Anyone understands the 'homewise' for buying a home? How does it work? It seems to be for the elder population, but out of interest was wondering how it all works

11
Found 13th AprEdited by:"sydney2"
Is it like a company that buys the house and sell it to someone at a cheaper price until the person pass away. Following that, the house now belongs to the company?
Thanks for reply
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11 Comments
google 'homewise ripoff' and I think you will find your answers.

Its the new economics. Borrow, borrow, borrow and leave nothing behind. Temporarily good for you. Not so good for dependents and means you leave nothing but fleeting trace of a memory in people's minds when you shuffle on.

Fantastic for people who like to make a profit out of taking advantage of others
Original Poster
ccnp1 h, 48 m ago

google 'homewise ripoff' and I think you will find your answers.Its the …google 'homewise ripoff' and I think you will find your answers.Its the new economics. Borrow, borrow, borrow and leave nothing behind. Temporarily good for you. Not so good for dependents and means you leave nothing but fleeting trace of a memory in people's minds when you shuffle on. Fantastic for people who like to make a profit out of taking advantage of others


Thanks, I googled it, very informative.Wow!
sydney223 m ago

Thanks, I googled it, very informative.Wow!



It annoyed me as I kept on getting alerts for properties in my price bracket only to find they were homewise ones at a 'reduced' value.

Switching off the retirement properties option on the search screens seems to have fixed it.
Original Poster
Evilmonkey42 m ago

It annoyed me as I kept on getting alerts for properties in my price …It annoyed me as I kept on getting alerts for properties in my price bracket only to find they were homewise ones at a 'reduced' value.Switching off the retirement properties option on the search screens seems to have fixed it.


Any tips dealing with estate agents? Thanks
sydney21 h, 14 m ago

Any tips dealing with estate agents? Thanks


Just remember they are acting on behalf of the seller and they’ll try the get the best price possible for them. They don’t care who buys the property it’s all about the commission. Don’t be sucked into any of their sales patter and always do your own homework on the property. Look on nethouseprices.com by putting in the address postcode for comparable prices of other houses sold on that street. Visit the property at different times of the day and if need be go back and knock on a few neighbours doors as they will more than likely know the background of the house.
Original Poster
Toptrumpet4 h, 6 m ago

Just remember they are acting on behalf of the seller and they’ll try the g …Just remember they are acting on behalf of the seller and they’ll try the get the best price possible for them. They don’t care who buys the property it’s all about the commission. Don’t be sucked into any of their sales patter and always do your own homework on the property. Look on nethouseprices.com by putting in the address postcode for comparable prices of other houses sold on that street. Visit the property at different times of the day and if need be go back and knock on a few neighbours doors as they will more than likely know the background of the house.


Thanks for advise, may I ask how much do the estate agent get re commission, the percentage if you are aware, thanks for answer
Edited by: "sydney2" 13th Apr
Anywhere between 0.75% and 3% +VAT, that’s why online estate agents are becoming more popular charging flat fees from around£500 depending on the service they provide.
Original Poster
Toptrumpet26 m ago

Anywhere between 0.75% and 3% +VAT, that’s why online estate agents are b …Anywhere between 0.75% and 3% +VAT, that’s why online estate agents are becoming more popular charging flat fees from around£500 depending on the service they provide.


Thanks, that seems a lot.
Edited by: "sydney2" 13th Apr
Original Poster
ccnp9 h, 20 m ago

google 'homewise ripoff' and I think you will find your answers.Its the …google 'homewise ripoff' and I think you will find your answers.Its the new economics. Borrow, borrow, borrow and leave nothing behind. Temporarily good for you. Not so good for dependents and means you leave nothing but fleeting trace of a memory in people's minds when you shuffle on. Fantastic for people who like to make a profit out of taking advantage of others


When the elderly is no longer living in the property, the homewise people re-owns/repossess the property, does that mean they have to pay stamp duty again?or is it easy for them? thanks
As far as I can make out, Homewise buys the property at a heavy discount to the market value and pays the stamp duty and the homeowner then gets to remain in the property on a lifetime lease as a tenant where Homewise is the landlord/freeholder (the tenant is then liable for any maintenance on the property). When the tenant dies Homewise takes full possession of the property. Homewise are betting on the longetivity of the life expectancy of the seller and therefore offers different deals depending on sellers age and health.
As they have already paid stamp duty and own the property in full they do not pay anything upon a tenants death. They put the home back up for sale on the open market and as a retirement option, really to double the exposure to sell or rent.
sydney23 h, 56 m ago

When the elderly is no longer living in the property, the homewise people …When the elderly is no longer living in the property, the homewise people re-owns/repossess the property, does that mean they have to pay stamp duty again?or is it easy for them? thanks



SDLC is payable on registration of form TR1 with the Land registry. Wouldn't put it beyond them to have tied this up in advance by owning the property themselves and granting a leasehold tenure (it's what I would do if I was a shyster)
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