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How can I register my interest?Simply go to Register your interest page, fill the form in and you will receive an email from us in seconds. There you will find a guide that explains a bit more about the service and a questionnaire. You will be officially registered to the service only after completing the questionnaire.
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What documents do I need to provide?We don't need any documents from you at this stage. If we find a property that matches your requirements and you would like to proceed with the process we will need you ID, an up to date credit score, proof of address, proof of funds for the upfront consideration charge and three payslips from each applicant.
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Do I need a 10% deposit?You don't need a 10% deposit. You will need an upfront consideration charge that will go towards your deposit once you will buy the house. Usually this is 3% of the purchase price or £3,000 but it can be negotiated with the landlord. Remember that the more you pay upfront, the lower will be your top up payments!
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I am currently renting a property but my landlord wants to sell it, can I ask them to sell the property to me using your service?Of course, simply ask your landlord to contact us on info@freedhomeproperties.co.uk and we will support them with the entire process. If they decide to use our service we will completely waive your service fee.
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I am not a first time buyer, can I still apply?Of course, it's not a service for first time buyers only.
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Do I need to use a solicitor to draw the contract between me and the landlord?Yes, we can put you in contact with an experienced solicitor or you can instruct a solicitor of your choice. If successful, you will need legal advice as you need to sign legal documents.
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Who can use this service?This service is available to everyone. However, it is best suitable to people with a little deposit, people with poor credit ratings, self-employed people and people that hasn't live in the UK long enough to obtain a mortgage. It is not suitable for people that have no real prospect of affording mortgage payments in the future.
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How can I be sure that the homeowner will sell the house to me?You will have an official agreement with them and a solicitor will be involved as well. You have the right but not the obligation to buy the house but the homeowner is legally obliged to sell the house to you once the agreement has been signed.
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What happens if I decide not to buy the house?You don’t have the obligation to buy the house and you can walk away whenever you like. However, this will be a breach of the contract and you may lose your deposit. For this type of questions, you should always refer to your contract.
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What happens if I cannot get a mortgage at the end of the term?You may be able to extend your term (subject to landlord approval). If you can't get a mortgage after extending it, depending on your agreement, you might be able to sell the property to another buyer and walk away with the gains (if the sale price is higher than the pre-agreed purchase price)
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What's the top up rent?To be able to obtain a mortgage, you will need to have accumulated in your pot at least 10% of the purchase price. To accumulate this amount you will need to put down the upfront consideration charge at the start of the agreement and pay a top up rent each month until the end of the term. This amount will go towards your deposit when you will buy the house.
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Who should I contact if I have a problem?If you have an issue during the application process please email info@freedhomeproperties.co.uk If the issue occurs during your tenancy you should contact your landlord or refer to your contract with them. Always make sure to read all the terms and condition when signing a contract. Freedhome Properties connects landlords/sellers with tenant buyers and it is not responsible for any issues occurring during the tenancy or the selling process. These FAQs are for guidance only, always refer to you contract and seek legal advice before signing it.
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Can I negotiate the price of the house before agreeing the price?The price we display is usually fixed but there may be times when the landlord is willing to negotiate.
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How much is the upfront consideration charge?Normally is £5,000 or 3% of the purchase price but it can be negotiated with the landlord. Remember that the higher the upfront consideration charge, the lower will be the monthly top up rent.
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Can I pay an higher upfront consideration charge if I can afford to?Of course, you can agree the consideration charge with the homeowner. This means that the amount of the monthly top up rent payments will be lower.
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Can I put a nail in the wall/make any house improvement/change the kitchen/build a driveway?Yes, you can improve your home as long as the house will be kept in a good state of repair. Normal repairs, wear and tear and day to day maintenance are your responsibility while the homeowner will be responsible to insure the property. Remember that if you improve the house and its value goes up, you will not have to pay more to buy it, any increase in value will be yours!
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Can I pay a higher top up rent?Yes (subject to landlord approval) but you need to make sure that you can afford it.
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What happen if I stop paying the rent?Your contract should outline what happens if you stop paying the rent but you may be evicted, lose the right to buy the house and your deposit.
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