Generally the share you purchase will be between 25% and 75% and you pay rent on the part you do not own (possibly paid through Housing Benefit). If you buy a smaller share the mortgage costs go down but the rent increases. If you want to, it is usually possible to buy more shares later on, and reduce the rent you pay (this is called ‘staircasing’) or even buy the property outright. If you do buy further shares, the price you pay is based on the full price of the property at the time you buy the shares, not the original price you paid.

You can sell your share at any time if you want to move. If you do decide you want to sell your share, you may be asked to sell your share to someone else chosen by the RSL or you may have to find your own buyer – your RSL landlord will advise you.

The HOLD scheme allows you to choose your own home, and you may purchase a brand new home or an older property. You may also chose the location so if you want to be nearer to your parents or friends, or close to your day centre or to the shops etc you can!

The property that you purchase has to be affordable and suitable for your needs, i.e. not too big but large enough for you to have a live-in carer if you need one. It does have to be in a reasonable state of repair and, if a leasehold property, it must have at least 60 years left to run on the lease. The RSL you are buying with must agree with the property purchase and it must also be acceptable to the mortgage company. You will need to check with the RSL if they have any other restrictions and you will need to check if they or you will be responsible for the repairs, maintenance, insurance etc. However you will definitely be responsible for insuring your own things through a Home Contents insurance.

As a property owner and have the same rights and responsibilities as any other home owner.

Points to Remember

• HOLD is only available to people with long-term disabilities and is a shared ownership scheme
• You may be able to access this scheme through Income Support if you do not have any funds yourself (for an interest only mortgage)
• You need to check with the RSL you are buying from if they have any restrictions about what you can buy
• You may be responsible for repairs and maintenance etc
• You may purchase a suitable home in an appropriate location for you
• You may purchase with another person if you want to

To arrange a mortgage for this type of scheme may need the services of a specialist mortgage advocate - www.mysafehome.info or seek advice with any specialist mortgage advisor.

If you live in Hertfordshire and are interested in this scheme, please contact Lea Valley Homes on 01582 869440 or via e-mail to leavalleyhomes@aldwyck.co.uk