Over 55s Declarations
General
All customers must confirm that they have read and understood these terms and conditions (also referred to as declarations) before they can proceed.
Applicants – I confirm that I have read, understood and accept the declarations headed Applicants before my application can proceed. In addition, if my application to Co-Ownership is successful, I understand and agree that these declarations and also the declarations headed Co-Ownership Customers will apply throughout the full duration of my equity sharing lease with Co-Ownership. The application will not be accepted by Co-Ownership where any applicant has failed to acknowledge these declarations.
Co-Ownership Customers – I confirm that I have read and understood the declarations headed Co-Ownership Customers and agree that these declarations will apply throughout the full duration of my equity sharing lease with Co-Ownership. Access to the Co-Ownership Digital Portal will not be possible where a Co-Ownership Customer has failed to acknowledge these declarations.
In these declarations Co-Ownership means Northern Ireland Co-Ownership Housing Association Limited of Moneda House, 25-27 Wellington Place, Belfast, BT1 6GD, Telephone 028 90327276 and email hello@co-ownership.org
I am aware that it is my responsibility to obtain my own financial, taxation or legal advice as Co-Ownership is not responsible for this.
In these Declarations reference to Co-Ownership’s Digital Portal shall include the Application Portal and the Customer Portal (which becomes available after completion of your purchase).
There are Conditions of use of the Co-Ownership Digital Portal. These declarations do not change any of these Conditions of use. If there is any conflict between a term in the Conditions of use of the Co-Ownership Digital Portal with a term in these declarations, then these declarations will apply.
Applicants
1. I understand that I am responsible for ensuring that all the information submitted as part of any application made to Co-Ownership either by me, or on my behalf, is correct and true. I will personally complete the online application or, if it is completed by someone else on my behalf, I will read and check every answer. I confirm that any third party acting on my behalf is doing so with my approval and on my personal instruction. I understand that if my application is submitted by a mortgage adviser or financial adviser (hereafter called mortgage adviser) I will be able to view my application at various stages in the application process but will not be able to amend any of the details. Notwithstanding this, I acknowledge that it is my responsibility to advise you if any of the details are incorrect or if my circumstances change. I understand that Co-Ownership may check any information contained in or referenced in my application against any other information which is in the public domain (in any format and on any platform). I am aware that if my application is not submitted to Co-Ownership within 90 days of being started, the details entered will be deleted.
2. (a) I understand that any fraudulent, false or misleading information, statements or omissions in respect of my application whether in an online application or otherwise or if I make a vexatious application this may be sufficient grounds for cancelling my application and any agreements entered into with Co-Ownership and that:
i. I will make good any loss which Co-Ownership may suffer by relying on this information, and
ii. I will not be permitted to make another application for the property named in this application, or make an application for any other property or make an application for any of Co-Ownership’s or its subsidiary’s products for twelve (12) months from the date of cancellation of this application.
(b) I understand that if my application is withdrawn or cancelled other than in accordance with 2(a) above then I will not be permitted to make another application for the property named in this application or make an application for another property or make an application for any of Co-Ownership’s or its subsidiary’s products for three (3) months from the date of cancellation of this application.
3. I understand that I must advise you at once if any of my details are incorrect and of any changes in my contact details or in my circumstances that might affect my application whether contained in my application form or otherwise. In particular if I am selling my current home in which I currently reside (my current home) to fund in whole or in part the contribution to the purchase of the home through Co-Ownership’s Co-Own for Over 55s product I must advise of any change in details regarding the sale of my current home such as for instance the sale price or the amount of any mortgage outstanding on it. This may result in any Co-Ownership Approval or offer being changed or withdrawn, depending on the nature of the change in circumstances.
4. I am aged 55 years or over and resident in Northern Ireland.
5. I acknowledge that where I am married, a civil partner or part of a couple living together or intending to live together in a home then the application must be in the joint names of myself and my spouse, civil partner or partner.
6. (a) I confirm that I do not own any property or land of any kind whether in Northern Ireland or elsewhere,(whether on my own or with another person) other than an interest in the home in Northern Ireland in which I currently reside and which I have declared to Co-Ownership in my application (my current home). I am not a party to any charge or mortgage whether on my own or with any other person(s) and do not have any unpaid debt relating to it, other than the charge/mortgage which I have declared to Co-Ownership in my application which relates to my current home (if applicable). I have no entitlement or share in any property/money/assets owned by another person (other than an entitlement in my current home) and have no financial settlement arising out of any property rights or arising in any other way.
