From Wednesday 21st September 2022 the Property Value Limit (PVL) is increasing from £175,000 to £190,000.
This relates to our Co-Own, Co-Own for Over 55s and Rent to Own products. We understand that customers may be at various stages of the application process and have explained how this impacts them below.
- The new PVL will apply to applications submitted to Co-Ownership on or after 21st September 2022.
- If you have received a final offer, as this relates to the property you have chosen, this offer will remain the same.
- If you have an Agreement in Principle (AIP) of £175,000 but have not yet uploaded a property that has gone to final offer stage, you can contact us in relation to increasing it. We will need to check if your financial circumstances will support a higher AIP amount.
Increase in Property Assessment fee (effective Thursday 1st December 2022)
New customers: Due to increased costs, from Thursday 1st December 2022 the property fee will increase to £500. For this you will receive a detailed property assessment of the home including condition and value and a significant contribution to the solicitor costs. This is subsidised significantly by Co-Ownership. This applies to all new applications submitted from 1 December 2022. Existing applications yet to submit a property will remain at £475. The application fee remains unchanged at £100.
Existing customers: For existing customers who want to increase their share in their property the buying out valuation fee will increase from £50 to £60.