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HOLD stands for Home Ownership for people with Long term Disabilities.
It is a scheme for applicants with long term disabilities who want to part purchase / part rent a property (called 'shared ownership') allowing them to choose their own home and giving them long term security.
Applicants are encouraged to purchase a suitable shared ownership property through a regular Shared Ownership scheme but if a suitable property is not available, HOLD may allow an applicant to access a home more suited to their needs on the open market via a Housing Association. The Housing Association will purchase the property and sell a share of the property back to the applicant (this is subject to funds availability).
Applicants will either have to be able to secure a mortgage through a conventional mortgage lender or have enough funds to purchase a share of a property outright (without the need of a mortgage). You will also need a further £2,000 approximately to cover the cost of home purchase e.g. legal fees etc.
The HOLD fund provider in Hertfordshire is Hightown Praetorian and Churches Housing Association. You may contact them direct on 01442 292300 or via e-mail to info@hpcha.org.uk website www.hpcha.org.uk. However please remember that other housing associations may be able to help you purchase a property under the regular shared ownership scheme if a suitable property is available and you have sufficient funds to purchase the share without the need of a mortgage.
HOLD is available for people with long term disabilities or learning disabilities and long term support needs. HOLD applicants must not have an annual income that exceeds £60,000 gross.
Initially the share should be between a minimum of 25% and a maximum of 75% of the full market price. You will need to pay a subsidised rent on the part you do not own. In the future, if you want and can afford to, you may purchase additional shares of your home; 10% minimum at a time, until you own it outright - this is called 'stair-casing'. When you buy extra shares it will be at the current market value, not the original purchase price. There are a few exceptions to this as outright ownership may be restricted in certain areas - however the lease would clarify whether or not you can stair-case to outright ownership. With each additional share you purchase the rent payment will also reduce as the housing association will own less of your property and if / when you own it outright there will be no rent to pay although service charges may still be due.
No, the housing association purchases the property and leases the property to the qualifying applicant on the same shared ownership terms as any one else purchasing through shared ownership. However the housing association does have the right to make amendments or add a variation in clauses to the lease but this is unusual.
If you are unable to find a suitable property through regular shared ownership channels, you may consider a second hand property being offered for sale on the open market that best meets your specific needs i.e. an apartment, bungalow or a house etc. However you may only start looking for a property on the open market if your application for HOLD has been approved, and will be subject to sufficient funding being available.
Generally qualifying applicants may consider one bedroom more than their 'need' .This allows a bedroom for carers who provide daily or occasional overnight support. Therefore most properties purchased under HOLD are one or two bedroom properties. Unfortunately the needs of other family members e.g. parents, sisters, brothers, etc) cannot generally be considered for this scheme.
Yes. If you do not own the property outright your landlord can help you find another applicant who qualifies for shared ownership to purchase it from you - the new purchaser does not have to qualify for HOLD i.e. does not have to have learning or long term disabilities. If you own the property outright and the housing association does not want to repurchase the property you may sell it on the open market.
Generally shared ownership home owners are responsible for repairs and maintenance. It may be possible that the housing association providing the HOLD funds may consider whether they will provide the repairs and maintenance for the property in return for a regular fee but you will need to discuss this with them first.
Unfortunately at the current time, there are no lenders who will allow a mortgage to be paid out of their benefits. This situation may change in the future and you are advised to check the web site for any updates or view www.mysafehome.info for MySafeHome Ltd. - a specialist mortgage advocate working on behalf of the long term disabled to find a lender prepared to offer mortgage which may have the payments deducted from their benefits. Their telephone number is 08000 121 333.
No. Although an advocate may act on your behalf the HOLD applicant must purchase directly from the provider.
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