Guinness Housing - shared ownership

Barclayloan_query

[SIZE=-1]I'm waiting to hear from Guinness Housing association whether my application for a shared ownership house has been successful.
I'm definitely eligible for shared ownership but there are other applicants for this property so it depends whether my application scores more 'points' as per their allocation policy.

I'm hoping to go with Nationwide for the mortgage however on the website it says:

The applicant's Solicitors/Conveyancer must confirm to us that the shared ownership lease meets our requirements and it is recommended that this is checked prior to the application being submitted.

As I don't have details of the lease yet (or a solicitor!) I've no way of knowing whether Guinness shared ownership leases have any clauses that are not acceptable to Nationwide. I appreciate that all leases will be different, but was wondering whether there are any Guinness shared owners who DO have a mortgage with Nationwide as this would indicate that at least some of their leases must be OK for Nationwide, rather than the worst case scenario of Guinness having a particular clause in ALL leases that means Nationwide won't deal with Guinness full stop.

If anyone is interested, this is the list of Nationwide requirements - relevant section is 'iv': http://www.nationwide-intermediary.co.uk/includes/pdf/M438.pdf

Thanks in advance for any input [/SIZE]

boundy

I pulling this from memory, so please bear with me. I think leases that meet the Homes and communities standard format, which after a certain year they all do, will be accepted by lenders that deal with shared ownership. I think it comes down to the bank being able to repossess the property if you default on your mortgage.

Someone with a bit more knowledge should be able to give more detail

Barclayloan_query

boundy wrote: »

I pulling this from memory, so please bear with me. I think leases that meet the Homes and communities standard format, which after a certain year they all do, will be accepted by lenders that deal with shared ownership. I think it comes down to the bank being able to repossess the property if you default on your mortgage.

Someone with a bit more knowledge should be able to give more detail

Thanks boundy, wasn't aware of that - Guinness are a large National organisation so can't see them not complying with 'Homes and communities' standard format.

kingstreet

Newbuild or resale and what's the loan to value?

Barclayloan_query

kingstreet wrote: »

Newbuild or resale and what's the loan to value?

It's a resale (house rather than flat), the LTV on my share will be 90%, although I could go to 85% if needed.

boundy

http://cfg.homesandcommunities.co.uk/cfg?page=63&page_id=5532

Some light reading for you

usefulmale

If it helps, we are part way through a shared ownership purchase with Guinness homes AND have a DIP from Nationwide. Nationwide have never mentioned anything about the lease.

Barclayloan_query

usefulmale wrote: »

If it helps, we are part way through a shared ownership purchase with Guinness homes AND have a DIP from Nationwide. Nationwide have never mentioned anything about the lease.

Thanks, that's good to hear :beer:

usefulmale

If I were you, I would appoint a solicitor and get a mortgage organised ASAP. Guinness wanted completion within 3 months when we were successful in our application.

The mortgage lenders we originally went with were bloody useless and wasted those three months. We then started an application with Nationwide who, so far, have been quick and efficient.

Barclayloan_query

usefulmale wrote: »

If I were you, I would appoint a solicitor and get a mortgage organised ASAP. Guinness wanted completion within 3 months when we were successful in our application.

The mortgage lenders we originally went with were bloody useless and wasted those three months. We then started an application with Nationwide who, so far, have been quick and efficient.

I have a solicitor in mind but I didn't want to waste their time when I haven't even been accepted for the house, can only keep my fingers crossed that my application is the highest ranking. Do you remember how long Guinness took to notify you that you'd been successful in getting allocated your house (if there were other applicants in your case) after your application went in?

I've rung Nationwide and they have mortgage appointments available within a few days so will get straight onto it if I get accepted, I have a DIP from another bank already but am 99.9% going to go with Nationwide.

Would I be right in guessing that Leeds are your nightmare mortgage lender?! I've been reading up on S/O mortgages and Leeds don't seem to have a great reputation for efficiency!

usefulmale

Barclayloan_query wrote: »

I have a solicitor in mind but I didn't want to waste their time when I haven't even been accepted for the house, can only keep my fingers crossed that my application is the highest ranking. Do you remember how long Guinness took to notify you that you'd been successful in getting allocated your house (if there were other applicants in your case) after your application went in?

I've rung Nationwide and they have mortgage appointments available within a few days so will get straight onto it if I get accepted, I have a DIP from another bank already but am 99.9% going to go with Nationwide.

Would I be right in guessing that Leeds are your nightmare mortgage lender?! I've been reading up on S/O mortgages and Leeds don't seem to have a great reputation for efficiency!

Bang on the nose with the nightmare mortgage lender.

From memory it took 3 or 4 weeks for Guinness to say we were successful.