The Beehive
W
ISSUE 1
WINTER 2011
elcome to the first issue of The Beehive, the name which was suggested by Sarah Parker and the winner of our Christmas Hamper competition. All of us at South West Homes loved this suggestion for our new magazine as we felt it summarised our role as the Homebuy agent as being the centre for delivering
affordable housing in the South West, working with developers, housing associations , financial advisors and solicitors to help you achieve your dream of owning your own home. Thank you Sarah!
Barratt Helps First Time Buyers Onto Housing Ladder In The South West
B
arratt is reinforcing its
commitment to the armed forces by helping servicemen and woman move into their dream
INSIDE THIS ISSUE:
homes with a raft of
STAMP DUTY EXPLAINED
2
FEATURE PROPERTY
3
QUIZ TIME
3
DATES FOR YOUR DIARY
4
DOUBLE FIRST FOR FIRSTBUY
4
LENDER LOWDOWN
5
GET IN TOUCH
5
schemes currently available at its developments in the south west.
armed forces members to buy a home of their own, a scheme which is also open to all first time buyers.
deposit of just £5,198 in the south west.” said Caroline. The house builder has
The FirstBuy scheme is a Government-backed initiative designed to give
set-up a special Armed Forces hotline for any personnel who are
first time buyers a route to home ownership at the
interested and is also
lowest possible cost and with the lowest possible deposit. Under FirstBuy,
topping up the offer by giving £500 of furniture vouchers for every
buyers will be offered a
£25,000 spent on at home. The offer also
The popular homebuilder offers a Special Forces
loan of up to 20 per cent of the price of the property,
applies to ex-Regular servicemen and women
discount scheme and members are also given
jointly funded by Barratt and the Government’s
who have served for a
priority when buying
Homes and Communities Agency. Buyers then have
also to the surviving partners of military personnel who have died
through the governmentbacked FirstBuy scheme. The Barratt Armed Forces discount scheme offers £1,000 discount
to find the remaining 80 per cent of the price themselves made up of the mortgage and deposit.
minimum of six years and
in service. Among those who have benefitted from FirstBuy with Barratt in the South
for every £25,000 or part
“In practice, this means
thereof on the cost of the
West is Hannah Page .
property. In addition the
anyone buying a home under the scheme would
FirstBuy scheme offers
potentially be able to get
Read Hannah’s story on
priority to qualifying
on the housing ladder for a
page 4
PAGE 2
Do I have to pay stamp duty?
T
Linda Storey, from Penningtons Solicitors , answers your questions regarding stamp duty
Nil
that they will not
purchase when you
Over £125,000 to £250,000
1%
Zero for completions up to 24 March 2012
Over £250,000 to £500,000
3%
3%
staircase. •
Ownership properties which can seem a minefield at the start of your purchase.
When you buy a new lease through an approved shared ownership scheme you may have to pay SDLT. There are two ways to pay:
It is of course more beneficial to do this when the total market
how SDLT is paid on Shared
value of the property is no more than the threshold for
have to pay SDLT of
paying SDLT. Purchasers
This is because the value
should remember that the higher threshold of
of the premium is above
£250,000 for first time
SDLT becomes payable
buyers only applies if SDLT is paid on the market value.
at 1% (and the First Time Buyers discount does not apply)
If you decide to pay Stamp Duty in stages •
SDLT is initially charged on
£1,400 on the premium.
the threshold at which
•
If you then buy further shares in the property ('staircase') you don't pay any more SDLT until
making a one-off payment based on the total market value of the
the premium paid for the grant of the lease. For example, if the market
property
value of your property is
your share reaches more than 80%. This is the
£160,000 and you purchase a 50% share for a
case whether or not any SDLT was paid on the initial transaction.
premium of £80,000, there
However, once the share of the property goes
is no SDLT payable
over 80%, you must pay any SDLT due.
paying any SDLT due in stages
If you decide to pay Stamp Duty on the market value Upon completion of your purchase you make a one-off SDLT payment in the same way as if you
on the premium because its value is below the current SDLT threshold of
Buyers beware – the above is only a brief summary. Special
had bought a property
£125,000.
rules apply in special cases
However, if the market
e.g. leases with restricted staircasing, and different
outright from the start which is paid on the full market value. •
Nil
Up to £125,000
2012. This seems like a good time to remind everyone of
•
SDLT First Time Buyer Rates
have to pay any more on the property
Duty ("SDLT") from 24 March
•
SDLT Rate
he Government has recently announced
extending the First Time Buyer Relief on Stamp
•
Purchase Price
Once you've paid any SDLT due you won't
•
value of the property were £280,000 and you bought a 50% share for a premium of £140,000 you would
options suit different buyers. Always discuss fully your SDLT with your legal advisor.
