πŸ““

Property Charges

Affordability calculator Gen H Pro log in

Application β†’ All guides

πŸ““
A - Z of Application criteria
πŸ““
Deposit sources
πŸ““
Direct Debits
πŸ““
Early repayment charges
πŸ““
Interest
πŸ““
Tenure
πŸ““
Loan to income multiples
πŸ““
Loan purpose
πŸ““
Loan size
πŸ““
Location
πŸ““
Maximum LTV
πŸ““
Mortgage Term
πŸ““
Offer validity
πŸ““
Overpayments
πŸ““
Payment holidays
πŸ““
Porting
πŸ““
Rate switches
πŸ““
Remortgage & Additional Borrowing
πŸ““
Repayment methods
πŸ““
Adverse Credit
πŸ““
Age
πŸ““
Applicants
πŸ““
Asylum Seekers
πŸ““
Boosters
πŸ““
Commitments & Expenditure
πŸ““
Customer Verification
πŸ““
Dependants
πŸ““
Expat
πŸ““
First-Time Buyer
πŸ““
Home Movers
πŸ““
Non UK Nationals
πŸ““
Overseas applicants
πŸ““
Owners
πŸ““
Retirement
πŸ““
Students
πŸ““
Vulnerable Customers

Income and employment β†’ All guides

πŸ““
A - Z of Income types
πŸ““
Benefit income
πŸ““
Contract workers
πŸ““
Employed
πŸ““
Foreign currency income
πŸ““
Holiday Lets
πŸ““
Minimum incomes
πŸ““
Other income types
πŸ““
Parental Leave
πŸ““
Pay increases
πŸ““
Pension
πŸ““
Piecework
πŸ““
Rental income
πŸ““
Retirement income
πŸ““
Self Employed
πŸ““
Stipend Income
πŸ““
A - Z of Property types
πŸ““
A - Z of Purchasing schemes
πŸ““
Bedroom count
πŸ““
Construction types
πŸ““
Current value
πŸ““
Discounted purchase price
πŸ““
Flood Risk
πŸ““
Help to Buy
πŸ““
Leasehold
πŸ““
New builds
πŸ““
New Build; Incentives & Part Exchange
πŸ““
Property Charges
πŸ““
Property values
πŸ““
Retentions
πŸ““
Tenure types
πŸ““
Valuations

Packaging guide β†’ All guides

πŸ““
Employed income
πŸ““
Investment income
πŸ““
Maintenance income
πŸ““
Parental Leave
πŸ““
Rental income
πŸ““
Self-employed income
πŸ““
Sole traders income
πŸ““
Address verification
πŸ““
Additional support
πŸ““
Identification
πŸ““
Miscellaneous
πŸ““
Occupier’s consent
πŸ““
Proof of deposit
πŸ““
Retirement plans and pension

Generation Home Products and Services β†’ All guides

πŸ““
Registering on our panel
πŸ““
Income boosters
πŸ““
Deposit boosters
πŸ““
The Home Agreement
πŸ““
Conveyancing
πŸ““
ILA
πŸ““
Toolkit for your clients
πŸ““
Toolkit for you
πŸ““
Tariff of Mortgage charges
πŸ““
Terms of Business
πŸ““
Privacy notice

Property Charges

Service Charge Service change must not exceed 1% of the value of the property

Ground Rent Maximum annual ground rent must not exceed Β£250 (Β£1000 in Greater London) or 0.2% of the current property value (New Builds restricted to 0.1%), whichever is lower Ground rent review period must be equal to or greater than 10 years. Ground rent should double no sooner than 20 years.

If there is the potential or the ground rent currently exceeds the above limits, it should be reduced to within the required threshold. This would require a lease variation to include a new clause in the Lease that states that under no circumstances can rent be increased so that it comes within the applicable Assured Shorthold Tenancy (AST) threshold in the Housing Act 1988 (as amended).

Other Charges such as Rent charges, will be reviewed on a case by case basis and should be entered under β€˜Other’.

The valuer will always be asked to confirm whether the annual property charges would affect property suitability and marketability, as part of the mortgage valuation. Where we are advised of an impact, we may choose not to proceed