Keepmoat.com Assets Purchasers Guide to Home Reach | Page 16

Frequently asked questions . . . Frequently asked questions . . .
Do I pay Stamp Duty Land Tax (SDLT) on a shared ownership property?
When you purchase a shared ownership property, you may only need to pay SDLT on the price of
your share. Please seek further legal advice. How do I buy more?
You can increase your share in your property at any time after you complete. This is known as
'staircasing'.
Do I have to insure my property?
You will need to make sure you have the appropriate insurance in place. All properties purchased by
heylo have compulsory buildings insurance, although you will need to insure your contents. If you
staircase to 100%, you will be responsible for buildings insurance. Each time you staircase, you will need to budget for additional fees;
Can I sublet my home?
You are unable to sublet your entire property, however you are able to rent a room within the property.
Can I have a pet?
You are able to apply in writing to heylo, who will either grant permission or request more information.
What happens to my property if I die?
We would recommend you include in your will details of who you would like the share of your
property to be passed to.
Valuation fee
● Legal expenses
● SDLT (if applicable)
● Mortgage fees
●
What happens if I want to move?
If you would like to sell your home contact heylo who will guide you through the process.
Why is my home sold leasehold?
All shared ownership is sold on a leasehold basis, even if you are purchasing a house. This is
because heylo are your landlord for the unsold share. If you staircase to 100%, where possible the
freehold will be transferred to you and the shared ownership lease falls away. If you would like more
information, please speak to the heylo team.
When will I stop paying rent?
You will stop paying rent when you own 100% of the property. There may still be estate or service
charges which you would still have to pay after staircasing.
What if I miss a rent payment?
Your rent is a contractual agreement between you and heylo. If you fall behind with your rent or
service charges, heylo will contact you to arrange payment or a payment plan.
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