All images used are for illustrative purposes and are not intended to be relied upon for, nor to form part of, any contract unless specifically incorporated in writing into the contract.
PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS SITE
What’s in These Terms?
These terms tell you the rules for using our website theoldpicturehouseapartments.co.uk (‘our site’).
Click on the links below to go straight to more information on each area:
- Who we are and how to contact us.
- By using our site you accept these terms.
- There are other terms that may apply to you.
- We may make changes to these terms.
- We may make changes to our site.
- We may suspend or withdraw our site.
- Our site is only for users in England
- You must keep your account details safe
- How you may use material on our site.
- Do not rely on information on our site.
- We are not responsible for websites we link to
- User-generated content is not approved by us
- When we are responsible for loss or damage suffered by you
- Rules about uploading content to our site
- Rights you are giving us to use material you upload
- We are not responsible for viruses and you must not introduce them
- Rules about linking to our site.
- Which country’s laws apply to any disputes?
- Our trademarks are registered
- Who We Are and How to Contact Us
theoldpicturehouseapartments.co.uk is a site operated by Lodge Park (“We”). We are registered in England and Wales under company number 4361361 and have our registered office at St Crispin Local Centre, 20 Kent Road, Northampton, NN5 4DR. Our main trading address is St Crispin Local Centre, 20 Kent Road, Northampton, NN5 4DR. Our VAT number is 823236156.
We are a limited company.
To contact us, please email firstname.lastname@example.org or telephone on 01604 926 150
By Using Our Site You Accept These Terms
If you do not agree to these terms, you must not use our site.
We recommend that you print a copy of these terms for future reference.
There Are Other Terms That May Apply to You
Our Acceptable Use Policy, which sets out the permitted uses and prohibited uses of our site. When using our site, you must comply with this Acceptable Use Policy.
We May Make Changes to These Terms
We amend these terms from time to time. Every time you wish to use our site,
please check these terms to ensure you understand the terms that apply at that
time. These terms were most recently updated on 13th
We May Make Changes to Our Site
We may update and change our site from time to time to reflect changes to our
products, our users’ needs and our business priorities. We will not give you
notice of any major changes.
We May Suspend or Withdraw Our Site
Our site is made available free of charge.
We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our site for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.
Our Site Is Only for Users in England
Our site is directed to people residing in England. We do not represent that content available on or through our site is appropriate for use or available in other locations.
You Must Keep Your Account Details Safe
If you choose, or you are provided with, a user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party.
If you know or suspect that anyone other than you knows your user identification code or password, you must promptly notify us at email@example.com
How You May Use Material on Our Site
We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.
You may print off one copy, and may download extracts, of any page(s) from our site for your personal use and you may draw the attention of others within your organisation to content posted on our site.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
Our status (and that of any identified contributors) as the authors of content on our site must always be acknowledged.
You must not use any part of the content on our site for commercial purposes without obtaining a licence to do so from us or our licensors.
Do Not Rely on Information on this Site
The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied that the content on our site is accurate, complete or up to date.
All images used are for illustrative purposes only. Individual features such as windows, brick and other materials’ colours may vary, as may heating and electrical layouts. The specifications of apartments/penthouses/houses are correct at the date of print but may be subject to change as necessary and without notice. Images are indicative of the style of the specification and may not represent wholly the actual fittings and furnishings at a development. Specification is not intended to form part of any contract or warranty unless specifically incorporated in writing into the contract.
Floor plans are intended to give a general indication of the proposed floor layout only. The dimensions are accurate to within +or- 50mm. Dimensions should not be used for carpet sizes, appliance spaces, window treatments or items of furniture. Please ask our sales adviser for details of the treatments specified for individual plots. All images and dimensions are not intended to form part of any contract or warranty. Furniture and landscaping is shown for illustrative purposes only.
We Are Not Responsible for Websites We Link To
Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only. Such links should not be interpreted as approval by us of those linked websites or information you may obtain from them.
We have no control over the contents of those sites or resources.
User-generated Content Is Not Approved By Us
This website may include information and materials uploaded by other users of the site, including to bulletin boards and chat rooms. This information and these materials have not been verified or approved by us. The views expressed by other users on our site do not represent our views or values.
