Affordable Housing - when you can't afford a house outright
Home Ownership Schemes
We can provide you with help to purchase your own home in Derbyshire, Leicestershire, Nottinghamshire, Northamptonshire and Lincolnshire (inc Rutland) through government sponsored home ownership schemes. We will help you choose the most suitable one for you by providing information, advice and access to buying your first home.
If you would like to own your home, but cannot afford to buy on the open market, New Build HomeBuy (formally called shared ownership) could be for you. You will have sole occupancy rights - you do not have to 'share' your home with anyone else.
What is New Build HomeBuy?
New Build HomeBuy is a great way into home ownership. If you can't afford to buy outright, you can part buy and part rent your home.
You might buy a 25%, 50% or 75% share in your home. You pay a small rent on the share that you don't buy. The bigger the share that you purchase, the less rent you have to pay. The monthly cost of buying a 50% share is about two-thirds of what you would pay on a mortgage if you bought the property outright. When you can afford to do so, you can buy more shares until you own your home outright.
Housing Associations and New Build HomeBuy housing
The other share in the property is usually owned by a housing association. Listed are housing associations within our district that will be or are presently running the scheme:-
Equity Housing - North WingfieldPeak District Rural - AshoverPeak District Rural - HolymoorsideDerwent Housing - KillamarshLeicester Housing Association - North Wingfield
Who can buy New Build HomeBuy housing?
New Build HomeBuy housing schemes are usually intended for people who cannot afford to buy a suitable home in any other way. Applicants must usually be in housing need and be unable to afford outright purchase. Priority will often be given to people on local authority or housing association waiting lists.
However, when a new housing scheme is developed that includes New Build HomeBuy homes for sale, housing associations often have to work hard initially to sell the New Build HomeBuy properties. This is because, when the new homes are first available the association usually has a number of homes available for sale all at one time. Consequently, if you are interested in New Build HomeBuy housing don't be put off by the paperwork. Apply to the local authority or a housing association that offers New Build HomeBuy housing in your area as soon as possible.
You don't have to find a new housing development to be able to buy a New Build HomeBuy property. When New Build HomeBuy owners want to move home, their property will either be offered to the housing association to find a buyer, or will be advertised in the local estate agents.
Who does the repairs on shared ownership properties?
The New Build HomeBuy ownership lease between you and the housing association will set out your rights and responsibilities as a shared owner. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. In particular, you will normally be fully responsible for the cost of repair and maintenance to your home.
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