New Build HomeBuy was formerly known as Shared Ownership. It is a part-rent part-buy scheme which offers applicants on lower incomes the chance to become home owners.  You purchase a share of a property that is affordable for you now, but the scheme has the flexibility to allow you to purchase additional shares in the future until you own the property outright. (The exception to this is ‘fixed-equity’ where you may only purchase the share for sale and there is no opportunity to stair-case in the future)

Please see the section Am I eligible to Apply

Buying a property is expensive, and applicants in the Hertfordshire area will have to have access to approximately £3,500 to cover the ‘one-off’ legal fees, stamp duty, mortgage arrangement fees etc. This may be funded through your own savings or from help via family/friends etc. without the need to take out a personal loan or borrow the money on your mortgage.

A deposit is required to purchase a home through New Build HomeBuy.

We recommend you seek advice from an independent mortgage advisor to see if home ownership is a realistic option for you.  

If you have a court order, stating that you must help provide a home for children until they have left full-time education, you may apply - please check with Lea Valley Homes.  

It will be your responsibility to repair and maintain your new home. Most New Build HomeBuy properties will have a guarantee for the first 6 – 12 months for any defects caused by the builder’s workmanship, and all new properties are covered by the NHBC or Zurich guarantee for latent defects. 

If your property is an apartment your landlord will be responsible for the fabric of the building, communal areas and buildings insurance and these costs will be included in your monthly service charge for the communal services e.g. maintenance of communal gardens, door entry systems etc. 

You will be liable for any council tax charges.

If you want to sell your property you must inform your landlord and an independent survey will decide on the value of your property and this will be the selling price. Your landlord will try to find a possible buyer from their waiting list to purchase your share,  which should reduce your moving costs. If they are unable to do so, you will have the option of selling through an estate agents etc.

Re-sales are shared ownership properties where the current owner is selling their share. Unless they are ‘fixed equity’ you purchase the share on offer and may purchase additional shares in the future until you own it outright, if you wish.