Tag: FAQs

Introduction

Navigating the maze of information on shared ownership can be daunting. This FAQ, drawn from personal experience, aims to simplify and clarify the details for you. Remember, this is a guide; for specific enquiries, consult your solicitor.

1. What distinguishes shared ownership from outright home ownership?

The differences can be viewed through various lenses: costs, objectives, political, socio-economic, or legal frameworks. I prefer to consider the differences in terms of costs and objectives.Shared ownership is a hybrid of renting and home ownership. Generally, you co-own the property with a housing association, which can be a stepping stone towards full ownership. In a shared ownership scheme, you buy a share of the property and rent the remainder, also covering a service charge and building insurance.

Pros and Cons

The upside is the potential to acquire a larger or newer property through shared ownership than if you bought outright. Additionally, properties under shared ownership are often newer, which could mean lower maintenance and energy costs initially.

However, when tallying rent, mortgage, service charge, and building insurance, the total cost might exceed that of an outright purchase. Also, new shared ownership properties may not include furnishings or flooring, adding significant expenses. Legal fees can also be higher due to the dual nature of the agreements: one to purchase and one to rent.

2. Can I negotiate the purchase price?

In most circumstances, it is not possible to negotiate the price.

3. How come not all lenders offer mortgages for shared ownership?

The key factor is the level of risk for the lender. In a traditional mortgage, the bank holds the property title until you’ve paid off the loan. But with shared ownership, the title is split, tying the lender to your lease’s selling conditions and potentially increasing the selling costs. Additionally, market fluctuations, the size of your deposit, and the demand for shared ownership properties can all affect the lender’s ability to recoup costs in the event of a default.

4. Can I make an offer for a shared ownership property?

No, shared ownership is based on a ‘first come, first served’ principle. This means that even if you present a more attractive offer to the seller, the person who finishes their affordability assessments and pays the reservation fee first will secure the property.

5. Do I have to use their mortgage broker?

Initially, you will qualify for the checks. If you decide to move forward, you have the option to secure a mortgage for shared ownership or choose a mortgage broker that meets your preferences.

6. How long does it take from first viewing the property to being able to move into it?

The timeline for acquiring a property can fluctuate widely due to factors such as property type, search volume, mortgage requirements, existing mortgage offers, personal needs, survey processes, duration of checks, property chains, and more. The following table provides a ‘very rough’ estimate and should be regarded solely as a reference point for estimation.

Property Type	Estimation
New build—to be built	3 – 10 months
New build, with mortgage	4 – 6 months
New build without a mortgage	3 – 5 months
Flat	4 – 7 months
Previously owned – with mortgage	4 – 7 months
Previously owned, without mortgage	3 – 5 months

7. How much will legal fees run?

The cost of legal fees for shared ownership can fluctuate significantly. Factors such as having a mortgage, the property type, its location, the necessary number of searches, whether a survey is required, and the chosen firm all play a role. You can expect to pay anywhere from a minimum of £1,500 to a maximum of £2,250 outside of London, with the average cost hovering around £2,000, excluding the initial month’s rent and charges.

Overview of this Guide

Thank you for taking a few minutes of your time to use this guide to help you consider if you are applying to a university in the United States. This guide is an opinion, based on my experience with the university system in both in the United Kingdom and the United States. It is meant to be an overview and it should not be used as a substitute when you are able to get more specific or current information. Instead, this guide should be seen as an opinion regarding the United States university system, how it differs from the UK system, and how to prepare for education in the United States. It is estimated that 40% of US university students will drop outafter their first year and to study abroad is a life changing decision. This means planning to study abroad, especially in a country where drop out rate is 2 out of 5 for 1st year students means the decision should not be made lightly. Therefore, this guide will provide a piece of information in the vast amount of information you will access in determining if applying to a US university is right for you.

Plan Early: US Education System is Vastly Different than the Education System in the United Kingdom

In all honesty, the United States education system is vastly different than the education system in the United Kingdom and the earlier you can plan the more options you will have. Ideally, you should begin exploring the idea in year 8 and begin looking at university requirements in year 9. Then in year 10 you can begin identifying A-level course or deciding to undertake international baccalaureate. At the end of year 10 and after you receive your GCSE results, you can begin narrowing your search. In year the second part of year 11 you should plan to take either the ACT or SAT. Finally, right away in year 12 you should apply.

When you research US universities and begin applying to a US university, it is best to forget everything you know about the UK university application system. The US system does not operate a centralised system and the prospective student will need to apply to each university directly. It is worth noting, each university will have its own requirements and application. Due to the difference application to a US university broadly varies in 4 ways, application process, education background, admission testing, and grading.

