Community

Low Cost Home Ownership Schemes

I am interested in Shared Ownership schemes.
If you would like to own your own home but cannot quite afford it, low cost home ownership may be of interest to you.

Surrey Heath Borough Council works in partnership with registered social landlords (housing associations) to provide new homes in the Borough, some of which are made available for low cost home ownership. Thames Valley Housing Association, Accent Peerless and A2 have schemes in Surrey Heath.

Due to the high demand, low cost home ownership schemes are only available to registered social landlord tenants and priority applicants on the Council's Housing Register. If you are not a top priority at present you may still be eligible to join the Low Cost Home Ownership Register for future consideration.

What is Low Cost Home Ownership?
Low cost home ownership refers to schemes that help people who cannot afford to purchase a property on their own to be able to buy a home with financial help. Someone who earns enough to be able to purchase without the help of a registered social landlord will not be eligible.

If you buy through one of these schemes you live in the property as though you were the full owner-occupier. You have the security of being an owner-occupier but your monthly out-goings are less than if you were buying the property outright.

Types of Low Cost Home Ownership
There are three low cost home ownership schemes operating in Surrey Heath. The type you are eligible for will depend on availability and your current housing circumstances.

New Build Homebuy / Conventional Shared Ownership
In Surrey Heath Thames Valley Housing Association, Accent Peerless and A2 build new housing that is then sold on a shared ownership basis. The specification will vary between different developments and the initial shares sold will usually be between 40% and 75%, you will pay rent on the shares you do not own. You are able to purchase the remaining shares to own the property outright. Applicants must be nominated by the Council and must not have received Housing Benefit in the last twelve months.

Re-Sale Shared Ownership
A re-sale is when an existing shared owner wishes to sell their share. The existing lease holder has an obligation to offer the Housing Association the chance to find them a buyer for their share. You are able to purchase the remaining shares to own property outright.

If you are on this waiting list you will be able to access re-sale properties through the Thames Valley website as they become available for re-sale in Surrey Heath. If you would like information on properties which may be available for re-sale outside of the Borough, please telephone the Marketing Team at Thames Valley Housing Association on 020 8607 0607.

Open Market Homebuy
Open Market Homebuy is not a shared ownership scheme, it is a loan scheme whereby Thames Valley Housing Association will provide 25% of the purchase price. You must be able to obtain a mortgage to cover your contribution that is set at 75% of the purchase price. The property must be in a good state of repair and cannot exceed certain price limits. It must be in England. Applicants must be nominated by the Council and must not have received Housing Benefit in the last twelve months.

There is nothing to pay to Thames Valley Housing Association whilst you are the owner. When you sell the property you simply pay back 25% of the new price you sell it for to the Association. (You are able to purchase the remaining 25% to own the property outright.)

How do I apply?
To qualify to be nominated to a low cost home ownership scheme applicants will need to:

a) qualify on the Council's Housing Register; and
b) live or work in the Borough of Surrey Heath.

If at any time there is funding available and no demand from qualifying Surrey Heath residents the Council can open the schemes to qualifying applicants who do not have a local connection with the Borough.

Contact Housing on 01276 707348 for an advice booklet and application form. If there are no schemes available at the time you apply, you may be eligible to join the Low Cost Home Ownership Register.

Keyworkers
Key Worker Living which is administered by Thames Valley Housing Association as zone agent for the whole of Surrey, aims to help certain key worker employees in the public sector to buy homes in parts of the south-east where high house prices would otherwise prevent them from living near to their workplace. It is mainly targeted at health workers, teachers and police officers, prison service and probation staff, social workers, educational psychologists, and occupational therapists employed by local authorities, although priorities vary from area to area; you can apply directly to a zone agent, but your eligibility will need to be checked with your employer.

The following help is available:

a) a cash sum by way of an equity loan which does not have to be repaid until you sell the property (the loan method) to help you buy a home on the open market or a new property built by a registered social landlord;

b) shared ownership of newly-built properties. (You buy at least 25% of the home and pay a reduced rent on the remaining share to Thames Valley);

c) intermediate renting where the rent is set at a level between that charged by social and private landlords.

To find out if you can get help contact the zone agent on 0845 600 6699 or complete an application form online at www.keyworkerliving-sep.co.uk Opens in a new window

surreyheath.gov.uk

Low Cost Home Ownership Schemes