FAQs

How long does it take to buy a property?

Buying a property usually takes less than 8 weeks from the day you reserve your property to the day you exchange contracts.

Is there a minimum or maximum proportion I can own at the outset and when I come to sell?

Every development is different, but typically a 50% share is sold at the outset and then buyers can staircase up to 75%, 80%, or in some cases, 100%

How much deposit will I need?

A 5% minimum deposit of the 50% share will be required.

Can I get a mortgage? If so, what are the implications?

Speak to a Mortgage Advisor. If you are earning enough and do not have any bad credit you should be eligible to get a mortgage.

Will I be a freeholder?

Not usually. You will be a leaseholder for an approximate 99 year lease.

How much will it cost me to get into this scheme?

It will cost you nothing to get on the scheme, but a £150 reservation fee is required if you are accepted and are the first purchaser of a property.

When I purchase, will I need a solicitor? Who pays for that?

Yes, you will need a solicitor which you will be expected to pay for.

Will a survey be needed before I buy and who will pay for that?

Yes, you will have to pay for that.

Who pays the stamp duty?

If applicable (at present on properties over £125,000). We advise you to speak to your solicitor to clarify.

What about searches?

You will need searches - your solicitor organizes these, but you will need to pay for them.

What will the rent be and can it be controlled?

Rent varies for each development. Rent will be subject to increases at the end of each financial year.

What will the monthly payments be and how will this increase according to my share of ownership over time?

Again this varies for each development. As you increase your share in a property the monthly rent will decrease.

Will my payments be affected by UK interest rates? What else might they be affected by?

Your mortgage may be affected by changes in interest rates unless you have a fixed rate mortgage. A fixed rate mortgage may be advisable, but speak with your Financial Advisor.

What responsibilities are mine and which ones shared?

Generally looking after the property is your responsibility. Defects period usually lasts 12 months.

Is there a guarantee on a brand new property?

Brand new properties usually come with a 10 year NHBC.

Will I be able to decorate the property however I like? Will the housing association contribute to it if I improve the property?

Yes you can decorate the property. The Association will not however contribute to decorative improvements.

Will I be able to make alterations? Will the housing association contribute to it if I improve the property?

You will need to write to Muir and get permission from Muir before making any alterations. Planning permission may also be required. Muir will not contribute towards these improvements.

Who is responsible for property repairs, maintenance and insurance?

Repairs and maintenance are residents’ responsibility. A service charge is payable to cover the cost of exterior maintenance of blocks of flats and building insurance.

Can I run my business from home?

No the properties sold are for residential use only.

Will I need some sort of insurance so I can still make my monthly payments if I am ill or made redundant?

You may be advised to take out mortgage protection insurance. Speak with your mortgage advisor.

If I marry and I want my spouse to become an additional owner, would that be possible? How would I go about it?

Contact Muir Group.

Can I buy the whole property in time?

This differs for each development. In most cases there is a limit (usually 80%) on how much of the property you own but in some cases it is possible to purchase 100% of the property.

What is the process and costs of increasing my share?

Speak to Muir Group - cost of valuation and solicitors fees will be explained to you.

Who will pay for buildings insurance?

Buildings insurance is paid as part of your service/management charge.

Are there other costs, such as ground rent or maintenance charges?

Yes different on each development.

What happens if I can’t pay the mortgage?

Advise your lender and Muir Group as soon as possible, but your house may be re-possessed if you do not keep up the payments.