If you wish to complain about information and materials uploaded by other users please contact us on.
Our Responsibility for Loss or Damage Suffered By You
Whether you are a consumer or a business user:
We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation. To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.
Limitations and exclusions of liability will apply to liability arising as a result of the supply of any products to you.
If you are a business user:
We exclude all implied conditions, warranties, representations or other terms that may apply to our site or any content on it.
We will not be liable to you for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
- use of, or inability to use, our site; or
- use of or reliance on any content displayed on our site.
- In particular, we will not be liable for:
- loss of profits, sales, business, or revenue;
- business interruption;
- loss of anticipated savings;
- loss of business opportunity, goodwill or reputation; or
- any indirect or consequential loss or damage.
If you are a consumer user:
Please note that we only provide our site for domestic and private use. You agree not to use our site for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
We Are Not Responsible for Viruses and You Must Not Introduce Them
We do not guarantee that our site will be secure or free from bugs or viruses.
You are responsible for configuring your information technology, computer programmes and platform to access our site. You should use your own virus protection software.
You must not misuse our site by knowingly introducing viruses, Trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.
Rules About Linking to Our Site
You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it.
You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.
You must not establish a link to our site in any website that is not owned by you.
Our site must not be framed on any other site, nor may you create a link to any part of our site other than the home page.
We reserve the right to withdraw linking permission without notice.
The website in which you are linking must comply in all respects with the content standards set out in our Acceptable Use Policy.
If you wish to link to or make any use of content on our site other than that set out above, please contact firstname.lastname@example.org
Which Country’s Laws Apply to Any Disputes?
Limitation of our liability
To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.
We will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
- Use of, or inability to use, our site; or
- Use of or reliance on any content displayed on our site.
- If you are a business user, please note that in particular, we will not be liable for:
- loss of profits, sales, business, or revenue;
- business interruption;
- loss of anticipated savings;
- loss of business opportunity, goodwill or reputation; or
- any indirect or consequential loss or damage.
If you are a consumer user, please note that we only provide our site for domestic and private use. You agree not to use our site for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our site or to your downloading of any content on it, or on any website linked to it.
We assume no responsibility for the content of websites linked on our site. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.
Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
You have the right to ask us not to process your personal data for marketing purposes. By submitting your details you automatically agree to us and our partners contacting you by way of email, phone or text messaging. Should your preferences change and you require us to discontinue any contact and/or marketing please email email@example.com to advise us of these changes.
Our site may, from time to time, contain links to and from the websites of our partner networks, advertisers and affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.
Access to Information
The Act gives you the right to access information held about you. Your right of access can be exercised in accordance with the Act. Any access request will be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.
Lodge Park Homes (“We”) are committed to protecting and respecting your
Protecting your personal data
We’re committed to protecting you and your family’s personal data and information. This policy applies to any personal information or “personal data” that we collect from you. It covers how we:
- Destroy/Remove your personal data.
these in addition to how you can contact us.
Please read this policy carefully. By using any of our websites, and any services we offer via our websites, you are agreeing to the processing of your data as set out below. We sometimes use your data to provide additional marketing services but you can always opt out. For more information, see section 6 Contacting you for marketing purposes below.
1. About this Policy
For the purpose of the General Data Protection Regulaton (GDPR), the data controller is Lodge Park Limeted of St Crispin Local Centre, 20 Kent Road, Northampton, NN5 4DR.
2. Our commitment to you
We are committed to safeguarding your personal information and we comply with all data protection laws including:
- The Data Protection Act 1998;
- The GDPR – General Data Protection Regulations; and
- Any regulations made under or to supplement either of the above, relating to the personal information that we collect about you.
3. When do we collect personal information about you?
We may collect personal information when you:
- Visit/access one of our websites or platforms¹.
- Contact us by telephone, email, SMS, letter or any other form of messaging.
- Visit any of our offices or developments.
- Complete any of our website forms for a service request.
- Access information about our developments and/or new homes via a third-party provider, such as a property portal e.g. Rightmove or others.
- Whenever you enter into any transaction with us, whether it’s in person or any other way.
