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Incentives Available

Part Exchange *
You've seen the new Rydon Home you want to buy and you can't wait to move in. So why risk losing it by not being able to find a buyer for your old home, or wasting time in a frustrating chain?

With Rydon Homes Part Exchange, you don't have to run that risk. Instead, the scheme offers you:
- A guaranteed purchaser for your old home*
- No chain
- No estate agent's fees
- No stress. You move when you want to and you can be sure of the new Rydon Home of your choice
Part Exchange Q & A

Is every Rydon Home available under the Part Exchange Scheme?
Part Exchange is usually available on most of our developments, but sometimes it may apply to selected plots only. Speak to your Sales Consultant for further information.

Will my old home qualify?
The value of the Rydon Home you want to buy should be at least 30% higher than that of your existing home and be in Rydon's operating area.

How do we agree the value of my existing home?
Rydon Homes will instruct three independent local estate agents to value your existing property. Subject to contract, a survey and our inspection we will then make you an offer for your home.

Will the Part Exchange Scheme cost me any money?
Our Part Exchange Scheme is completely free to buyers of a new Rydon home. And with no estate agent's fees to pay, it could even save you money. Like every customer, you will have to pay our standard reservation fee.

What happens next?
We then instruct the chosen estate agent to undertake to sell your home on our behalf. We ask that you allow a 'For Sale' board to be displayed and allow prospective purchasers to view the property in the normal way.

When should I organise my mortgage and instruct my solicitor?
You can go ahead and arrange your mortgage and instruct your solicitor as soon as you have accepted our offer for your home. An additional benefit of Rydon Homes' Part Exchange Scheme is that you will be able to exchange contracts on your new Rydon Home even before your existing home has a buyer, at no risk to yourself.

Do I have to move as soon as a buyer is found for my existing home?
Even when a buyer has been found for your existing home, you don't have to move out until your new Rydon Home is ready.

*Subject to Rydon criteria

Smart Buy *
What is Smart Buy? It is a scheme that helps buyers onto the property ladder with the help of a loan provided by Rydon. It is NOT a shared ownership scheme.

What will I own?
You will own 100% of the property at all times

How does the Scheme work?
Your purchase will be funded by two loans, the first provided by a mortgage lender and the second by Rydon. The percentage of the property that Rydon helps you buy will depend upon your financial circumstances which will be assessed by our nominated mortgage broker.
Your mortgage lender will protect its loan by taking a first charge (mortgage) over the property and Rydon will protect its loan by taking a second charge (mortgage).

Interest is not payable on Rydon’s loan.

Who is eligible to buy?
It is available to any buyer who can obtain the relevant mortgage. Our recommended Mortgage Broker will be able to advise you.

Will I need a deposit?
The amount of the deposit will depend on the lending terms of the lender who is providing the first mortgage. However, Rydon will usually require a deposit of not less than 5% of the purchase price, payable on exchange of contracts.

What are the monthly costs of Smart Buy?
There is no monthly costs payable for the Smart Buy loan. However, every month, purchasers will usually need to make payments such as:
- mortgage repayments to the first lender
- service charges, if you buy a house or flat with shared areas that require maintenance;
- council tax;
- life insurance and payments into investment products if the mortgage is interest only;
- buildings insurance; and
- utility bills and other costs of occupying the property.
Who will repair and maintain the property?
As with home ownership generally, you will responsible for repairing and maintaining the property.

Can I reduce the Smart Buy loan on the property?
You can repay this loan in full at any time during the term of the loan. You cannot repay the loan in instalments.

Is the amount of the Smart Buy loan a fixed amount and would it be indexed linked?
The repayment amount is not inflation linked. However, it is a variable sum as it is expressed to be a percentage of the value of the property at the date of repayment. This percentage is fixed as the same percentage as that at the time of the original loan when the buyer purchased the property.

If the open market value has increased by the time the buyer repays the loan, they will repay to Rydon the same fixed percentage of the open market value of the property on repayment even if the property is valued at that time at a lesser amount that it was originally purchased.

Example:

The purchase price of the property is £100,000. You pay a deposit of say, £5,000 and you borrow a first mortgage of £80,000. In order to make up the balance of the purchase price, you take a Smart Buy loan of £15,000. This loan is, therefore:

15000
100000 x 100 = 15% (Fifteen percent)

The loan which you have to repay at the repayment date is 15% of the value of the property at the date of repayment, regardless of whether this is greater or less than the original purchase price of £100,000. So if, at that date, the property is valued at £110,000 you repay 15% of the £110,000 = £16,500.

However, if at that date the property is worth only £90,000 you repay 15% of the £90,000 which = £13,500.

When is the Smart Buy loan repayable?
You will have to repay the Smart Buy loan if:
- you sell the property
- if you no longer have a mortgage on the property
- or on the 10th anniversary, although we may extend this to 15 years in cases of financial hardship.
Who does the valuation on repayment?
If you are selling your property, Rydon would look to agree an open market value with you, perhaps based on the contract sale price, provided the property has been adequately marketed, there is no connection between the seller & the buyer and any split between the purchase price & carpets, curtains etc is reasonable. If we cannot agree the open market value then we will use qualified Royal Institute of Chartered Surveyors to determine the price.

What if I want to sell the property?
The property can be re-sold on the open market at any time. The amount of the Smart Buy loan repayable to Rydon is based on current open market value of the property at the time.

What happens if there is a marital or partner split between original purchase and further sale of the property - Who is responsible for the Smart Buy loan repayment?
If there is a sale the Smart Buy loan will have to be repaid; if one partner leaves and the first lender is prepared to allow the other partner to take over full responsibility for the first loan then Rydon will agree to a similar course with its loan. Similarly if partners break up and the new partner becomes a joint owner with the remaining partner and accepts responsibility for the existing loans.

Can I remortage?
Yes, providing you are remortgaging for a higher amount in order to repay the Rydon loan or the new lender accepts the Rydon loan as a second charge.

Can I sublet?
Yes under the Rydon scheme, but you need to note that it is probable that you will not be allowed to sublet under your first mortgage unless you agree to pay a higher rate of interest.

Is there a time limit in which the money needs to be paid back?
Yes, on the 10th anniversary but there is a hardship clause which might allow you to delay repayment, up to a maximum of 15 years, subject to Rydon’s discretion. The loan will also have to be repaid if the property is sold or if there is a remortgage and the new lender does not accept Rydon as a second charge.

What about improvements made to the property?
Any increase in value of the property due to structural improvements made to the property after Rydon has sold it to you will be deducted in fixing the open market value. For example, this will cover conservatories or extensions but not carpets, decorations etc.

Any mortgage arrangements are to be made through Rydon’s nominated mortgage broker.

Development Plan

Plot Number	Type	Description
	The Chase	4 bedroom detached home
1 and 3	The Eden	3 bedroom semi detached home
2 and 4	The Bourne	3 bedroom semi detached home
5 and 7 handed	The Bourne	3 bedroom semi detached home
6 and 8 handed	The Eden	3 bedroom semi detached home
9 and 11	The Teise	3 bedroom end of terrace home
10	The Wantsum	3 bedroom mid-terrace home
12	The Medway	3 bedroom semi detached home
13	The Darent	3 bedroom semi detached home