Buying Out Fully
Are you hoping to buy Co-Ownership out? We’re here to guide you through the process with our step by step guide.
As always, our team is here to answer any questions you have and help you through this.
- 1. Do your homework
Before you start the buy out process it’s important to understand how much you can afford and any costs. You can estimate the value of your home by checking property websites for similar homes or by talking to an estate agent.
If you are planning to increase your mortgage to cover the cost of buying out, you should speak to your mortgage adviser or lender. This will help you understand how much you can borrow.
To buy Co-Ownership out fully, you need to appoint a solicitor to act on your behalf as Co-Ownership will need to be removed from the Property Title. You are responsible for all associated costs and you should speak to a solicitor to help you understand how much it will cost.
When you are requesting a quote from a solicitor explain that you want to buy Co-Ownership out, and whether or not you are increasing your mortgage. This will allow the solicitor to give you an accurate quote for their work.
If you cannot buy Co-Ownership out fully you might still want to buy a further share. Click here for more information.
- 2. Home improvements
Before you request your valuation it’s important to understand the difference between repairs and maintenance, and home improvements.
Improvements are anything that adds value to your home. If you have made home improvements, please tell us about them when you request your valuation and we will take these into account. Only you will benefit from the value of the improvements you have made to your home.
Within your agreement with Co-Ownership, the maintenance of your home is your responsibility. Repairs and maintenance include items that need updating within your home due to general wear and tear. These don’t typically increase your home’s value so you don’t need to include these.
To help explain this further a full list of the categories for improvements, repairs and maintenance can be found here.
- 3. Ready to buy out?
Once you have done your homework and are ready to buy Co-Ownership out, complete a valuation request in your online account. The valuation costs £70 and is valid for 12 weeks.
- 4. Valuation completed
A RICS registered valuer will visit your home and inspect it externally and internally. They will also consider other houses in your area for comparison. We’ll inform you of the valuation, and how much it will cost buy Co-Ownership out, normally within two weeks.
- 5. Decision to buy out
Once you receive your valuation, tell us if you’d like to progress with your purchase.
If you are remortgaging with your existing lender or intend to move to a new lender you should also let your mortgage adviser or lender know the outcome of your valuation to help them progress your mortgage.
If you decide to proceed, you will also need to appoint a solicitor at this stage. All the legal work must be completed and funds transferred to Co-Ownership within 12 weeks of the valuation. If something goes wrong and you are going to miss this deadline please get in touch with us as we may need to carry out a second valuation.
- 6. You’ve bought Co-Ownership out
Once all paperwork has all been completed you will own now own your home outright.
Congratulations!
Once you are ready to request a valuation you can do this in your online account. If you need help with this click here, or call us on 028 9032 7276.
