| New Build properties are offered on certain schemes
in certain areas. You need to be able to raise a
mortgage or have savings and / or a mortgage to
allow you to purchase a share of the property, and
you will pay a reduced rent on the remaining share
to the housing association who owns the rest of
the equity (charges for communal services e.g. gardening
for communal areas, maintenance of door entry systems
for flats etc - known as ‘service charges’
- may also be due). |
| |
| The minimum share you may purchase is 25% and
the maximum is 75%, however most shares generally
tend to be around 40%. In the future, if your finances
allow and you wish to, you may purchase additional
shares (at the prevailing market value) until ultimately
you own 100%. This is known as ‘stair-casing’
If you want to sell your property, you should inform
your housing association landlord who may re-purchase
the property at market value or nominate another
household to purchase your share. Alternatively
you can staircase to 100% and sell your property
in the usual way. |
| |
| Please read the New Build HomeBuy leaflet for
full details on the scheme |
| |
|
| |
| Points to remember |
|
- Applicants who free up council or housing
association property and Key Workers for key
worker specific housing will receive the first
priority.
- If you were given priority for New Build
HomeBuy because you are a key worker or a Hertfordshire
public sector employee, and you cease to be
a qualifying Key Worker, you will have five
years to buy the property outright or to sell
it, either to the housing association or through
the housing association.
- You may not have a gross annual household
income of more than £60,000.
- Minimum gross annual household income is
generally £15,000 but each case will be
judged individually against household size,
saving, affordability etc.
|
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