Shared Purchase

100% of Purchase Price available

Questions and Answers

A guide to Bryce Homes unique Shared Purchase offer available to all purchasers.

Q How does it work ?

A Assume the full purchase price of your new home is £150,000. You can choose to purchase between 80 - 100% of your new home (subject to approval by Bryce Homes Directors) i.e. based on the assumed full purchase price you choose a shared purchase as follows:

• You purchase 80% Bryce Homes retain 20%

Your share of the purchase price would then be as follows:

• You Purchase: 80% of £150,000 = £120,000
• Bryce Homes retains: 20% of £150,000 = £30,000
• Total value: £150,000

Q What are the advantages ?

A You will have the opportunity to live in a £150,000 home for an outlay of only £120,000. Unlike some purchase schemes, there is NO RENT TO PAY on the share retained by Bryce Homes.

Q What about legal fees ?

A As normal you would be responsible for all your purchasing costs i.e. legal, survey etc.

Q What about running cost i.e. Council Tax, insurances, utility services etc ?

A As normal you would be responsible for all running costs i.e. property maintenance and repairs, Council Tax,buildings and contents insurance, electric, gas, telephone, etc.

Q When does the share get re-paid to Bryce Homes

A Either when you sell the property or at any time over the next 10 years from the date of legal completionwhichever is sooner.

Q Are there any restrictions on when you sell the property ?

A No, you decide if or when you sell the property.

Q What happens when selling ?

A When you decide to sell and if it is within three years then the you will only pay back the original 20% share based upon the example already detailed you would receive 80% and Bryce Homes would receive 20% e.g.assume a selling price of £190,000 and the equity shares are as follows:

You own 80% Bryce Homes retains 20%

For owner occupiers selling within three years the distribution of the selling price would in this instance be as follows:

	Total	Your Share	Bryce Homes Share
Original Purchase	£150,000	£120,000	£30,000
Sale Proceeds	£190,000	£160,000	£30,000
Profit	£40,000	£40,000	-

i.e. total share of selling price to you = £160,000

For owner occupiers selling after three years the distribution of the selling price would in this instance be as follows:

	Total	Your Share	Bryce Homes Share
Original Purchase	£150,000	£120,000	£30,000
Sale Proceeds	£190,000	£152,000	£38,000
Profit	£40,000	£32,000	£8,000

Q What about selling fees ?

A You would be liable for all selling costs including those of Bryce Homes i.e. estate agency, legal etc.

Q What if you wish to alter the property ?

A It is essential that any alterations receive the prior approval of Bryce Homes and the Local Authority. Bryce Homes will not share in any costs in connection with any alterations but will still retain their previous portion share of the whole house. Therefore, it is likely that prior to carrying out any alterations you would wish to purchase Bryce Homes share, although this is not a requirement.

Q Will Bryce Homes require a guarantee or security ?

A Bryce Homes will require a guarantee normally in theform of a security placed against the property (it is anticipated this will be a second security ranking behind that of the Bank/Building Society assuming that a mortgage is being taken)