Wayhome

Yepmou

Hi guys, I’m looking for anyone who’s had previous experience with Wayhome before (I think they used to be called unmortgage ltd; they help you buy a house with no mortgage so it’s “half buy half rent”  type of thing)
I’ve found information about them online including on this forum but 1) outside MSE, I haven’t found that much that’s not their own advertising 2) haven’t found anyone that’s actually gone forward and done it. Hoping I’ll have answers to some of my questions. 

Merci 
Samira 

MultiFuelBurner

Read here first

https://forums.moneysavingexpert.com/discussion/6335829/wayhome-any-feedback-on-them

Yepmou

Hi @MultiFuelBurner, thanks for the link. I had already read this but I’m more looking for people who have actually signed up for Wayhome or any additional info. Hopefully someone will come forward! 

Cheers

MultiFuelBurner

Yepmou said:

Hi @MultiFuelBurner, thanks for the link. I had already read this but I’m more looking for people who have actually signed up for Wayhome or any additional info. Hopefully someone will come forward! 

Cheers

Reading the trustpilot reviews many appear to be fake so it does appear to be too good to be true.

user1977

The last time we looked at this, their accounts didn't suggest they were all that big a business so I suspect there won't be many customers (satisfied or otherwise) around.

Divorcing_Dad

I'm with the OP.

Nothing on Trustpilot tells me about the company. Most of the 1* reviews were either from people complaining about communication or those who'd had their finances turned down.

Most of the 5* reviews (if they're indeed genuine) seemed to be from people who were chuffed to either get out of rented or help with their "Shariah" lifestyle.

The threads that are linked are old and most don't really seem to say anything either - they link to other threads about the previous company and you have to go down rabbitholes.

Like the OP, I'm interested in the what happens "after" you've moved in. How do things like maintenance get sorted? Do they come round and inspect the house? Do they have mundane rules? What are the staircasing rules?

Yepmou

@MultiFuelBurner @user1977 @Divorcing_Dad Yes I think you’re right. It’s just all too good to be true. I’ll stay away then! Thanks guys! Really appreciate your responses! 

eddddy

Divorcing_Dad said:

Like the OP, I'm interested in the what happens "after" you've moved in. How do things like maintenance get sorted? Do they come round and inspect the house? Do they have mundane rules? What are the staircasing rules?

They give (some) details on their website.  It seems to be as follows:

As you probably know, there are 2 key parties involved

1. The tenant / part owner (i.e. you) - you might own 5% and pay rent for the remaining 95%
2. The landlord / part owner - they might own 95% and therefore receive your 95% of the full rent

The website says that...

• You (the tenant / part owner) are responsible for 100% of "day to day maintenance" and service charges etc

• But for "exceptional maintenance" (they mention installing a new boiler, or repairing a roof)  - they say the cost is shared pro-rata (e.g. 5% to you and 95% to the landlord)

I guess there might be big arguments about what is "day to day maintenance" and what is "exceptional maintenance".

And also arguments about what maintenance is required e.g. You say the windows need replacing, because they're old, leaking and draughty (which would probably be "exceptional maintenance"), but the landlord says the gaps just need filling and painting (which might be "day to day maintenance").

Divorcing_Dad

Yup, that's kinda my question I guess (whilst I'm nosey, I know my son looked into this).

I'm not sure if this is the exact scheme, but the one my son looked into effectively said "find a house, we'll help you buy it. You pay the percentage you can afford". The one rule he mentioned was that the house couldn't be on a main road (whatever the definition of that is). It appeared that it was easy for him to staircase if he wanted and that they'd have no problems selling his share (although we all know from housing associations that "shared ownership" can be difficult to get rid of)

How reasonable are they? Do the part owners deal directly, or is this decided by Wayhome themselves?

I see this a bit like Zopa loans - effectively peer-to-peer lending.

As for the maintenance, I'd regard day-to-day maintenance as being keeping the lawn mowed, blocked toilet, wasps nest, that kind of thing, even as far as decoration and carpets. Anything structural (and as it says, things like boiler, central heating, window replacement etc.) being shared with the landlord.

Still seems to me to be a better way than renting.

eddddy

Divorcing_Dad said:

How reasonable are they? Do the part owners deal directly, or is this decided by Wayhome themselves?

I don't know the company - so I can't comment on them in any way.  (FWIW, I see their registered office is a WeWork office building, where companies can rent a desk for £25 per day.)


But I can imagine how a company doing this kind of thing could potentially be set up. For example, following a similar business model to "we buy any house companies" and "lifetime lease companies", etc.

i.e.

• They have no money, no assets - just a few people with a mobile phone and laptop each, plus a mail-drop address.

• They find 2 parties (landlord and tenant) and introduce them to each other.

• They get the 2 parties to sign the contracts, and then they take an eye-wateringly large fee from the deal

• Then they run away as fast as they can, and leave the landlord and tenant to it, and refuse to get involved in anything going forward.

But then, I can imagine a shed-load of potential problems with a set-up like this. For example...

• What happens if the tenant wants to sell, but the landlord doesn't?
• What happens if the landlord wants to sell, but the tenant doesn't?
• What if landlord and tenant can't agree on whether to accept an offer?
• What if the tenant wants to buy a bigger share, but the landlord doesn't want to sell any of their share?
• What if the tenant can longer pay their rent? Are they evicted? Do they lose their share of the property?
• What if the landlord and tenant can't agree on what maintenance is required?
• What if the tenant spends money making improvements to the property?

But like I say, this is all hypothetical. I don't know anything about the company mentioned.

Divorcing_Dad

Great questions!