(b) I am aware and I agree that I must sell my current home so that the sale of it completes before or at the same time as the completion of the purchase of the home I seek to purchase through the Co-Own for Over 55s product (if I am successful in my application). When I sell my current home, I must have no outstanding settlement arrangements from the sale. I acknowledge that the sale of my current home does not guarantee that Co-Ownership will be in a position to proceed with the purchase.
(c) I confirm that the title to my current home is in the name of all of the applicants and that I am not aware of any legal or valuation issue(s) which would prevent me from being able to sell my current home. I am aware that the sale of my current home must complete before or on the same day as the purchase of the home through Co-Ownership and that it is my sole responsibility to ensure this. I agree to provide to Co-Ownership such information as it may require in relation to the valuation of my current home such as: the sale agreed price, and the amount of any existing mortgage on my current home.
(d) The sale agreed price of my current home must be at the price notified to Co-Ownership. This price must be at the market value of the current home and must not be a sale at an undervalue. I also confirm that the sale is not to a person who is related to me.
(e) I confirm that I will not take out any mortgage or charge or further advance on any existing mortgage or charge between the date of my application to the date of completion of the purchase of the property through Co-Ownership and that if any are taken out or any order charging land or other financial incumbrance is placed on my current property then this may be grounds for my application to be cancelled.
(f) In my application I have declared any savings or other relevant assets which I hold as defined in the criteria for the Co-Own for Over 55s product.
(g) I am aware that if I intend to retire or take voluntary redundancy within six (6) months from the date of my application I must give full details of my entitlement under any pension that I am/may be entitled to and this may affect my application.
7. I am not bankrupt, or subject to an individual voluntary arrangement (IVA), and it is more than six years since any bankruptcy order or IVA has been discharged.
8. (a) I understand and agree that once I have submitted an application to Co-Ownership my application will have commenced with the submission of my details to a credit reference agency and the Application Fee is non-refundable. The Property Fee is payable during the second stage of the application. If my property purchase does not proceed to completion, the Property Fee may be refundable in part, depending on how far along the application has progressed. Full details on this are available on our website at www.co-ownership.org
(b) I am aware that I am solely responsible for any fees/costs incurred by me in connection with this application whether or not such application is successful or not. Examples of such fees are any broker fees/arrangement fees/valuation fees/mortgage application fees/legal fees. I am also responsible for any fees/costs involved in the sale of my current home (whether or not such sale proceeds to completion) including estate agent costs, costs in preparing the property for sale (including carrying out any repairs), solicitor costs and outlay involved in the sale, removal fees, any taxes of whatever nature, ground rent, service charges, including any accommodation costs or other consequential costs including any costs involved if the sale of my current home does not complete at the same time as the purchase through Co-Ownership. This is not an exhaustive list. I further agree to indemnify Co-Ownership against any loss it may incur in relation to the purchase of the property through Co-Ownership which is due to my actions or non-actions in relation to the sale of my current home.
9. I am aware that this application, any Co-Ownership Approval or any final offer which may be issued, is not assignable or transferable to anyone else.
10. I accept that Co-Ownership may withdraw, revise or cancel any application at any stage without stating a reason. I understand that should this happen Co-Ownership cannot be held liable for any costs and expenses incurred in relation to this application or in relation to the sale of my own home.
11. I understand that a Co-Ownership Approval is not a contract, nor is it intended as such.
12. I understand that should a final offer be provided to me by Co-Ownership, it will be done on the basis that Co-Ownership have set aside money for the completion of the property purchase.
13. I am aware that if at any point in the course of processing my application, Co-Ownership decides that the home I apply to purchase is not suitable, it may cancel my application and I may be required to submit an entirely new application if I wish to apply for another property. Any such new application will be subject to Co-Ownership’s requirements of how, when and under what criteria Co-Ownership is currently taking in applications at the time the new application is made.
14. I understand Co-Ownership will normally send communications through its Digital Portal and may also send documents or correspondence via post, text message or email. I understand that if there is more than one applicant named in an application Co-Ownership may only send documents, correspondence, text messages, or emails in connection with the processing of the application to the residential address, mobile telephone number or email address of one of the applicants. I acknowledge that it is important that I should keep a copy of documents sent to me via the Digital Portal (in relation to my application) in a way that allows me to refer to them in the future. Documents may not always be visible in the Digital Portal.
15. I understand that if my application is successful Co-Ownership will correspond with me at the address of the property applied for, following completion of its purchase, in whatever format it may decide. However see information regarding the Digital Portal below.
16. I understand that it is up to me to keep in regular contact with Co-Ownership. This will also involve checking my application in the Digital Portal regularly. Co-Ownership bears no responsibility for any failure or delay in the delivery of text messages, email or post or my failure to check the Digital Portal regularly.
