Quizzes & Puzzles13 mins ago
Homewise
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A couple of days ago, I contacted 'Homewise', a company that helps with purchasing property. I received a load of bumpf, which looks very impressive, and have been offered 50% of what my property will realize, against the cost of a new home. This makes the company a partner, with a third share of the property.
If I wish, a cash offer will be made on my current home, which makes everything so much easier for me.
However, I've looked through all the paperwork and visited the website, but cannot find any mention of what happens, when I die. Obviously, the property will have to be sold and company will want its money back, plus interest...but, what will that be?
Can anyone tell me, please?
If I wish, a cash offer will be made on my current home, which makes everything so much easier for me.
However, I've looked through all the paperwork and visited the website, but cannot find any mention of what happens, when I die. Obviously, the property will have to be sold and company will want its money back, plus interest...but, what will that be?
Can anyone tell me, please?
Answers
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I tend to be suspicious of this type of thing - especially if the firm is not independently regulated. Possible pitfalls:
1. Will the cash offer on your present home be its proper market value? Almost certainly not, as the firm then has to resell it & will incur costs (& possibly delay) in doing so.
2. Exactly what conditions apply to the joint ownership of your new home? You are extremely unlikely to find these until/unless you see the actual contract document. For example, is there a 100% certain guarantee that the firm cannot force a sale against your wishes? Is there a 100% guarantee that you can sell freely yourself at any time you wish (either to move elsewhere or if you have to go into care)? If you do sell, is their interest at an end by paying them their one third share of the sale price (less costs), or does their interest get rolled over into whatever you then buy?
3. If you pursue this it is vital that you employ a competent solicitor to go through the contract with a fine toothcomb, identify all the potential problems and advise you so you can take a view on whether they are acceptable, or try to get the firm to change them.
None of this answers your question! But I think you will have to see the contract to get a definite answer - do not rely on anything you get told verbally or in sales bumph.
1. Will the cash offer on your present home be its proper market value? Almost certainly not, as the firm then has to resell it & will incur costs (& possibly delay) in doing so.
2. Exactly what conditions apply to the joint ownership of your new home? You are extremely unlikely to find these until/unless you see the actual contract document. For example, is there a 100% certain guarantee that the firm cannot force a sale against your wishes? Is there a 100% guarantee that you can sell freely yourself at any time you wish (either to move elsewhere or if you have to go into care)? If you do sell, is their interest at an end by paying them their one third share of the sale price (less costs), or does their interest get rolled over into whatever you then buy?
3. If you pursue this it is vital that you employ a competent solicitor to go through the contract with a fine toothcomb, identify all the potential problems and advise you so you can take a view on whether they are acceptable, or try to get the firm to change them.
None of this answers your question! But I think you will have to see the contract to get a definite answer - do not rely on anything you get told verbally or in sales bumph.
Thanks Themas.
The information pack is fairly straightforward and advises, throughout, having a competent solictor, which makes it all the more surprising that there is no indication, as far as I can see, as to the final situation. But, that's when the company collects and I want to know how much.
I've asked here, because the company's office is only open weekdays. So, I will be on the phone, on Monday, in any case.
Thanks again.
The information pack is fairly straightforward and advises, throughout, having a competent solictor, which makes it all the more surprising that there is no indication, as far as I can see, as to the final situation. But, that's when the company collects and I want to know how much.
I've asked here, because the company's office is only open weekdays. So, I will be on the phone, on Monday, in any case.
Thanks again.
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