What are house moving costs?

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

Is moving house stressful?

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.

Can moving house affect your credit score?

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.

How does moving house work?

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.

When moving house, what do I do about gas and electric?

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.

When moving house, what do I do about council tax?

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.

Will moving house affect my car insurance?

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.

How do I give feedback?

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

Who will do the valuations?

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.

How long does it take to get an offer?

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.

What will you base your offer on?

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.

Can anyone take part in Part Exchange?

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

Will you take any property in Part Exchange?

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

How long do I have to accept the offer?

You will have 3 working days to accept the offer.

What is Shared Ownership?

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.

How much will it cost?

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.

Do banks lend on Shared Ownership properties?

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.

Where can I apply for the shared ownership scheme?

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

How do I reserve a property?

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.

How do I get started?

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.

Will I have to share my home with someone else if I buy through shared ownership?

No, that's a common misconception. When you purchase a shared ownership property with Space Homes, you’re not sharing the property with another resident. Space Homes owns the remaining shares, allowing you to buy the portion you can afford while enjoying full, private use of the home. It’s your home to live in and treat 100% as your own!

How much of the home do I buy initially?

You start by buying a share in your new home that’s affordable for you - typically between 25% and 75%. You’ll need a mortgage for the share you’re purchasing, unless you have enough savings to buy without one. The deposit is also smaller than it would be for buying outright, since you're only buying part of the property. You can find out more about how shared ownership works here.

Who owns the rest of the home, and what rent do I pay?

The remaining share of the property is owned by Space Homes. You’ll pay a subsidised rent on that portion. You can find out more about how shared ownership works here.

Can I buy a larger share of my home in the future?

Yes, you can. As your financial situation improves or your savings grow, you have the option to buy a larger share in your home. Over time, you can continue purchasing additional shares until you own more - or even all - of your home. You can find out more about shared ownership and how it works here.

Am I eligible for a Shared Ownership scheme?

You may be eligible for Shared Ownership if you meet the following criteria:

Your household income is less than £80,000 per year
You do not own another property at the time of completion
You are unable to afford to buy a home on the open market

Can I apply for Shared Ownership if I’ve owned a property before?

Yes. You can still be accepted for a Shared Ownership scheme if you have previously owned a home, are currently selling one, or are looking to relocate or upsize. Find out more about who is elgible for shared ownerhip here.

How much of the property do I need to buy?

The number of shares you purchase is flexible and depends on what you can afford. You can start with a smaller share and increase your ownership over time as your financial situation improves.

Do I own the freehold with Shared Ownership?

Not initially. When you first buy through Shared Ownership, you don’t own 100% of the property, so you don’t hold the freehold. Once you’ve purchased all the remaining shares and own the property outright, you will usually gain the freehold, however there are some exceptions. For example, if you’re buying a flat or apartment, it will remain leasehold, even if you purchase all the shares. This is because the building structure and communal areas are typically managed by the housing association or a management company.

How is Shared Ownership different from social housing?

Shared Ownership allows you to buy a share of a property and take out a mortgage on that portion. You then pay rent on the remaining share owned by the housing association. Over time, you can buy more shares and eventually own the property outright. Social housing, on the other hand, involves renting a property from your local council or a housing association under a tenancy agreement.

What types of properties are available through Shared Ownership?

Shared Ownership offers a wide variety of options, including flats, houses, resale properties, and new builds.

Can I sell a Shared Ownership property?

Yes, you can sell your Shared Ownership property at any time, and you will benefit from any increase in its value. As a part-owner, you have the right to sell your share. The housing association usually has the first refusal to buy your share before you sell it on the open market. However, if you own 100% of the property, you are free to sell it privately without involving the housing association. Take a look at our blog which addresses some other common misconceptions about shared ownership.

Can I decorate a Shared Ownership property?

Yes! A common misconception is that you can’t decorate a Shared Ownership home, but you absolutely can. You’re free to redecorate, paint the walls, and add your own personal style to the space. Why not take a look at our blog, which addresses some of the common misconceptions around shared ownership.