17. (a) I understand that Co-Ownership may approach any employer named in my application, or in any supporting documents submitted to Co-Ownership, for confirmation of income declared in the application. If I have declared any income from self-employment in this application, I understand that Co-Ownership may approach my accountant or bookkeeper for confirmation of that income.
(b) I understand that if applicable it is my responsibility to keep Co-Ownership and its solicitors informed on the progress of the sale of my current home. I understand that Co-Ownership will rely upon the information I give to assess my circumstances and affordability. I understand that any significant changes in the sale of my current home may affect my application to Co-Ownership. I give permission for Co-Ownership to liaise with any selling agent or solicitor or other third party I appoint in relation to the sale of my current home to verify any relevant information in relation to the sale of my home.
18. (a) I understand that Co-Ownership may contact other parties named in the application or in any supporting documents submitted to Co-Ownership, for the purposes of the administration and management of the application and the administration and management of the equity sharing lease. During the term of years granted by the equity sharing lease Co-Ownership may contact the following parties and share information with them in the administration and management of the equity sharing lease; any attorney appointed by me, any lawfully appointed controller over my affairs, or trustee in bankruptcy appointed over my estate, any personal representative or executor or administrator in my estate or any solicitors representing these persons.
(b) I am aware that if my application is successful, I will have to abide by the terms of the agreement for equity sharing lease and equity sharing lease between myself and Co-Ownership. I am aware that I will not be able to mortgage or secure a loan of any kind on my interest in the home I buy through the Co-Own for Over 55s product.
19. I understand that at the time of my application, Co-Ownership will share my personal data with a credit reference agency to access my credit report so that it can assess my financial standing to check if I am suitable for Co-Ownership. I understand that any personal data provided to or accessible by Co-Ownership will be processed in accordance with the privacy notice provided to me by Co-Ownership.
20. I understand that Co-Ownership will use credit scoring methods to assess my application and to verify my identity and will consult credit reference agencies who will supply credit information about me, as well as information from the Electoral Register. These agencies may record details of the credit search conducted whether or not my application proceeds. If there is more than one person applying to Co-Ownership credit reference agencies may treat all such applicants as financially linked. In addition to its use in the evaluation of my application and the management of any subsequent equity sharing lease, this information may also be used for debt tracing and the prevention of money laundering.
21. I understand that following completion of the property purchase, Co-Ownership will report my rental payment information to Experian’s Rental Exchange. In the event that I do not pay my rent on time, I understand that my credit report may be negatively impacted.
22. I understand that any application submitted to Co-Ownership will be retained by them for an appropriate period whether or not the application is successful.
23. I understand that, where any documentation provided by me or in connection with the processing of my application is originally in a language other than English, Co-Ownership may obtain a translation of the contents into English for the purposes of dealing with the information.
24. I understand that any Co-Ownership Approval or final offer that Co-Ownership may make or provide to me with respect to my application will be subject to:
i. All applicants in all respects continuing to meet the current Co-Own for Over 55s criteria;
ii. The condition/valuation/title to the property and the condition/title of the housing development of which it forms part (where appropriate) being acceptable to Co-Ownership. I am aware that it is my responsibility to check that the home I seek to purchase through the Co-Own for Over 55s product in addition to meeting Co-Ownership’s criteria is suitable for my needs both now and looking towards the future;
iii. Co-Ownership’s solicitor being in a position to certify the legal title as good and marketable;
iv. Satisfactory financial searches against all applicants;
v. My being in a position to finance my portion of the purchase price of the property with proceeds from the sale of my current home or otherwise, required by Co-ownership.
vi. There being no change in my financial or other circumstances before completion of the purchase;
vii. Any directives and/or requirements issued by the Department for Communities or its successors or by any other external body or organisation to which Co-Ownership is answerable;
viii. Co-Ownership being able to comply with all legislative requirements and the requirement of any law enforcement agency;
ix. Co-Ownership having adequate funding available to finance the purchase of a property of my choice;
25. I agree that Co-Ownership’s liability (if any) regarding any breach of confidentiality or data protection shall be limited to the Application Fee and Property Fee actually paid by me if the matter does not proceed to completion of a purchase. In the event that the matter does proceed to completion of a purchase any such liability (if any) shall be limited to a maximum of the amount of rent paid by me to Co-Ownership during the 12 month period immediately before the date on which the alleged breach occurred.
26. I understand that Co-Ownership is required to have due regard to the need to promote equality of opportunity and, to help achieve its policy of complete fairness in the treatment of all applicants, therefore collects information for monitoring and statistical purposes in compliance with Section 75 of the Northern Ireland Act 1998.