- If you request information from us with a view to entering into a transaction with us.
This may include for example your:
- Email address
- Postal address
- Telephone or mobile number
As well as information about:
- Your use of our website.
- The purpose of your visit to our website or the reason you made contact with
This policy also covers our use of any of your personal information, whether provided to us in person, over the phone, via email, SMS or any social messaging, via website forms, property portals or in other correspondence.
Requests for additional information
Sometimes we will require you to provide further personal information. This may be if you are purchasing or thinking about purchasing a home from us, or if you ask us to contact you with properties/developments that may be of interest to you. Whenever we do this, we will tell you why we are collecting this information and how we will use it.
Queries via social media
Our social media pages, such as Instagram and Facebook, are monitored by our marketing team. They pass any customer queries, questions or complaints onto the most appropriate person in our team, so that we can respond accordingly.
If you contact us online, we may monitor the type of device used by you. This may include specific identification, such as your IP address².
CCTV and call monitoring
Our developments and Marketing Suites may use CCTV to make sure we provide a safe and secure environment for all visitors to our premises and to ensure the protection of our employees and property.
We may also record calls for training, monitoring and quality purposes to and from our Customer Services Helpline.
4. How will we use this information?
We do not sell customer’s personal data to third parties however as we market our developments via local Estate Agent branches we will forward the details you have provided to these Estate Agents in order for them to contact you about the development you enquired about. We will only use your personal information to provide you with details of our own products, properties or developments which we believe will be of interest to you. In addition, we may use your information to:
- Contact you. If you have indicated a specific interest in a property/development, or a particular area in which we have properties/developments available.
- Provide a relevant service. If you have contacted us for a specific purpose or accessed our services by completing a website form and not opted out, we’ll take into account your perceived preferences for a specific property type or location. In the event that you do not wish to receive this personalised service, you can unsubscribe from our emails or similarly contact us as set out in section 10 of this policy.
- Tailor our service to your location. With your permission, we may use IP addresses and device identifiers to identify your location. We will use this for general, depersonalised statistical purposes. We may also use this information to direct you to specific developments/properties in your area.
- Improve our service. We provide information to third parties for research and analytical purposes, so that we can improve the services we offer you.
Please rest assured that any personal information given to us for a specific use or purpose will not be used for any other purpose without your notification and (where appropriate) permission. See section 10.
5. When will we contact you?
We may contact you:
- For legitimate purposes aligned with our contract.
- In relation to a previous communication from you. This includes any comment or complaint concerning us, our services, properties or developments, or any previous contact we may have had with you.
- If you requested further information or signed up to a product, property or development, whether directly through us or via a third-party provider, such as a property portal.
- If you have expressed an interest in a specific product, property or development.
- To provide you with additional information concerning a specific property/development, type of property/ development or similar properties/developments to those in which you have expressed an interest.
- For marketing purposes if you have chosen to receive a service from us by completing one of our website forms and not opted out, in accordance with this policy, see section 6.
6. Contacting you for marketing purposes
We will only contact you for marketing purposes, via email, SMS or phone, if you have agreed to this or where you have requested a service from us and not opted out. You can easily unsubscribe from any of those sources at any time.
We will deem a service request to be any of the following:
- Online appointment booking – using our appointment tool on the website to select a date and time to visit one of our developments.
- Arrange a viewing – to request a viewing. In this instance we will call you to arrange a suitable time for an appointment for you to visit one of our developments.
- Call-back request – when you request us to call you back to find out more about one of our developments.
- Keep me informed – this is where you ask us to keep you updated on a development that has not launched yet (coming soon site).
- Download brochure – when you request to download a brochure of one of our developments.
- Registration – when you register on our website with an account to store your searches, etc.
Information emails/SMS/phone calls
We offer regular information by emails, telephone and SMS communications concerning our properties and developments.
Tailoring our service to you
We may personalise our communications with you based on the information you provide to us and the information we obtain when you use our platforms.
We allow the information we hold about you to be used by Estate Agents in relation to the relevant developments you have identified as of interest in your enquiry. Further to this, if you show an interest in a specific property/development or type of property/development via a third-party website, such as a property portal, this is outside of our remit – we have no control over who else can contact you.
