Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and shared ownership providers
Where do I start?
Q I am a first time buyer and I am interested in shared ownership, but it’s quite confusing, where do I start?
Maddy Corby, Epping
A It’s great to hear your interest in shared ownership! It’s a fabulous, affordable way to start your homeownership journey. However, I understand why it can seem confusing at first. The basic principle of shared ownership is that you buy a percentage of a home and rent the other part from a provider. This gives the security and most of the freedoms of being a homeowner, but with a smaller financial hurdle to overcome. We are all familiar with reports of record high house prices, and the difficulty for first time buyers saving a deposit. Being able to buy as little as a 10% share in a home makes that initial cost more accessible, allowing over 80% of shared ownership buyers to purchase a home sooner than expected. If you’re interested in beginning your shared ownership journey, then start by looking at the shared ownership homes available near you. Like most new build developments, you will be able to find listings online and can speak to the agents involved. If you like what you see, then you should find out the details of the deal, like what shares are available to buy, and how the lease would work. Specialist shared ownership agents like us at The SO Hub, can answer your initial questions, provide free advice, and point you towards a specialist shared ownership mortgage adviser. With a mortgage adviser, you can talk finances, get qualified on the minimum share you could buy, and complete the rent stress test to work out exactly what you can afford. From there, agents like myself can help to guide you through the purchasing journey. My experience has shown me first hand how shared ownership can profoundly impact people, I regularly see people overcome with emotion as they achieve their homeownership dreams, and statistically, nine out of 10 shared ownership buyers say it has improved their quality of life. Shared ownership enables people to live in a new home that fits their needs and wants, with the security of tenure that provides a foundation going forward. It’s a journey I highly recommend starting.
Stephanie Tilley Operations Manager, The SO Hub
How do I make a mood board?
Q I’m thinking about interior design styles for my new home, where should I look and how should I organise my thoughts?
Dana Williams, Solihull
A typical starting point is something that inspires you. This could be something as simple as a photo or video, or more specific such as a fabric or wallpaper. Use this to begin your search. Start online with platforms like Instagram, Pinterest and TikTok and you’ll soon have a collection of ideas that are connected to your original inspiration. Save these for using on your mood board.
Mood board? Yes, a mood board is the simplest way to collate and visualise your ideas for your home styling. Within these, you can mix and match colours, textures and fabrics to achieve your desired look. The most effective mood boards are a combination of digital and physical samples. So use apps like Canva or Morpholio Board to bring all your digital findings together and dig out those craft supplies for anything tactile! Fabric samples are a must but don’t discount wallpaper and paint colours too as you can’t see true colours through a screen.
Don’t worry if your mood board is messy to start with, it’s natural to be a little chaotic. But once you’ve settled on a specific style or colour palette, edit your board to focus on the room or rooms you want to decorate. We recommend sketching or drawing out the footprint and then moving ideas for furniture, wallcoverings and accessories within this. Also think holistically with your styling – you want space for personalisation and individuality but with a commonality running throughout. Allow time to let your mood board sit too. You might find that a visit to an independent store or a high street staple like TK Maxx, Dunelm or Next Home gives a new perspective and makes you rethink your ideas. Don’t be afraid to look outside the home interiors sphere either; commercial spaces like restaurants, bars and hotels often have really creative ideas that translate well into a home environment.
Rebecca Jones, Client Account Executive, Edward Thomas Interiors
Building Safety Act
Q What is the Building Safety Act and how it will affect me as a new leaseholder in a tall building? Will I be liable for historic building safety costs?
Rosie McCormack, Romford
A The Building Safety Act 2022 (the Act) is a significant piece of legislation designed to make buildings in England safer. The Act was introduced in response to the Grenfell Tower fire, which killed 72 people in 2017. The Act received Royal Assent on 28 April 2022, making ground-breaking reforms to give residents and homeowners more rights, powers, and protections. It applies to all high-rise residential buildings in England, regardless of when they were built. A high-rise residential building is defined as:
- At least 18m in height or has at least seven storeys
- Contains at least two residential units
- It covers both purpose-built flats and converted buildings
The Act introduces new duties for building owners and managers, who must:
- Establish a building safety manager for each high-rise residential building
- Carry out a building safety risk assessment for each high-rise residential building
- Create a building safety plan for each building
- Keep records of all building safety-related information
- Comply with all relevant building safety regulations
What are leaseholders’ rights in high-rise buildings?
The Act also introduces new rights for leaseholders, including:
- The right to information about the safety of their building
- The right to challenge decisions made by building owners
- The right to raise issues directly with the building owner
- The right to have more say in how their building is kept safe
What are leaseholder protections?
The Act describes leaseholder protections as “protecting innocent leaseholders from the unfair burden of remediation costs to make their home safe”. It explains that leaseholders are protected in law from crippling bills for historical safety defects.
Therefore qualifying leaseholders in England can no longer be charged to remove unsafe cladding systems, and there are legal protections in place for non-cladding costs. Qualifying leaseholders can only be asked to share capped non-cladding costs in certain circumstances and there will be clear transparency and financial reporting requirements for building owners.
Who do the leaseholder protections apply to?
The leaseholder protections apply to leaseholders owning a property in a building above 11m (or five storeys, including the ground floor), and where, on 14 February 2022:
- The property was the leaseholder’s main home
- The leaseholder owned no more than three UK residential properties in total
Where the property was not the leaseholder’s main home on 14 February 2022 because they had to move out and sublet, it will be covered if the criteria above are met. The protections automatically transfer to any future buyers of the property. This means that all new owners of a property that was eligible for the protections on 14 February 2022 will be covered, even if they have bought it since then.
Stefan St Hilaire-Brown, Assistant Director of Property Services, Newlon Housing Trust
Explore more in our free magazine: Read Now
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
