When you start your AnyNest journey, your solicitor will guide you through the signing of the Shared Ownership Lease, making sure you understand what it is and what it means. This Shared Ownership Lease is an agreement between you and AnyNest, defining what you can expect from us and what we expect from you.
Understanding what it means is a key step in the process, so make sure you take time with your solicitor to digest the information and ask any questions you may have.
Key points that you need to know:
- AnyNest buys a share of the house and you pay us rent on that share. You pay your mortgage lender a monthly repayment for your share of the property. Failure to pay your rent to AnyNest or your mortgage could mean your house is at risk of repossession.
- With the AnyNest shared ownership lease agreement, when you sell your home we both benefit from the value of the house increasing. If the value of the house goes down, we will share the loss. With a regular mortgage you will be the only one at risk from the loss of value, however, with AnyNest in a shared partnership, we’ll share that risk with you.
- We recommend you seek independent legal and financial advice before purchasing an AnyNest home.
- You are expected to maintain your home properly and to a good standard. You are responsible for the regular maintenance of the property. If you decide to purchase a larger share of your property, an independent valuer will value it based on it being maintained to the required standard.
- As the homeowner, you can decorate the property as you wish but you must contact us if you’re thinking of carrying out any structural changes such as an extension or garage.
- AnyNest is backed by a Not-for-Profit organisation Safe Haven London. This means that any proceeds received from the sale of your home will be reused and put towards someone else’s home, making homeownership possible for other people too.
- We hope that you’ll be able to buy our share of your home as soon as you’re financially able. By buying our share bit-by-bit the amount that you owe AnyNest will be reduced and the equity you build-up will be increased, enabling you to buy our share sooner than you think by refinancing your mortgage. To learn more about how this works, we recommend speaking to your bank or building society lender, independent financial advisor or watch our short video.
Find out more information on Buying Out here.