27. I am aware that Co-Ownership is committed to carrying out business fairly, honestly and openly and adopts a zero-tolerance policy towards bribery.
28. I agree that I will send to Co-Ownership such additional information as may be required by it to enable the further processing of my application as soon as possible and within the time limit specified by it. Failure to do this may be sufficient grounds for cancelling my application.
29. I agree that, in addition to the usual Co-Ownership requirements regarding reporting on affordable housing, if I apply to purchase a property through Co-Ownership which is in a development where there is a planning condition or a planning agreement relating to affordable housing then Co-Ownership will give the relevant local council/Department for Infrastructure/Department for Communities/Northern Ireland Housing Executive details of the property at any stage, including the progress of that purchase. This is to enable compliance with the requirements of the planning condition or planning agreement.
30. I am aware that Co-Own for Over 55s is a pilot initiative and as such will be subject to periodic review. As a result, if I change my mind about this application or if it is turned down and I make another application later on and any changes have been made to Co-Own for Over 55s, my application must be dealt with in line with the rules and regulations in place at that time. I am aware that to enable as many applicants to apply for Co-Ownership’s Over 55s product, if I am successful I will not be able to apply again for a further Over 55s home.
Co-Ownership customers
1. I understand that if my application is successful Co-Ownership will correspond with me as a Co-Ownership Customer at the address of the property applied for, following completion of its purchase (the property), in whatever format it may decide. This may be by letter, email, text or other form of electronic communication. If there is more than one co-owner, Co-Ownership may correspond with one or all of such co-owners.
2. I agree that Co-Ownership’s liability (if any) regarding any breach of confidentiality or data protection shall be limited to a maximum of the amount of rent paid by me to Co-Ownership during the 12-month period immediately before the date on which the alleged breach occurred.
3. If I am or have been successful in my application to Co-Ownership I will continue to have access to the Digital Portal. The remainder of these conditions relate to the use of the Digital Portal.
4. I agree that any notifications, information and documents required under my relationship with Co-Ownership whether under the equity sharing lease with Co-Ownership or otherwise (such as rent review notices, rent statements, information regarding my rent account and other documents) may be sent to me electronically through the Digital Portal. They will usually not be sent on paper. Any Co-Ownership Customer should access the Digital Portal to view the information and documents in the Digital Portal. I acknowledge that on the Digital Portal I will be able to elect to receive information such as rent review notices, rent statements and other documents etc. on paper. If I select this, I confirm that I have the agreement of all the Co-Ownership Customers of the property to do this. I also acknowledge that if another of the Co-Ownership Customers of the property elects to receive such information on paper I will have consented to this and Co-Ownership will send information to me in a paper format.
5. While Co-Ownership will usually send to me a notification by email or text or other electronic data transmission that a notification or document is available to view in the Digital Portal, it shall bear no responsibility or liability if such a notification is not sent and I agree that it is my responsibility to check the Digital Portal regularly.
6. Service by electronic data transmission shall be deemed to have been sent on the day of transmission by electronic means.
7. I may take actions in the Digital Portal such as advising of information or doing actions independent of my co-owner.
8. Co-Ownership may still send me some or all the information and documents relating to my relationship with Co-Ownership whether in relation to the equity sharing lease or otherwise on paper by post or electronically by text message, email or other method of electronic data transmission. This may be in addition to or instead of sending it through the Digital Portal. This may be because it is not appropriate or possible for it to correspond with me through the Digital Portal.
9. I acknowledge that it is important that I should keep a copy of documents sent to me via the Digital Portal (whether in relation to my application or when I am a Co-Ownership Customer) in a way that allows me to refer to them in the future. Documents are available in line with our data protection requirements and so may not always be visible in the Digital Portal. Should I require any information or document that is not on the Digital Portal I will contact Co-Ownership.
10. Where information is displayed about my account in the Digital Portal, some of it may not be updated in real time. You should check with us for up-to-date information.
11. We may add to the services provided electronically in the Digital Portal.
12. I acknowledge that it is important that I tell Co-Ownership if any of my details change including any email addresses, mobile phone numbers or other contact details. If I do not tell Co-Ownership then it will not be responsible if it cannot contact me or it uses outdated contact details.
13. The Customer Portal is only for the use of myself and my co-owners and I understand that if my application was submitted by a mortgage adviser then he or she will not have access to that part of the Digital Portal. It is not possible to grant a third party such as a mortgage adviser or other representative access to the Customer Portal.
14. I understand that access to the Digital Portal is only available for as long as I am a Co-Ownership Customer and for 90 days after I have fully bought out the interest of Co-Ownership in the property.
Updated: 21st March 2024