Social HomeBuy
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.
What is 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
- You will require a deposit to purchase the property.
- 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.
