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Buying an apartment Please click on the questions below to show
or hide the answers.
- So are these apartments for us/me?
Our apartments are particularly suitable
for single people or couples who want the convenience of apartment
life with cinemas, the Millennium Stadium, great shopping and restaurants
in the city centre - plus transport links - all on their doorstep.
They should allow young people starting out to get onto the property ladder. - Could I/we buy one of these apartments?
There are certain criteria which every
successful applicant has to meet to be able to buy these homes:
availability is limited and we need to make sure they are sold fairly.
You'll need to have been living and/or working in Cardiff for at least the past six months. You'll probably be a first-time buyer; in some cases this will include people who may have already bought a home jointly with someone else, but due to a change in personal circumstances, can now become a first time buyer as an individual. Importantly, as with any house sale, you will need to be in a position to meet the long term financial commitment of a mortgage to buy the homes. - How much are these apartments?
The prices of apartments will vary dependant
on the scheme - subject to final valuations. There will be an additional
service charge and ground rent on top of your mortgage payments.
- What if I already have a part interest
in another property
If you already partly own another home
you would not be eligible to buy one of these properties. As you
would expect, these apartments are offered for sale solely on an
owner occupier basis and are not available to investors.
- Do I/We have to earn a specific amount
to be eligible?
You simply need to earn enough to finance
your mortgage - this is to ensure that the apartments are bought
by people who can afford the mortgage between 55% to 70% - but not
100 percent - of the property.
- Will I need a deposit?
This will depend upon your income and
will be determined by your mortgage lender.
- I've never heard of buying a home
like this before: how does it all work?
We all know only too well the massive rises in
house prices over the past several years have left people struggling
to get onto the property ladder.
Purchasers will only have to fund up to 70 per cent of the full sale prices, through either a mortgage or mortgage and deposit combined. They will recieve a loan for the remaining percentage with nothing to be paid until the property is sold. The buyers will own their apartments outright and can pay off the loan after three years if they wish, but are not obliged to pay it back until they sell, when it is calculated as a percentage of the sale price. 
(This is an illustration only) (you are responsible for your own costs such as legal fees on the purchase and sale of your property - please also see Financial Information) - Can I/we pay off the remaining percentage
of my/our property before we sell it?
Yes - when it is payable as a single lump
sum equivalent to the same percentage of the market value of the
property at that time.
- What happens when I sell my home?
Do we need to offer it to CCHA first?
If you haven't bought out the remaining
percentage share, you will need to provide CCHA with a written valuation
from a RICS qualified residential surveyor. Once we agree your proposed
selling price, we'll try and identify someone else from our own
database who is eligible to buy under the same terms to purchase
your property. If we don't find anyone suitable you can sell your
property on the open market repaying the remaining percentage of
the final sale upon completion.
- How do I/we apply?
Call us on 029 2053 7366 (lines open
Monday to Friday 9.00am to 5.00pm) to discuss your requirements.
- Won't lots of people want to buy
these apartments?
We are anticipating a lot of interest
but no-one meeting the basic criteria should be put off applying,
we'll advise you when you call us on how quickly you should return
your application.
- What is the deadline for applications?
There is no deadline but we would advise
you to get in touch as soon as possible if you are interested.
- What information will I need to provide
with my application?
Firstly, an agreement, in principle,
from your proposed mortgage provider. You will also be asked to
provide proof of any capital/savings/investments (eg bank accounts,
savings accounts, premium bonds) and of any expenditure (eg credit
cards, hire purchase, bank loans).
Now that we've hopefully answered all your questions - Go for it! Click here to see how Sebastian bought his first home.
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