Frequently asked questions
Shared ownership offers the chance to purchase a share (25%-75%) of a house or an apartment. A 5%-10% mortgage lender deposit is required for the share being purchased which, in the current market, makes it possible to own a home through shared ownership.
If you don’t already own a home, live outside London and earn less that £80,000 a year, then yes you are eligible! The same applies in London but you can earn up to £90,000. For full eligibility details, please visit www.ownyourhome.gov.uk.
Yes, if you wish to purchase a home with us, you will need a deposit for your mortgage. This will typically be 5% or 10% of the total share value and is in addition to the savings required for other home buying costs such as legal fees and mortgage arrangement fees. Please note we do not accept interest only mortgages or 100% mortgages.
No and Moat staff are not qualified to offer mortgage advice. You will need to obtain a mortgage from a high street lender. You can find out more details about mortgages via our panel of mortgage advisors.
No. There are a number of high street banks and building societies that provide shared ownership mortgages but not all of them do. We recommend that you use our panel of mortgage advisors to assist you in arranging your mortgage as there are certain conditions that apply. 10% is the maximum mortgage interest rate that we can accept.
You will be expected to provide documentation to Moat, your mortgage advisor / lender and your appointed solicitor. This may include: wage slips, bank statements, proof of address, contract of employment and certified identification.
Buying a new home off plan means that you commit to purchasing a property that is still being constructed. You may, or may not, have an opportunity to physically view inside it before your commitment to buy it becomes a legal obligation (at the stage where you legally exchange contracts).
Further information about buying off-plan can be found here.
Yes you can and you can do this at anytime after you have purchased your home. It is entirely up to you if you decide to staircase and purchase further shares.
You purchase additional shares at the current market value and with each staircasing transaction, your rent reduces according to the new percentage owned. When you reach 100% ownership, you no longer pay us rent, although you are still liable for service charges and ground rent (if applicable).
You purchase additional shares at the current market value and with each staircasing transaction, your rent reduces according to the new percentage owned. When you reach 100% ownership, you no longer pay us rent, although you are still liable for service charges and ground rent (if applicable).
Like any home owner, you are fully responsible for the day to day maintenance of your home. If you buy a house, it is your responsibility to keep both the interior and the exterior of your home in good repair. If you buy an apartment, the freeholder of the block is responsible for maintenance of the common parts and the exterior of the building. You will be responsible for undertaking any maintenance or repairs inside of your apartment.
Resales are homes that the current owner bought through shared ownership and now wishes to sell on. It’s still the same shared ownership government-backed product but you normally purchase at least the share that the seller currently owns. Further information about resales can be found here.
The management company are responsible for the collection of service charges and the delivery of management and maintenance services across the estate / development where you live. The role and obligations of the management company are specified in your Lease or Transfer to Moat. The management company may choose to pass some or all of their responsibilities to a managing agent.
The managing agent is the company appointed by the management company or they can be appointed by the freeholder of the building to run and manage the building and associated services. If Moat is the freeholder, we will collect service charges directly from leaseholders in accordance with the terms of the lease. If Moat is not the freeholder, we will still collect the service charges as the freeholder will collect them from us; we do not make any money from this, we are simply passing on the costs. The service charges will include management fees which are their fees for this service. This is usually only a very small element of the total service charge.
If you’re buying a house, it’s usually fine to bring your pets. We do not allow pets in apartments, so it’s always best to speak with us first.
Yes you can! Further information about lease extensions can be found here.
Subletting your home isn’t allowed but you can take in a lodger. We are here to help, so please get in touch if you want to speak to us about subletting.
Yes you can! You will need to let us know about any bigger projects such as home improvements and structural changes.
There are costs associated with buying a home and these include a reservation fee, survey and mortgage arrangement fees, solicitors fees and removal costs. We recommend that you have around £5,000 to cover all of this.
Ground rent is a fee that is charged on leasehold (and sometimes shared ownership) homes. If you have to pay ground rent it will be a condition of your lease for the land that your home is built on. This is generally only applicable for apartments and Moat usually do not charge ground rent if we are the freeholder (this means that Moat own the land and / or apartment block). If Moat aren’t the freeholder, we do not fix the ground rent but we will collect it from you to pass onto the freeholder or landlord of the building that you live in.
These are charges payable by the leaseholder / shared owner to the landlord / freeholder for the services the landlord is obliged to provide under the terms of the lease. At the time of purchase, they will usually be estimated and the amount will then vary from year to year depending on services provided. The cost of these services are usually split between those living in the apartment block or on the estate. Service charges include items such as cleaning of communal areas, maintenance of communal car parks, grounds maintenance, communal lighting etc. We provide full details of all service charges to you before you buy a home with us and they are also outlined in the lease.
First Homes is a scheme designed to help local first time buyers onto the property ladder by offering homes at a discount of around 30%. The government are providing First Homes via developers (not housing associations like Moat) and they are only available in England.