7. Keeping your information private
Your information will be kept private and confidential, except where we are obliged/permitted to share it with third parties by law (e.g. Government bodies, law enforcement agencies and similar).
We will retain your information within our group of companies, except:
- At your request: If you have requested that we share the information with you or have given your permission.
- To fulfil our contractual/similar obligations to you: For example, in connection with any property you are in the course of purchasing or have purchased from us, or which you had previously sought to purchase from us. This could include:
- To our solicitors, your solicitors or other advisers for the purposes of progressing a sale or dealing with any issue you may have.
- Your appointed Mortgage Advisor and Lender
- If applicable a third party such as Help to Buy providers who are to hold a second charge on your property if this is part of our agreement with you.
- To a third party for the purposes of carrying out a survey in relation to your experience with us.
- With a consultant or a subcontractor appointed to carry out/required to carry out work to a property which you have purchased.
- To any of your advisors in connection with any contract or transaction entered into with us for the purposes of performance of our obligations
- For statistical or similar analysis in relation to purchase or use of our properties, products or any service we provide.
Keeping you in the know
When you enter into a contract with us, we will set out, as comprehensively as possible, the purposes for which we may use your personal information in order to fulfil our contract with you and address any issues relating to our performance.
Whilst not sharing your personal information, we may use suitable and accredited third-party organisations specifically for the purpose of destroying or deleting any personal data.
8. Is there an age limit to who we can contact?
If you are under the age of 18, you should obtain your parents’ or guardians’ permission before you contact us. It is unlikely that we will be in a position to provide you with any information which may assist you, or be relevant to you, until you reach the age of 18 – this is simply because of the nature of the legal obligations you will enter into when purchasing a property.
9. How long do we store your information?
This is dependent upon its purpose, or the amount of time set out in the contract you enter into with us.
- Purchasing a property: If you enter into a contract with us to purchase a property, we will hold your information for a maximum of 12 years from the date of completion of that purchase.
- Anti-money laundering: In the event that you provide us with personal information so that we can fulfil any anti-money laundering obligations, we will retain such information for a period of 5 years – this is to fulfil our legal obligations.
- If you contact us: If you get in touch regarding any of our properties/developments or types of property/developments or the services we provide – whether we receive such contact directly from you or via a third party – we will retain your personal information until whichever of the below happens first:
- You request that we delete it: We will need to retain a record of your request to be deleted.
- A maximum period of 2 years: From the date that you last made contact with us – directly or via a third-party – in relation to any of our properties or developments.
We will use all reasonable efforts to delete (aside from the note of your request to be deleted) all information in our possession which constitutes, in our reasonable opinion, personal data belonging to you.
10. Your rights
Deletion of personal data “Right to be forgotten”
It is your right to request the deletion of your personal data from our records, except (as explained above) if it is necessary for us to perform our legal obligations or contractual obligations to you or another third party.
Keeping your details accurate
You have the right to ask us to rectify any personal data we hold about you which is inaccurate or incomplete.
Sending a request
A request for the deletion or correction of personal data should be addressed to the Data Protection Manager at Lodge Park Ltd at our registered office, or by email to firstname.lastname@example.org
Please note that while we always strive to comply with any requests you make, we cannot guarantee to action any request for the deletion or rectification of your personal data if it is not made using the method outlined above.
What do we do?
Within reason, we will aim to make anonymous and/or delete any of the personal data which we hold in relation to you. It is in the nature of digital or computer records that we cannot guarantee that every trace or record of your personal data will be removed, but we will delete it as far as it is reasonably possible for us to do so.
Third party platforms
11. Finding out what personal information we hold.
Under the current Data Protection Act, you have the right to request a copy of any personal information we hold about you and to have any inaccuracies corrected.
At the present time, we charge £10.00 per request and we may require you to prove your identity (with two documents of approved identification) before searching our records. At the present time, the information will be provided to you within 40 days of whichever of the following comes last:
- The date of submission of your request.
- Payment of the fee.
- Establishment of your identity.
Identification that we accept
The following are examples of the type of identification that we can accept in order to process your information request:
- Driving licence.