Are there any restrictions on making changes to a Shared Ownership home?

Structural alterations (like knocking down walls or changing the layout) typically require permission from the housing association, since they’re a co-owner. But non-structural changes, such as decorating, are allowed without approval.

Do I have to be a first-time buyer to use the Shared Ownership scheme?

No, you don’t. While Shared Ownership is often used by first-time buyers, you can still apply if you currently own (or have previously owned) a home. You can still be eligible for Shared Ownership, but you must have a sale agreed on your current property before you can be approved. You cannot own another property at the same time as your Shared Ownership home. You can find out more about who is eligible to apply for the shared ownership scheme here.

Is a 5% deposit the only option with Shared Ownership?

No, you're not limited to a 5% deposit. While one of the benefits of the Shared Ownership scheme is the ability to buy with as little as a 5% deposit (based on the share you’re purchasing), you can choose to put down a larger deposit if you wish. The deposit amount can be any percentage you’re comfortable with and can afford.

Is rent cheaper with Shared Ownership compared to private renting?

Yes, typically. One of the key advantages of Shared Ownership is that the monthly rent is often lower than private rental rates. Since you only pay rent on the portion of the property you don’t own, your rental costs can be significantly lower. For context, the average private rent in the UK is currently around £825 per month, the highest ever recorded. To find out more about the benefits of shared ownership, take a look at our blog here.

Do I build equity with Shared Ownership?

Yes. Unlike renting, Shared Ownership allows you to build equity in your home over time. As you pay off your mortgage and potentially buy more shares, you increase your ownership in the property, helping you get closer to full homeownership. You can find out more about the benefits of shared ownership here.

What are the steps to apply for a Shared Ownership home?

There are four main steps involved in the application process. You can find out more here.

What costs should I expect with Shared Ownership?

We understand it can feel a bit confusing at first, so here’s a breakdown of the typical costs involved (both upfront and ongoing) when buying through Shared Ownership.

What is staircasing in Shared Ownership?

Staircasing is the process of buying additional shares in your Shared Ownership property after you've moved in. For example, if you initially bought 50%, you could later purchase an additional 25%, increasing your total ownership to 75%. Find out more information about staircasing here.

Is staircasing required?

No, staircasing is completely optional. Shared Ownership is designed to be flexible, so you can decide whether or not to buy more shares, and when to do so, based on your circumstances. Find out more here.

What costs should I expect when staircasing (buying more shares) in my Shared Ownership property?

There are four key costs to consider every time you staircase, and you can find out more them in this blog.

Why is the affordability test necessary?

Shared Ownership is designed for people who can’t afford to buy a home outright. The affordability test confirms that, while you're unable to purchase on the open market, you can still comfortably afford the ongoing costs of Shared Ownership, such as mortgage payments, rent, and service charges.

Are my savings and investments considered during the Shared Ownership affordability assessment?

Yes. When your affordability is assessed, all forms of savings and financial assets, including shares, land, bonds, and other investments, will be taken into account.

Can I keep my savings after buying a Shared Ownership home?

Generally, you're not allowed to have more than £5,000 remaining in savings after purchasing a Shared Ownership home. This is because the scheme is designed to help people who need financial support to access homeownership. If you’re buying through the Older Persons Shared Ownership (OPSO) scheme, exceptions may apply, and you could be allowed to retain more than £5,000 in savings.

Why do I need to use my savings toward the purchase?

Shared Ownership is intended to offer affordable access to homeownership. If you have significant savings, you're expected to use those funds to help with the purchase before receiving support through the scheme.

What is the Shared Ownership process with Space Homes and how does it work?

You can find a clear step by step guide here.

Can stamp duty be added to a mortgage?

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.

Can stamp duty be paid in installments?

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.

How is stamp duty calculated?

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.

How is stamp duty paid?

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.

What stamp duty do I pay on a second home?

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.

What is a mortgage?

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.

How does a mortgage work?

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.

How much deposit do you need for a mortgage?

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.

How will I know how much I can afford?

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.

How long does it take to pay off a mortgage?

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.

Where do I get a 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.

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