New Build HomeBuy is the scheme previously known as shared ownership or part buy-part rent. It makes it possible for people on lower incomes to buy a home when previously they could not afford to purchase property on the open market.
Details
The scheme allows people to buy a share they can afford of the property and pay rent on the remaining share, which is still owned by the social landlord.
A conventional New build HomeBuy shared ownership scheme is an arrangement where you can buy part of your home, usually 40%, with the option to ‘staircase’ up to full ownership in the future. An owner can sell their share in the home whenever they please.
Eligibility
All applicants have to meet income criteria. A full financial check will be carried out to ensure you can meet your mortgage commitments. Some restrictions and exclusions apply.
You must be in employment and have savings of over £4000 to cover the expenses associated with purchasing a property (including solicitors' fees/valuations/surveys/stamp duty).
Other requirements :
- You should be housing association or council tenants in a South East London borough - Bromley, Bexley, Greenwich, Lewisham or Southwark.
- Alternatively, you should be on a South East London borough housing list.
- You must not have received housing benefit during the previous twelve months.
- You must not be able to afford to buy a home on the open market.
We give priority to applications from existing housing association and council tenants as we can use their accommodation to house those in acute need.
Next steps
To apply under the scheme you should contact
Housing Options to be registered on the South East London Regional database. This will offer access to all housing association new-build and resale shared ownership properties in the five South East London boroughs. You can view details of currently available shared ownership properties in London and surrounding regions on
yourhomefinder,
moveuk and
Housing Options websites.
Contacts
Housing Options
Move UK
Yourhomefinder
- Telephone: 01622 695 449
- Fax: 01622 695 711
- E-mail: info@yourhomefinder.co.uk
- Address:
Yourhomefinder, Kent House, Romney Place, Maidstone, Kent, ME15 6LH
Housing Development and Strategy Department
- Telephone: 020 8313 4642
- E-mail: housing@bromley.gov.uk
- Office Hours: Mon-Fri 9.00am - 5.00pm
- Address:
Housing Development & Strategy, Joseph Lancaster Hall, Civic Centre, Stockwell Close, Bromley BR1 3UH