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Property Sales Frequently Asked Questions
Is there a minimum age to live in a Hanover property?
You must be aged 55 or over (60 in some locations).
What is Shared Ownership?
Shared ownership lets you own a home you might not otherwise be able to afford. You purchase the property at a value equivalent to 75% of the full market value. We retain the remaining 25%, but you do not pay any rent on this remaining portion. The percentage of the property that you purchase is always fixed at 75%.
What is Rent to Buy?
Many people have to sell their home before they can move to a new one and selling your home can take some time. Rent to Buy gives you the chance to move home without having to wait for your current property to sell first. You choose the Hanover home you want, and begin renting for an initial six months under an Assured Shorthold Tenancy Agreement. So you can move in straight away and rent your new home whilst you raise the funds to buy it outright.
For more information download the Rent to Buy brochure (coming soon).
What is a Lifetime Lease?
Available to those aged 75 and above, you could buy a Lifetime Lease on a Hanover home for less than 50% of the asking price, depending on your circumstances. The lease is then yours for the rest of your life, before returning to Hanover. What’s more, there’s no rent to pay either, only a single monthly service charge – making life that much simpler.
For more information download the Lifetime Lease brochure (coming soon).
What is leasehold?
Being a leaseholder means that you own your home for the duration of the lease term, which is fixed (eg. 99 years) and reduces annually. Your lease summarises your rights and responsibilities as a leaseholder, including repairs and internal works. You must ensure that you fully understand all clauses as it is not often possible to change a lease document.
What costs are involved to buy a property?
There are the usual costs associated with purchasing a property such as the initial purchase price, stamp duty and solicitor’s fees etc
What other costs will I have to pay?
As a home owner you are responsible for internal repairs and there are of course the usual costs of running your home, for example council tax, electricity and telephone bills.
Do you provide legal help?
Our legal team can supply comprehensive information to everyone concerned in the sale and carefully resolve any enquiries to ensure a smooth transaction with no delays.
Can you help me move?
We can organise removals, arrange electric and gas meter readings, inform the Water Board and council tax office, change a TV licence address, sort out insurance and pick up the new keys on your behalf.
How do I find out more?
For more information or to visit one of our properties please call 0870 600 30 74 or email salesservices@hanover.org.uk
