Applicant and non property related criteria

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Amount Released

The Amount Released is the percentage of the value of the property paid to the applicants on completion.

Minimum Amount Released

£25,000

Maximum Amount Released

Dependent on age, gender and number of applicants

Minimum Valuation

£80,000

Maximum Valuation

£1,000,000, for normal levels of Amount Released to apply. Over £1,000,000 will be individually assessed

Further Releases

Not within the first year. By application thereafter, subject to funds availability. Not available if maximum amount already taken

Minimum Age

65 years old

Residential Status

Applicants must be permanently resident in the UK and live in the property as their main residence

Maximum Number of Applicants

Two (may consider three applicants by prior agreement)

Financial Status of Applicants

All applicants will be subject to a search to confirm that they have no County Court Judgements or adverse credit registered against them, or have not been registered bankrupt

Other Residents

All occupants of the property, other than the applicant(s), aged 17 or over, will be required to sign an occupier's waiver and will have to leave the property on the death of the applicant(s). They must obtain legal advice

Solicitors

Applicant(s) must use their own solicitor who will certify that each applicant has received independent legal advice

Stamp Duty Land Tax

Retirement Plus will pay the SDLT on an amount up to £249,999, if payable when the Property Plan is set up. The applicant(s) will be responsible for SDLT on an amount of £250,000 or more. SDLT may be payable by residents as a cost of the cancellation of a Property Plan

Other Information

The Retirement Plus share of the property will never exceed 99.90% or a lower maximum level if a Protected Share has been agreed. The rate at which the Retirement Plus share increases is set at Offer and is fixed for the duration of the Property Plan

PROPERTY CRITERIA

Property requirements

  • The property should be of standard construction and in a good state of repair
  • Freehold or leasehold (subject to a minimum lease term remaining of 85 years)
  • Properties should be a single dwelling unit occupied by the applicants as their main residence
  • Any other occupants or business usage must be authorised by Retirement Plus
  • The property must have buildings insurance covering standard perils and risks for the full re-instatement value. This must be placed in joint names with Retirement Plus at the start of the Property Plan

Valuations

Upon receipt of the application, we will instruct a firm of surveyors to carry out an independent valuation. The firm will be aware that their valuation is subject to a binding complaints procedure that is available to us and your client and that they will owe a duty of care to us both

Alternatively, your client may choose their own suitably qualified valuer from our approved panel - please contact us for further information

Unacceptable Properties

  • Freehold flats and maisonettes
  • Properties under 10 years old without a NHBC Certificate, Zurich Municipal Insurance, Architects Certificate or similar
  • Properties of a concrete, high alumina cement, steel frame or pre-fabricated construction
  • Properties that are designated defective under the consolidated Housing Act 1985 as amended
  • Mobile homes or houseboats
  • Properties subject to a substantial area of flying freehold
  • Farms, smallholdings or properties with agricultural restrictions
  • Properties subject to any shared ownership or equity sharing arrangement
  • Flats in blocks with more than seven floors of living accommodation
  • Leasehold properties where the freeholder is the Local Authority
  • Properties affected by planning issues such as compulsory purchase, clearance, etc
  • Any property not recommended as suitable for purchase by the valuer

Properties that may be considered by prior agreement

  • Properties with any form of business usage
  • Properties with sub-letting or lodgers
  • Timber framed pre-1965
  • Thatched roofs
  • Sheltered accommodation
  • Flats over commercial premises

Retentions

If the valuer states that essential repairs to the property are required, the applicant(s) will be asked to sign an Undertaking to complete these works within six months. Monies equivalent to the estimated cost of repairs will be retained from the Amount Released until such time as the works have been carried out. Once the repairs have been completed the valuer will re-inspect the property. A re-inspection fee is payable, see our Tariff of Charges. If the works have been completed to a satisfactory standard, the retained monies, less the re-inspection fee, will be paid to the applicant(s). Please note that the calculation of the Retirement Plus share will be made on the basis that the whole of the Amount Released has been paid at the start of a Property Plan.

Portability

The benefits of a Property Plan may be transferred to another property, subject to terms and valuation at the time of application. If the new property is lower in value than the original, causing the Retirement Plus share to exceed its limits for the property, then Retirement Plus may need to be paid for part of its share in order to return it to an acceptable level. The residents will be charged an administration fee and will be responsible for the legal costs of Retirement Plus and all the costs incurred in the sale and move, including any SDLT

Early cancellation charges

These are product specific and will be outlined in the KFI