- Birth or marriage certificate.
- Utility bill (from the past 3 months).
- Current vehicle registration document.
- Bank statement (from the past 3 months).
- Rent book or similar tenancy agreement (that covers the past 3 months).
Please note, if we have previously established your identity and it matches the information you provide, this may be sufficient for the purposes of actioning your request. If you have not previously provided us with identification, then we may require you to provide copy documentation of the examples listed above in order to process your request.
The amount we charge and the period of time in which we are able to action your request may alter by law. If so, this policy will be amended.
So that we avoid any delays to your application, please address any questions concerning our privacy and cookies policy to the Data Protection Manager at the registered office of Lodge Park Limited set out below or using the email address provided in this policy.
12. Accessing our platforms from outside the UK.
Depending upon your location, different privacy rules may apply as a matter of law. These are presently harmonised within the EU, but you should note that any personal information that we use or process is done so in accordance with the law applicable in England, Wales or Scotland, as appropriate.
13. Web browser cookies
What is a cookie?
A cookie contains a small amount of data and (typically) a unique identifier. When you access any of our websites or platforms (or those of third-party providers) a cookie will be sent to your device. The cookie records information about your online preferences and therefore allows us to tailor our websites and any contact with you to your specific interests.
The information we obtain by monitoring all visits to our websites enables us to improve, through anonymous analysis, our services to our customers and visitors.
Your web browser may also provide us with information concerning your device, such as an IP address or details about the browser you are using. For example, if you are looking at a specific location or property, we may use your location to ensure that any web pages or communications are tailored to you.
Please note, you are able to change your cookies settings to control access to any device you are using.
Information about other websites
We cannot control any information concerning websites other than those operated by us. You must refer to those websites for their terms and conditions and privacy policies.
14. Mobile applications.
We occasionally release mobile applications to complement specific developments. Use of these mobile applications is set out in the terms and conditions, which you will need to accept in order to load and access the app on your device.
15. Changes to our privacy and cookies policy.
We may make changes and update our privacy and cookies policy from time to time and in accordance with updated legislation. Any such changes will be shown here as part of our privacy and cookies policy and will apply from the date that they are published. We are unable to contact you directly to inform you of these changes, other than in response to a specific request made to our Data Protection Manager as referred to above.
16.Contacting us concerning our privacy and cookies policy.
Any contact you wish to make with us concerning this policy or how it works in practice should be directed to the Data Protection Manager. Please either write using the email address provided, or via post to our registered office:
Lodge Park Limeted
St Crispin Local Centre
20 Kent Road
or email email@example.com
¹ Platforms are the means by which we establish digital contact,
including websites operated by us.
² IP addresses are specific to any device used. This could be a laptop
computer, tablet or phone.
3 Similar developments may include developments in similar locations. Properties may include other properties within our range, which we consider relevant based on previous contact with you.
Acceptable Use Policy
This acceptable use policy sets out the terms between you and us under which you may access our website theoldpicturehouseapartments.co.uk (‘our site’). This acceptable use policy applies to all users of, and visitors to, our site.
Your use of our site means that you accept, and agree to abide by, all the policies in this acceptable use policy, which supplement our terms of website use.
theoldpicturehouseapartments.co.uk is a site operated by Lodge Park (‘we’ or ‘us’). We are registered in England and Wales under company number 4361361 and we have our registered office at St Crispin Local Centre, 20 Kent Road, Northampton, NN5 4DR. Our main trading address is St Crispin Local Centre, 20 Kent Road, Northampton, NN5 4DR. Our VAT number is 823236156.
You may use our site only for lawful purposes. You may not use our site:
- In any way that breaches any applicable local, national or international law or regulation.
- In any way that is unlawful or fraudulent, or has any unlawful or fraudulent purpose or effect.
- For the purpose of harming or attempting to harm minors in any way.
- To send, knowingly receive, upload, download, use or re-use any material which does not comply with our content standards..
- To transmit, or procure the sending of, any unsolicited or unauthorised advertising or promotional material or any other form of similar solicitation (spam).
