Purchasing a Park Home is different to purchasing a traditional ‘bricks and mortar’ property when obtaining finance or a mortgage. In fact it is a lot simpler purchasing a Park Home than it is ‘Bricks and Mortar’ as you do not have to utilise a solicitor to carryout any conveyancing when purchasing a Park Home. This is because traditional mortgages are secured on the land the home is built on (hence you would have paid a Land Registry Charge), however when you purchase a Park Home, you do not purchase the land the Park Home is sited on, therefore the lender can not secure the funds in the normal way.
When you use a company such as Park Home Assist, to assist you in the arranging of finance to purchase your Park Home, you get the added advantage (and peace of mind) that we do all the necessary checks on behalf of you and the lender, ensuring that for example the park has all the necessary site licenses etc.
If you decide to utilise some finance to assist you in the purchase of your park home, maybe so you can keep some funds from your house sale in the bank for a ‘rainy day’ or that dream home, or dream park is just a little over your budget, the finance will be secured with what is called a ‘Conditional Sales Agreement’. This means that regardless of the size of deposit you pay towards your Park Home, the lender will own your Park Home until you have paid all the required payments.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. |
