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Equity Loan Support

Equity Loan Support

After Sales Support of Charles Church Shared Equity Loans

If you purchased one of our properties and received an equity loan from Charles Church towards the purchase, we have appointed Metropolitan Home Ownership (MHO) to handle any enquiries you may have.

(This does not include homes purchased through Government schemes such as HomeBuy Direct, FirstBuy or Help to Buy, for which you contact either the National HomeBuy Agent acting on behalf of Homes & Communities Agency (England) or the respective agents acting for the devolved Government (Scotland or Wales)).

This may include:

  • shared equity repayment (staircasing or redemption)
  • remortgaging
  • transfer of ownership
  • further advances
  • subletting
  • alterations/improvements
  • maintenance of your home
  • interest fees

IT IS IMPORTANT YOU CONTACT MHO AND GAIN THE RELEVANT APPROVAL FROM CHARLES CHURCH BEFORE STARTING ANY OF THE ABOVE ACTIONS.

To find out more about the processes, fees involved or if you would like to receive information regarding one of the above transactions, please contact MHO during 9am - 5:30pm Monday to Friday:

By Post:

Charles Church Shared Equity Management
Metropolitan Home Ownership Services
The Grange
100 High Street
Southgate
London
N14 6PW

Tel: 03301 000 995
Email: psem@metropolitan.org.uk

MHO has a commitment to deliver a one-stop-shop service offering customers the ease of a single point of contact from enquiries to processing and completion of transactions. The MHO After Sales and portfolio team specialise in shared equity and equity loan after sales care, providing a service to 19,000 homeowners throughout Britain.

Staircasing

When you bought your home through Charles Church your mortgage and any deposit you paid was set at a percentage of the total purchase price of the property. The financial help you received from Charles Church made up the remaining percentage of the property value.

If you want to repay part of the shared equity loan you received from Charles Church, this is known as a staircasing. If you want to sell your home to repay your loan in full please see the section below on redemption.

You can staircase at any time and in tranches of 5% of its current market value. The current market value is established by an independent valuation by either a RICS registered surveyor / local estate agent. This value must be agreed with Charles Church before you take the process any further. To find out more please contact MHO.

Redemption

When you bought your home through Charles Church your mortgage and any deposit you paid was set at a percentage of the total purchase price of the property. The shared equity loan you received from Charles Church made up the remaining percentage of the property value.

The valuation of your home must be established and agreed with Charles Church before you put your home on the market. If you sell your home you must repay the shared equity loan you received from Charles Church. The amount you pay back will be based on the agreed valuation of your home times the percentage of the Charles Church shared equity loan.

For example if you bought your home with a 75% mortgage and a 5% cash deposit you will have received a shared equity loan of 20% of the purchase price of the home. When you sell (if you have made no other repayments) you will need to repay to Charles Church via MHO 20% of the agreed valuation of your home. This is known as a redemption. If you want to repay part of the shared equity loan without selling your home please see the section on staircasing.

Transfer of Ownership

If you are looking to transfer the ownership of your property, as there is a second charge listed to Charles Church, you will need to notify MHO of your intentions. You may be able to do a substitution of ownership or someone to be added or removed from the property as long as one original owner of the property remains and your first charge lender is agreeable to the new arrangement and 50% of your shared equity loan from Charles Church is repaid based on current market value. MHO will act as your liaison through this process and will seek approval on your behalf from Charles Church. Please contact MHO for further details.

Remortgaging

Remortgaging is when you change your lender, or change your mortgage with your current existing lender. Please note if you are looking to take out additional borrowing there is a different procedure to follow. It is a condition of the Charles Church shared equity loan that you must not remortgage their property without the approval of Charles Church. MHO will act as your liaison through this process and will seek approval on your behalf from Charles Church. Please contact MHO for further details.

Further Advances

You cannot increase your mortgage or take out another secured loan without formal permission from Charles Church. Permission for an increase in your mortgage will generally not be given, unless it is for staircasing. Further advances for debt consolidation are generally not permitted. We can refuse permission for further advances if we think you may be putting yourself in financial difficulty or compromising the shared equity loan you have received from Charles Church. If you are thinking of taking out a further advance or a new loan please contact MHO before taking any further action.

Sub-letting

If you would like to sublet your property you will need to have written permission from Charles Church before you are able to sub let your property. As the Charles Church Shared Equity loan was provided for you to buy your only home, permission for sub-letting is normally only granted to members of the Armed Forces who are stationed away from home. MHO will be your main contact and will liaise with Charles Church on your behalf with this request. Please contact MHO for further details.

Alterations / Improvements

You cannot extend or alter your property without permission. The Charles Church equity loan you received is designed to help new buyers get their first homes so you should consider repaying your shared equity loan before making plans for improvements or alterations.

However, we will review cases of special circumstances, for example you may need to adapt a property because of disability. If you are interested in making alterations or improvements and believe your circumstances may fit the criteria please let us know using the above contact details.

Maintenance Of Your Home

Under the terms of the mortgage deed and buyers' charging document that you signed when you bought your property, you are fully responsible for all repairs and maintenance to your home.

What Interest Fees Will I Have To Pay?

There are a number of different forms of shared equity which have been offered by Charles Church. Full details were included in your original legal purchase documentation of the type applying to you. Should you require any advice on when / what interest payments will be due, please contact MHO.

Any Other Issues

For any other enquiries please contact Metropolitan Home Ownership (MHO) using the above contact details, who will be pleased to advise you.

Metropolitan Home Ownership Administration Fees

Redemption Sale £199
Staircasing £199
Remortgaging £165
Additional Borrowing £165
Sub Letting £87
Change of Ownership £87
Consent to Lodger £50
Home Improvements £0