YOU MAY NOT NEED A DEPOSIT WITH OUR SHARED EQUITY
We’ll fund a Quarter/Half of the value of your new home and you can pay us back later. The key to owning your first home is to simply pick up the phone. Pay 50/75% of the value of your property and we’ll fund the remaining 25/50% with a deferred loan. You can pay us back any time over the next 10 years, or when you transfer or sell the home.
TERMS & CONDITIONS
1.1 Offers for you to pay a percentage (e.g. 50/75%) of your new home initially are based on you paying that percentage of the agreed price at the time of completion.
1.2 The remaining percentage (25/50%) of the purchase price becomes a second charge on your property in favour of R.P. Roberts Homes. 1.3 The purchaser will be required to contribute at least a 5% deposit and must take out a first mortgage which will be paid in the normal way. R.P. Roberts Homes do not offer first mortgages.
1.4 You can repay the second charge loan at any time within 10 years of completion. This can be done either when you sell or transfer the property to a third party or enter into any transfer of equity in the future, or at the end of 10 years from the date of Legal Completion, whichever is sooner. In the event of genuine hardship at the end of the 10 year period, the repayment period may be extended for up to a maximum of a further 5 years. You must notify us in writing before the 10th anniversary of Legal Completion if you are suffering such hardship. Each application for an extension will be dealt with on a case by case basis by R.P. Roberts Homes.
1.5 The second charge will be repayable on the basis of the value [N.B. value may be less than the price or more than the price paid on completion in a forced sale] of your property at the time of future sale or transfer as opposed to the original purchase price. This means that whether your property increases or decreases in value, you will only be liable for the same percentage of the value of your home at the time of future sale or transfer or at the end of the 10 year period from legal completion if you choose not to sell.
1.6 In the event that the purchaser owes any monies which are not covered by the amount of equity in the property at the time of future transfer, R.P. Roberts Homes reserves the right to pursue the purchaser for the outstanding balance as a personal debt.
1.7 All monies owed to R.P. Roberts Homes must be paid directly out of completion funds (in the event of the sale or transfer of the property).
1.8 For full details of the second charge loan, please refer to a copy of the second charge loan agreement which you will need to sign before Legal Completion.
1.9 The difference in value at the time of sale or transfer against the value at the time of Legal Completion will be calculated based on valuations by two independent valuers appointed by us. In the event of any dispute, an average of the valuations of the two independent valuers is final and binding.
2.0 You will not be liable to pay back any money made on the basis of home improvements (e.g. the addition of a conservatory or loft extension) insofar as it may affect the value of your home. Our valuations will be based on the size and quality of the home as constructed at the time of Legal Completion and any increase or decrease in value on that property, based on reasonable maintenance and wear and tear.
2.1 This offer is not available for plots valued by R.P. Roberts Homes at £300,000 or more.
2.2 This offer is not available to purchasers who will be purchasing on a “buy to let” basis.
2.3 Individual lender's security requirements may vary and it is the purchaser’s responsibility to obtain mortgage finance through a R.P. Roberts nominated independent mortgage adviser.
2.4 This offer cannot be used in conjunction with any other offer on the same plot.
Any promoted R.P.Roberts Homes offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of R.P.Roberts Homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.
R.P.Roberts Homes reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 28 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.
The current specific offers being advertised in relation to selected R.P.Roberts Homes developments are also subject to the specific terms and conditions set out below (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).
All R.P.Roberts Homes offers are subject to the use of a R.P.Roberts nominated Independent Mortgage Advisor and Solicitor. R.P.Roberts Homes will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. R.P.Roberts Homes will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey, whether a part exchange deal has been agreed or not.
These terms and conditions do not affect your statutory rights.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE AND/OR YOUR EQUITY LOAN