Shared Growth Option
Summary of Current Charges
Application Fee:
The Bank does not charge an application fee. The set up costs are included in the offer made to you.
Valuation Fees:
At application stage, you will be asked to pay a fee towards a Report and Valuation in respect of your property. The amount you have to pay for this depends on the value of your property at the time of application. Please ask us for a copy of our current fee scales.
Costs for re-valuation in respect of any future releases will also be your responsibility.
Once a Report and Valuation has been completed, there will be no refund of the above fee, even if the application is not completed.
Legal Fees:
Legal fees and costs charged by your solicitor are your responsibility even if the plan does not complete for any reason.
Other costs:
If it should be necessary for the Bank to take over the sale of the property due to any breach of the terms of the plan, any costs involved will be charged to the planholder.
Other Considerations:
The future value of your estate will be reduced by the bank’s agreed share of the proceeds when the property is eventually sold. The Bank will be entitled to this share even if you die (or the survivor of joint applicants dies) during the early years of the plan.
We strongly recommend that you discuss your intention with your family or any beneficiaries whose inheritance may be affected if you take out a plan.
Shared Growth Option Example
The example below gives you details of how the Shared Growth Option operates and is for illustration purposes only:
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This is a home reversion plan. To understand the features and risks, ask for a personalised illustration.
Property values
Clients will benefit or otherwise from any future changes in the value of the percentage they still own.
Past performance of property prices should not be taken as guide to the future. In addition, regional house price variations should be considered.
Risk Factors
Property valuation is a matter of judgement by a qualified surveyor. Entitlement to any benefits you receive, such as Income Support or Council Tax Rebate may be affected by taking out this plan.
Your Commitment
A property valuation will be carried out on your home at your expense.
With this scheme you will be responsible for your legal fees and charges.
You will be responsible for maintaining the property in a good state of repair.
The Bank must agree any plans you may have to make structural alterations to your property before changes are made.
No one else should live at the property except for the planholder(s) but special consideration may be given in certain circumstances. You must advise the Bank in advance if you anticipate anyone moving in with you.
You must advise the Bank in writing if you anticipate leaving your property unattended on any occasion, for an extended period, (eg. long stay holiday or a term of hospital care).
You should view your participation in this scheme as long-term.
If you enter into this plan you will not be able to use your home as security to raise further funds from any other provider.