Blueprint Property Lawyers specialise in acting for people who are buying or selling a property through Housing Association Affordable Housing schemes. We deal with many Housing Associations across London and the South East and are actively recommended by numerous Associations and mortgage brokers who deal in shared ownership lending.
We have staff dedicated to dealing with the following types of work:
- Shared Ownership Sales & Purchases
- Newbuild Homebuy Shared Ownership Purchases
- Staircasing & remortgages
- Equity Loan Purchases (Open Market Homebuy)
- Social Homebuy
- Right to Buy / Right to Acquire
For a competitive quotation from recognised experts in the field please telephone us on +44(0)2075345821 or email sharedownership@blueprintlaw.com
Weighed down by the jargon about affordable housing?
SHARED OWNERSHIP
Also know as part buy, it is exactly that. You purchase a percentage (between 25% and 75%) of your home using cash and a mortgage, and you pay a subsidised rent to the housing association on the balance. You can buy further shares in your home which is called ‘staircasing’.
SHARED EQUITY
You purchase 100% of your property, but pay for only a percentage using savings and a mortgage. The remaining percentage is covered by an equity loan – a kind of second mortgage.
NEW BUILD HOMEBUY (NBHB)
These are new homes on new developments bought on a shared ownership basis.
RENT TO HOMEBUY
This is a ‘try before you buy’ option which is designed to help you buy your home through New Build HomeBuy when your financial circumstances improve. Your rent is subsidised allowing you an opportunity to save for the deposit.
SHARED OWNERSHIP RESALES
These are where New Build Homebuyers want to sell and move on. When you buy one, you own the share up for sale and pay rent on the remainder. You can normally staircase up until you own 100%.
HOMEBUY DIRECT.
This is a new equity loan scheme for selected new build homes. You must be able to afford a minimum of 70% of the purchase price through a combination of cash saving and a mortgage. The remaining 30% will be jointly funded by the government and property developer as an equity loan secured on the property. The secured equity loan is interest free for the first 5 years and after this it increases every year. When you come to sell before the equity loan is repaid, you simply divide the proceeds up on the same percentage share e.g. if your equity loan was 30%, they get the same percentage of the proceeds.
FIRST TIME BUYER’S INITIATIVE (FTBI)
This product is available on specially selected new homes. You must be able to afford at least 50% of your new home with a combination of mortgage and savings. The reminder is covered by an equity loan. There is no interest to pay on the equity loan in the first 5 years.
A ROUGH GUIDE TO WHETHER YOU ARE ELIGIBLE?
- Be a first time buyer.
- Employed and earning between £12 000.00 and £60 000.00 per annum.
- No CCJs
- Not be able to buy a suitable home on the open market within a reasonable distance of where you work or live.
- Have savings to pay for the deposit, solicitors fees, valuations etc.
For more information, financial advice, property details and HomeBuy Agents etc. go to www.homefocusmagazine.co.uk.