- To knowingly transmit any data, send or upload any material that contains viruses, Trojan horses, worms, time-bombs, keystroke loggers, spyware, adware or any other harmful programs or similar computer code designed to adversely affect the operation of any computer software or hardware.
You also agree:
- Not to reproduce, duplicate, copy or re-sell any part of our site in contravention of the provisions of our terms of website use.
- Not to access without authority, interfere with, damage or disrupt:
- any part of our site;
- any equipment or network on which our site is stored;
- any software used in the provision of our site; or
- any equipment or network or software owned or used by any third party.
Changes to the Acceptable Use Policy
We may revise this acceptable use policy at any time by amending this page. You are expected to check this page from time to time to take notice of any changes we make, as they are legally binding on you. Some of the provisions contained in this acceptable use policy may also be superseded by provisions or notices published elsewhere on our site.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Help to Buy in England (excluding London)
Terms and Conditions apply. See
Terms and Conditions
1.1 This offer is only available on selected new build plots and Developments in England only (excluding London). The maximum property value for Help to Buy is £600,000.
1.2 Help to buy is only available on capital and interest (or repayment) mortgages and on properties which are occupied by the individual or individuals taking out the mortgage.
1.3 Purchasers will be required to raise funding (including a mortgage and a deposit) of not less than 80% of the property purchase price (excluding any mortgage fees). The property will be subject to a first charge in favour of the mortgage company. Purchaser deposit must be a minimum of 5% after the equity loan has been applied. Mortgage lenders’ criteria may affect any deposit percentage and whether it applies before or after the equity loan is deducted from the purchase price.
1.4 The HCA will provide an equity loan to eligible purchasers of not less than 10% and not more than 20% of the purchase price subject to the terms of the equity loan agreement. Based on the maximum purchase price of £600,000, the HCA will therefore provide an equity loan of up to £120,000.
1.5 The equity loan provided by the HCA will be secured by a second charge on the property behind the first charge referred to in paragraph 1.3.
1.6 The equity loan provided by the HCA will not incur any loan fees for the first 5 years. From the beginning of year 6, loan fees will be payable by the purchaser at an annual gross rate of 1.75% of the loan’s value, rising at the Retail Prices Index (published by the Office for National Statistics) plus 1% per year thereafter. Fees don’t count towards paying back the equity loan.
1.7 The equity loan must be repaid within 25 years of legal completion of the purchase of the property whether the property is sold or not.
1.8 The equity loans will be repayable on the basis of the greater of the price of the property or its market value at the time of future sale or mortgage repayment as opposed to the original purchase price but disregarding additions or improvements made to the property by the purchaser with the consent of the HCA. This means that if the property increases or decreases in value, the purchaser will pay the HCA the same percentage of the new price of the property as the percentage the equity loan was of the original price. This may result in the HCA being paid more or less than the original loan value.
1.9 If, on the sale of the property, the price of the property has fallen and there is insufficient money from the sale to repay the equity loans after the mortgage has been paid the purchaser will lose any deposit paid. The HCA will not however seek to recover the balance of their equity, not otherwise paid out of the proceeds of sale, from the purchaser.
1.10 The purchaser may repay the equity loan to the HCA at any time following legal completion. Repayment whether in full or by instalments will be based on the market value of the property at the time of the repayment(s) and the purchaser will have to arrange and pay for the valuation of the property at that time. The minimum instalment value is 10% of the total of the equity loans.
1.11 Detailed terms and conditions apply to the equity loan which will be made available to the purchaser via their legal advisors as part of the conveyancing process.
An example of how Help to Buy works is as follows:
Mortgage £90,000 (75%)
Deposit £6,000 (5% of purchase price)
Equity loan £24,000 (20% provided by HCA)
Purchase price £120,000
The equity loan provided by the HCA will not incur any loan fees for the first 5 years. From the beginning of year 6, loan fees will be payable by the purchaser at an annual gross rate of 1.75% of the loan’s value, rising at the Retail Prices Index (published by the Office for National Statistics) plus 1% per year thereafter.
Open market value £150,000 (25% uplift in value)
Mortgage repayment £90,000 (assuming no repayment of capital)
Equity loan £30,000 (20% of the open market value)
Remainder available to purchaser £30,000
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