| Social HomeBuy is available to social housing
tenants whose landlords have applied for funding
for the scheme. Please contact your landlord to
see if they are participating in the scheme. |
| |
| Aldwyck Housing Association are participating
in the scheme, please read on for further qualifying
details. |
| |
| What is a Social HomeBuy? |
|
- It is a scheme which allows some social housing
residents to purchase between 25% (minimum purchase)
and 100% of their current home.
- Discounts are as the Right to Acquire discount.
- You are able to purchase further shares in
the property until you own 100% if you should
be able to afford to.
|
| |
| Am I eligible? |
|
- You need to be a secure or assured tenant
(excluding shorthold assured tenants and long
leaseholders).
- You need to have been a social housing tenant
for a minimum of 2 years or 5 years for tenancies
granted after 18 January 2005.
- Occupy an eligible property.
- Your rent account needs to be up to date.
- You will require access to approximately £3,500
for legal fees etc and be able to sustain a
mortgage.
- There should be no instances of Anti Social
Behaviour or breaches of tenancy against you.
- You should not be an un-discharged bankrupt
or have previously made a purchase at a discount
from a Public Sector Landlord.
|
| |
| NB exceptions
do apply in the above eligibility and applicants
will be informed on receipt of application. |
| |
| Property Exemptions: |
|
- Freeholder is not a public sector landlord.
- The length of lease is under 60 years.
- Properties let in connection with employment.
- Properties which have had Aids & Adaptations
fitted after an Occupational Therapist assessment
(excluding grab rails and/or stair-lift).
- Properties where the discount is more than
50% of the market value.
- Properties where the net proceeds are insufficient
to repay any outstanding loan on the property.
- Sheltered housing schemes.
- Supported Housing schemes.
- Rural or difficult to replace properties.
- Properties in schemes which are being/or are
going to be redeveloped. (An exemption list
due to redevelopment is held and will be reassessed
on a quarterly basis).
|
| |
| Rent: |
|
- Rent is set at 2.75% for the unsold equity.
|
| |
| Repairs: |
|
- You will have full obligations for repairs
to the property.
|
| |
| Second and subsequent
Sales: |
|
- If the property is sold at any time within
21 years the social landlord must be given first
refusal to buy back.
- The social landlord will keep a waiting list
and has the right to nominate to a vacancy.
|
| |
| The social landlord is expected to
buy back a flat (but not a house) where the Social
Homebuyer has got into difficulty with their mortgage. |
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