Social HomeBuy

Who is it for?

Housing Association or Local Authority tenants. In 2006-08, only those Associations or Local Authorities who have bid for funding will be able to provide Social HomeBuy. Please check the approved list of landlords (link to approved list)

What do I buy?

A share of your existing home on a shared ownership lease.

How much do I buy?

at least 25%, with a discount linked to Right to Acquire discounts.

What else do I pay?

All the costs associated with the initial purchase including; solicitors fees, mortgage lender fees, stamp duty (where applicable)

All management and maintenance costs for the property are paid by the leaseholder.

Rent is payable on the unsold equity share. A maximum 3% annual rental charge on the equity retained by the housing provider, with a target average of 2.75%

You will also be responsible for all utility bills and for the Local Authority Community Charge.

Will I be able to own the property outright?

Yes, you may buy further shares, known as staircasing.

How do I Apply?

You should apply directly to your landlord to see if you qualify for this scheme