US University System Operates a Competitive Application Process

This section will cover the basics of the application process including how to identify potential universities. Other issues like fees, testing, and standards will be discussed in other sections of this guide.

When applying to a US university, it is important to realise the application process is competitive. Competitive means grades and test scores are considered, but so are the applicant’s extracurriculars. Meaning, how you answer the essay, what you have done outside of school, and who you are as a person are all taken into consideration. Therefore, the process is competitive because the whole person is considered, which means, just because you may match the university on paper, it does not necessarily mean your application will be automatically accepted.

application process is competitive

Targeting your application

If you do relatively well on your GCSE’s, A-levels, and your US admission test you should be able to find a university suitable for you. The challenge is knowing where you fit into the structure. A lot will depend on your understanding of the university, your planned major, and how your profile matches those who have been accepted. So, the more you understand about the potential universities you are targeting the better chance you will have in applying to the right university. Targeting your application requires a bit of strategy and understanding how your potential major fits into acceptance rate. Unlike the UK structure of Russell Group and non-Russell Group, the US uses a Tier Structure. The tier system is based on acceptance rates, which determines the competitiveness of the school, the grades of the student, and the student’s admission test scores along with their background.

Unlimited number of applications but each university will charge you a fee to process your application

Unlike the United Kingdom’s approach to university applications, the United States does not have a limit on applications you can make nore does the United States system require you to go through a centralised application clearinghouse. Under the US system, you will make an application directly to each university and the university will typically charge a fee to the process your application. The fee will vary from about $30 to $100 (for more selective universities) per university. If you are applying to 10 universities you can expect to pay in the range of $300 to up to $1,000 for your applications.

As for how long a reply will take, again it depends on several factors like the university, how close you apply to the deadline, the department, and your proposed major. Usually, the wait can be between 1 – 3 months for a reply once you have sent your completed application

Application Deadlines

Since the United States does not offer a centralised application system, each university is able to set their own application deadline and able to set deadlines for specific group of students. Some universities will offer early decision with an application deadline being in typically in October and the usual deadline being around January or shortly after the new year. Some of the universities, especially in Tier 4 and Tier 5, will offer the ability to apply through late spring or early summer. Nonetheless, it is important to be very conscious of deadlines since each university will set their own deadlines.

be conscious of deadlines since each university set their own application deadlines

Finally, application decision can fall into one of four categories. Full or unconditional acceptance means you have been accepted without conditions. So, you will have to inform the university if you are going to accept their offer. Second type if a conditional acceptance, this can be on condition of completing your coursework with satisfactory grades, obtaining a student visa, or various other conditions. Third type, is waiting list meaning you have not been accepted nor rejected. It means, you have been placed on a list to see if students do not accept and if there is a place for you. Final, is rejection of your application.

Crash course in the US High School Diploma

The US operates a high school diploma system which is very similar to the international baccalaureate and the vast majority of universities will require that students continue taking a variety subjects, usually this includes further study of mathematics, English (composition and a course in literature), physical sciences, social sciences, and the humanities. This additional study means a US bachelors degree is 4 years instead of they typical 3 years for a UK degree.

There are a few reasons for the requirement of additional courses. One thought is to make the student a much more broader thinker by giving the student to solve a problem by approaching the issue from various perspectives. Another thought, by giving students opportunities in different subjects, it may open them up to areas that they did not consider for a degree. Final thought, by giving students a broad foundation it allows them to take more advance course and it makes it easier for them.

Terminology

University versus College

To help you navigate the US higher education system it is important to clarify some terminology. In the UK college tends to be equivalent to a US vo-tech or junior college. Menaing the institution focuses on trades and or adds a very university level courses. However, in the United States college has a very different meaning. College, in the United States, means a 4 year institution that offer limited or no advanced degrees (e.g. masters or PhD). This means a college, in the United States, is the same as a university with one small difference and that difference lies in the opportunity for post graduate study.

BSc versus BA degrees

I am not sure in the UK if there is much difference between a BA and a BSc and I typically see in the UK BSc degrees being offered. In the United States many students are offered the opportunity to choose to study for a BA or BSc. A BA is typically offered at liberal arts colleges and Universities. Liberal arts are a university or a college that typically offers limited post graduate study and focuses on offering courses in the classics, humanities and social sciences. A BA degree will focus more on a wider education program drawing from the foundation courses and de-emphasises the major and many BA degrees will require 2 years of a foreign language. Whereas a BSc degree, focuses more on the major, de-emphasises the foundation courses and unless the major is a foreign langue, a BSc will not require a foreign language to graduate.