VOLUME 1, ISSUE 1
PAGE 3
Feature Development
Christmas Word Search
s g o c o d t j t n r a g s a l h a e r r i v y g d c o me a i i v n l s y g n l e a s l h y g
Words can go horizontally, vertically and diagonally in all eight directions. Words overlap and share 1 or more letters. When you are done, the unused letters in the grid will spell out a hidden message. Pick them out from left to right, top line to bottom line. e i s d e e r t r e h s ad i Advent Dancer Joy i l n g d k a s a n t a me r Tinsel Baubles Dasher e n g y s c a h r i j o y s t Rudolph Toys Blitzen e n g i s t c c o y o u yq j Merry Santa Tree o k n l c h f o r v v p ed x Mistletoe Sing x g a d e o t r m a f k k r m Donner Carols
Eggnog
North Pole
Sleigh
Vixen
Chimney
Elves
Peace
Snow
mj u n l k d n n a k t d z o m l e we nw r
Christmas
Gifts
Pine
i b p o r n n i mmh q x o r n b s c i f o r
Cold
Holly
Prancer
h l i wo o k t s y o t j v l h s e n n xn e
Snowman
Comet
Ivy
c i d s d c s v i x e n my mp c s r d a s m
Star
Cupid
Jingle Bells
v t e r o i n o r t h p o l e a h t x e y r e
Red nose
Stocking
Pudding
g z y t r mk g n i d d u p e z l f g e k n p
Snowflake
Wreath
Turkey
q e s h n f s e l b u a b p l k p i n r i f t
Cake
December
Lights
y n d l e s n i t d x l e b l a n e t v r n w e t o p d y f n r r r mf c e d e z t s ua b n h c s d k k e e g s u q w e l r r t r t my
r n c p m i s t l e t o e q k w q g p p wn v
THE BEEHIVE
PAGE 4
Dates For Your Diary Taylor Wimpey are holding a FirstBuy event on 31st January and 4th February 2012 in Swindon. Visit our website for further information. Ideal Home Show, Earls Court, London 16th March to 1st April 2012. Visit www.idealhomeshow.co.uk for ticket information The Gadget Show Live, NEC Birmingham, 11th to 15th April 2012. Visit www.gadgetshowlive.net
Did you know… You can update your application at any time, by logging in to you account via our website. Not sure of your login details? Just calls us on 0300 100 0021 and will be happy to provide them to you
It’s a Double First at Festival...
S
Read how Hannah purchased her first home and became the first to benefit from FirstBuy OMERSET’S Hannah Page has become the
apartment. “Next was the task of making it through the buying
country’s first beneficiary with Barratt of a special scheme designed to
process. The best possible news apartments on offer as well as a was this new scheme called range of impressive houses. FirstBuy. So new, in fact, that I’m
provide buyers with an easy
proud to be the first person in the The development is situated in a country to use it.” magnificent setting alongside the canal – but is just a few minutes
route into the property market. Living with parents in the family
home, Hannah made the decision Under FirstBuy, buyers are
walk from Bridgwater town
to find a place of her own after
offered a loan of up to 20 per cent of the price of the property, jointly funded by Barratt and the
centre. There is very easy access to the M5 north and south – making it ideally located for
Government’s Homes and
commuters.
noticing Barratt’s exciting new Festival development near Bridgwater. And becoming a first time buyer couldn’t have been easier.
Communities Agency. The buyers then have to find the
Festival offers a number of
remaining 80 per cent of the “I was keen to find my own home price themselves with the and knew of Festival – but I mortgage and deposit. “It’s
schemes, designed to help first time buyers secure a brand new home at the development. For
wasn’t sure if it would be possible fantastic because I have been to own one of the new places able to buy a brand new home there,” said Hannah. “Luckily for here at Festival with FirstBuy for me, my Mum helped out a lot. less than I ever imagined,” added
further details, visit or contact the Festival sales office, open seven days a week, from 11am to 6pm, on 0844 811 1866 visit
We went to take a closer look Hannah’’. First time buyers are www.barratthomes.co.uk and I loved the development and spoilt for choice at Festival – with the two bedroom Mermaid
a selection of two bedroom
VOLUME 1, ISSUE 1
PAGE 5
Lender Lowdown
David Dadds, From Warren & Co financial services gives us the lowdown on current lender criteria...
S
o a little guide to how the mortgage market
recommend to all our clients to have direct debits set up as
a better rate, lower fee and sometimes a free valuation and
is at the moment....
opposed to paying by post,
cash back. The same rule
Now is a great time to
ensure they are on the electoral role and to check their
applies for the schemes however the deposit needed is
credit report on Equifax or
lower. For FirstBuy you need
Experian every couple of years.
5% of the sale price and with shared ownership you need
be getting a mortgage, as rates are the lowest they have ever been, and there are some great schemes out there to help out
Income - Every lender has
first time buyers, such as
different affordability calculators, however generally
FirstBuy and Shared Ownership. However there are 3 key aspects to be aware of. Credit rating - in the last few years, a good credit score has
they are 3.5 times joint and 4
between 5%-20% of the share you are buying (dependent on the property).
times single. So these can be used as a guide to see if the
We are independent mortgage advisors, who are on South
property is affordable
West Homes panel for advisors
become ever so important. Lenders do not like to lend if you are in a debt management
Deposit - If buying on the open market you need a 10% deposit, and what we tell all
plan, Bankrupt, have an I.V.A, defaults or late payments, so keeping on top of your credit arrangement's is key. We
clients is the bigger your deposit the better the rate. So if you can get a 15% deposit, it is much more advantageous for
and look after 8 police forces giving free mortgage advice as well as not charging a fee. The above is a quick outlook on the current mortgage market. Any questions, don't hesitate to contact me.
CONTACT US
WEBSITE:
Customer Service Team
FirstBuy / Homebuy Direct Team
PHONE: 0300 100 0021 E-MAIL: info@southwesthomes.org.uk
PHONE: 0845 034 3303 E-MAIL: FirstBuy@southwesthomes.org.uk HomebuyDirect@southwesthomes.org.uk
POST: Hatfield House Hatfield Road Torquay TQ1 3HF
www.southwesthomes.org.uk
www.facebook.co.uk/southwesthomesuk @swhomebuyagent
The gateway to affordable housing in the South West If you or someone you know, would like this magazine on CD or audio tape, in large print, in Braille, or translated into another language, please contact our Customer Service team on 0300 100 0021 or email info@southwesthomes.org.uk South West Homes is managed by Westcountry Housing and Sovereign Housing Association Ltd in partnership South West Homes takes all reasonable measures to ensure content is accurate at the time of publication. Legal liability is not accepted for any published content from other organisations.