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Frequently asked questions

Please choose from the following Question and Answer Sections below:

General FAQ's
First Time Buyers' Initiative
Key Workers
MyChoice HomeBuy
Open Market HomeBuy (GLO)
Intermediate Rent
New Build HomeBuy
Social HomeBuy

If your questions is not answered here, please contact our support team directly.

New Build HomeBuy
   
Question & Answers What is New Build HomeBuy?’
   
 

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)

 
Question & Answers Who is eligible to apply?
 
  • Existing tenants of local councils and housing associations
  • Those registered on local housing registers
  • Key Public Sector employees
  • Some other priority first time buyers’ e.g. local authority employed support workers, state funded teaching assistants & learning support assistants, NHS employed medical secretaries and medical receptionists if they work in Herts.
  • Other first time buyers who cannot afford to purchase a property without assistance
  • In certain cases, current or previous home owners who are going through a relationship split and the property is being sold to share the equity, assuming they cannot afford to purchase another suitable property without assistance.

Priority will be given to certain groups e.g. existing social housing tenants.

 
Question & Answers How much do I need to be considered for buying through the low cost home ownership scheme ?
 

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, 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.

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

 
Question & Answers Can I make alterations / adaptations to my property?
  You must have the landlord’s permission in writing before you make any alterations to your property. However, they should not be able to withhold permission unreasonably.
 
Question & Answers If I buy a share in a property, who is responsible for the maintenance and repairs?
  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.

 
Question & Answers What if I want to sell my home in the future?
  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.
 
Question & Answers What are Re-Sales?
  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.
 
REMEMBER! YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Lea Valley Homes is a division of Aldwyck Housing Group,
6 Houghton Hall Business Park, Porz Avenue, Houghton Regis, Beds, LU5 5UZ
Tel: 01582 869440