Strategy

Applying to a US university will require a bit of strategy by a prospective UK student. From my experience, people in the UK believe their approach to education is superior, with GCSEs and A-Levels. While some US universities may treat A-levels as a US advance placement course: a strategy that involves taking and then doing well in ‘soft touch courses’ like media studies, psychology, art, art history, business, or basket weaving at A-level will open up Tier 1 and Tier 2 schools is sadly mistaken. US universities, especially at Tier 1 – Tier 3, want to see students that have undertaken a rigorous academic coursework that have challenged them like STEM courses.

The issue, I believe for UK students considering studying in the USA, is the current GCSE and A-level system. Unless, the UK student undertakes 5 A-levels in maths, English, 2 physical sciences (e.g. chemistry, biology, and physics), and a social science (e.g. psychology, history, sociology) may struggle to adapt to the rigors of the US system and the requirements to study a variety of topics as a part of their undergraduate degree. Therefore, I would recommend, any UK student considering studying in the USA to undertake the international baccalaureate instead of A-levels.

Finally, as a part of your strategy you should develop a 70-20-10 list. 70% of your list should comprise of schools you are most likely to be accepted, 20% of your list to include schools you might have a chance, and the remaining 10% your dream schools

Admission Testing

A-levels are arguably a form of admission testing since each student has to sit A-level exams, and the results of those exams determine if the student qualifies for admission to a UK university. In the US, university admission decisions are split across three areas: grades at high school, university admission testing, and extracurriculars (things you have done outside of school). Each university has their own requirements regarding admission testing and the weight they give to test scores but generally speaking, there are two tests the SAT and ACT. From my knowledge and understanding, SAT tends to be preferred by many of the Tier 1 schools. The SAT covers maths and English, which closely correlate to intelligence. ACT covers math, English, science, and reading comprehension.

Grading

Unlike in the UK, US students from junior high to post-graduate work in the USA, regularly undertake teacher written tests. Testing is very much a part of the students experience and students are graded that ultimately lead to their final grade. Teachers will employ one of two grading systems, a straight percentage or grading on a curve. Grading on a curve assigns grades based on the population of students who took the exam and by grading on a curve removes any test bias from poorly written questions that may lead to the test being too hard or too easy. Percentage is assigning a grade based on the percentage of correct answers.

From my experience, if you prepare well for an exam then grading on a curve will favour you and when I was graded on a curve, I tended to do much better. However for a teacher to use a curve requires a lot more work. Whereas, grading on a percentage is a lot easier since it does not require calculations. At the end of each semester a student will receive a report card showing their grades and their GPA, grade point average. Meaning, their grades are weighted and then averaged to arrive at their semester and overall GPA. The overall GPA and class ranking is what many universities will consider when reviewing an application for admission.

Fees and Cost

US universities do not have a blanket tuition charge like in the United Kingdom. Generally speaking, state supported universities tend to charge less for tuition. However, unlike the UK universities, US universities provide on campus housing and meal services for their students. While, each university differs, broadly speaking, most US universitas will require freshmen (1st year students) and sophomore (2nd year students) who live more than 25 miles from campus to live on campus. This means when reviewing costs for a US university the cost will be split into three parts, tuition, dorm (campus housing), and meal plan. Other costs like books are not included in the cost.

As for paying for US universities, if you have exceptional grades and you are able to qualify for a Tier 1 or Tier 2 university, it is possible that you may be offered an academic scholarship that will cover a part or all of your expenses. If you are not offered an academic scholarship or the scholarship does not cover all of your costs, you can look to apply to other scholarships. Scholarships are competitive and tend to be open to a certain class of students. So, before taking the time to apply, make sure you understand who can apply and the deadline for applying.

If the scholarship route is not available to you this raises the question regarding financial aid. Unless you have a parent that is a US citizen that meets the requirements for federal financial aid, it is highly unlikely that UK financial aid will cover the cost and depending on the university, they may not accept UK financial aid. This means, it is likely loans from a bank will need to be taken.

Final Thoughts, Advice, and FAQs

Transferring

I am not going to spend a lot of time on this, hence the reason for putting this under a miscellaneous heading. Under the US university system and subject to any visa restriction you may have, it is likely that if you do not like your university then you can transfer without having to start over.

Advice

The best advice, I believe, for a UK student considering applying to a US university is to plan early and the earlier the better. I say this because a US university tuition, is significantly more than what the UK university will charge and you will need to identify potential source of additional funding. Furthermore, if you do not hold US citizenship, you will need to apply for a US student visa and this will take time.

My next piece of advice is for you to plan your GCSEs courses, your A-level or better yet consider undertaking an international baccalaureate to help you prepare for the rigors of US academics and avoid believing, ‘the path of least resistance,’ by taking a bunch of ‘soft courses’ will gain you admission to a prestigious US university.

Finally, you can never stop too early to begin identifying potential universities and begin developing a list.