay your stamp duty in installments. Usually, you have 14 days after the date you completed the purchase of your home (completion day/the day you move in) to pay your stamp duty land tax. If you don’t submit your stamp duty land tax return within the 14 days, you could be charged a penalty of up to £200, and charged interest on the amount you have to pay.

If you’re buying a residential home in the UK worth over £250,000, you’ll have to pay stamp duty land tax on your purchase. Whether you’re buying outright or with a mortgage, stamp duty land tax will still apply.
 

There isn’t one standard stamp duty charge for every house in the UK. Stamp duty has several rate bands, and how much you pay will be calculated on the part of the property purchase price falling within each band.
 
Here is an example of buying a home worth £275,000:
 

• On the first £250,000 0% £0
• On the next £25,000 5% £1,250

Total Stamp Duty Land Tax payable: £1,250

*Residential leasehold properties are charged differently.

Usually, your solicitor will deal with your stamp duty and any payment due, although you can do it yourself. Although it could be your solicitor dealing with it, it’s still classed as your responsibility to ensure its paid on time. You can send your stamp duty land tax return online or through the post. You can find out more about the ‘how’s, who’s and why’s’ of filling in your stamp duty land tax return on the Government website.

If you decide to buy another home such as a buy-to-let home or a holiday home, you will have to pay an extra 3% stamp duty. Please note this doesn’t apply to caravans, mobile homes or houseboats.

A mortgage is a loan taken out to buy a residential property or land. A bank or building society provides a loan against the value of your home until it’s paid off. Most buyers pay monthly repayments to the lender for around 25 - 35 years to pay off their mortgage. If you can’t keep up your repayments, the lender can repossess (take back) the property.

When you buy a home, you’ll typically put down your deposit. This is a percentage of the property’s total purchase price (usually between 10% and 20%). You then pay the remaining cost of your home with a mortgage. You legally own your own home and make monthly repayments on the mortgage until eventually, you have paid off your mortgage and own the home 100% outright.

To buy a new home, you’ll need to pay a deposit. This is a lump sum of money that goes towards the cost of the property you’re buying. The remaining cost of the property is taken out as a mortgage, which you’re charged interest on. The bigger the deposit you pay, the lower your interest rate could be.

When the lender is assessing how much they’re willing to lend you, they will take into account the following: your income, your outgoing and any future changes. It’s important to seek advice from a mortgage advisor. This will give you chance to fully analyse your finances and their professional advise will mean you can decide on the best type of mortgage for you, how much you can repay each month and find the best mortgage rates.

This is dependent on the terms and conditions of the mortgage you take out. Lenders usually take 25 years, however, some lenders will offer up to 40 years to pay off your mortgage.

You can apply for a mortgage from a bank or building society. At this point, it’s advised that you seek professional advise from a financial advisor. Using a financial advisor means they can compare the different types of mortgages on the market and advise which ones are best suited to you. They will be able to compare the different mortgage rates on the market and match the best one to you and your current situation.