Suffolk Coastal is
working in partnership with local Housing
Associations to develop shared ownership housing for local
people inorder to help local families who are in housing
need, who want to own their own home, but cannot afford to
buy.
What is New Build HomeBuy?
Housing Associations and local
Councils have been providing shared ownership homes for at
least 10 years. Several thousand people throughout England
have already become homeowners through shared ownership
schemes.
New Build HomeBuy is a way of bridging the gap between renting
and owner occupation. It gives people who cannot afford to buy a
home outright, the opportunity to buy a share in a new house or
flat, on a part rent or part buy basis. This means that the
purchaser buys a share of the house and pays rent on the part that
they do not own.
At a later stage, if you wish, you can buy extra shares in your
home. Please note, however, that in many cases shared owners will
not be able to buy more than an 85% share in their property. This
is to ensure that these homes will continue to be available to
local people on a shared ownership basis in the long-term. There
are already a few existing shared ownership schemes in the district
where vacancies do occasionally occur. In addition, through our
development programme we are working with partner Housing
Associations to provide more New Build HomeBuy homes.
How do I apply for New Build HomeBuy housing?
To be considered for New Build HomeBuy you must be on the
HomeBuy zone agent's register. For Suffolk the zone agent is Orbit
Housing Association - go to
the Orbit HomeBuy Agent's website (new window) to
download an application form or call 0845 850
2050. Forms are also available from
Suffolk
Coastal's offices or by calling 01394
444237.
You must be unable to afford to pay the full market price for a
home, but have sufficient income to secure a mortgage on part of a
property and pay rent on the rest. In addition you must demonstrate
a ‘housing need’. Examples of housing need include:
- Sharing your home with parents or other relatives.
- Renting privately, and being unable to buy your own home.
- Being on a low income and not being able to buy your own
home.
- Leaving your matrimonial home through divorce and not being
able to afford to buy another home.
How does New Build HomeBuy work?
New Build HomeBuy means that you part buy and part rent a lease
on your home through a Housing Association. The idea is that over
time, as your income increases, you can purchase more of your home
and rent less. This is called ‘staircasing’. The initial percentage
you buy will be set by the Housing Association and will vary from
scheme to scheme, but is usually 25%, 50% or 75%. You can then
staircase, usually up to 85% and sometimes up to 100%. To be
considered for some schemes you must have a local connection with
the area in which you want to live. This is defined as follows:
- has lived in the parish for the preceding three years, or
- has a place of work in the parish, or
- has parents or close family who have lived in the parish for
the preceding three years, or
- can demonstrate some other local connection to the satisfaction
of the Council, or
- was forced within the preceding three years to move away from
the parish because of a lack of suitable accommodation.
or:
- has lived in one of the neighbouring parishes for the preceding
period of three years, or
- has parents or close family living in one of the neighbouring
parishes, or
- has a place of work in one of the neighbouring parishes,
or
- during the preceding three years has been forced to move away
from the neighbouring parishes due to lack of suitable
accommodation.
Please note you will not be considered if you can afford to
resolve your own housing needs through the open market, as the
scheme is specifically designed to help those who cannot afford
this.
How do I find out what is available?
You
can search for all homes currently available (new
window) on the Orbit HomeBuy
Agent's website.