You can choose a new build or existing property anywhere in Northern Ireland. The maximum price of a property that can be considered is £175,000. However, as part of your initial application we will let you know the maximum you can purchase, based on your financial situation.
In order to avoid disappointment, please check that your chosen property meets our requirements below before you agree to the sale as there are some types of property we are not able to purchase.
Our property requirements:
- For a new property, the sale price must include all connection fees to the property.
- New properties must have a suitable 10-year structural warranty.
- Properties under 10 years old must have the balance of their original 10-year structural warranty.
- Older properties may need more repairs/maintenance due to wear and tear. The work and the cost involved may affect their suitability for Co-Own.
- We can only help you buy the standard property. We will not pay for extras or for furnishings and other moveable fittings. We generally do not accept properties with PC sums. You should tell your solicitor about any such items. Basic ‘turnkey’ packages are acceptable if the purchase price is value for money.
- You must declare all incentives on the application. An incentive is anything we may consider a benefit to you connected with the buying of the property. Not all incentives will be acceptable to us.
- We want to make sure that the home you purchase is a sound investment and that you don’t get any surprises in terms of work needed and unplanned expense incurred. That is why we carry out a comprehensive survey of your potential home by an external RICS registered valuer. The valuer will complete a detailed report on your proposed home and will highlight any defects classing these are either minor or major issues. Further explanation is given below.
- You can’t run a business from it.
- The property must have central heating.
- We don’t accept properties with non-standard or unconventional construction.
- A service charge is the amount you pay towards the upkeep of any common or shared areas relating to a house or an apartment. It should be reasonable for the services provided. Service charges for a house will be less than for an apartment. All service charges must be affordable for you. We would expect that a service charge for a house would be usually no more than £200 per year and an apartment would not usually be more than £1,000 per year. If the proposed service charge will be more than this please contact us.
Minor and major issues within the valuation report
- Minor issues are ones that you will be responsible for addressing once you move in, it’s important that you take time to understand what is required and complete these. Major issues are more significant and, depending on the extent of these, might mean that this home is unfortunately not suitable for a Co-Own customer. In the case of major defects, we ask the vendor to resolve these and provide us with evidence that they are completed satisfactorily and unfortunately this can take time.
- If the extent of the works required to resolve either major or minor defects is estimated to exceed £5,000 we believe the home is unsuitable for a Co-Own customer and we would ask you to consider an alternative property. Our intention is to speed up our service and ensure you get a good quality home. Your Approval in Principle for Co-Own is valid for 4 months and you can bring another potential home through once you have sale agreed it.
In every case, you should remember that the property will be your home so you need to be happy with the price and standard of the property you have chosen.
Properties with conventional construction and modern timber-frame construction are generally suitable for Co-Own while properties with non-traditional or unconventional construction may be suitable but will depend on individual circumstances.
Click to view some examples of properties that are definitely not suitable for purchase through Co-Own and examples of where further investigation would be needed before a decision could be taken either way.
As this will be your home, you are responsible for ensuring you have buildings insurance and any other insurance you think necessary, e.g. contents insurance.