What is Low Cost Home Ownership?

Many people are finding it increasingly difficult to buy a home of their own. Grand Union Housing Group (GUHG) offers various Low Cost Home Ownership schemes designed to help people get onto the housing ladder:

• New Build HomeBuy (shared ownership/part-buy, part-rent)
• Re-sales
• Preserved Right to Buy
• Right to Acquire
• Social HomeBuy.

New Build HomeBuy (Shared Ownership)

New Build HomeBuy (often referred to as shared ownership or part-buy, part-rent) is a government funded scheme designed to help you get onto the property ladder. New Build HomeBuy acts as a stepping-stone between renting and home ownership. You buy a share of a newly built or resale home (normally via a mortgage) and pay a below market rent to us on the share that you don’t own.

A monthly buildings insurance, and in some cases, a monthly service charge will also be payable. For example, you may purchase a 50% share of the property and will then pay a rent on the remaining 50% still owned by us.

The size of the initial share can vary, but is usually between 25%-50% of the full market value. When you can afford to do so, and in most cases, you may purchase additional shares and eventually own the property outright. Your ability to purchase a home largely depends on your income and savings, and whether you are in a position to cover all the costs associated with the purchase.

Re-Sales

These are homes currently owned by existing shared owners who decide to sell their share. You purchase the share that the vendor is selling (usually via a mortgage) and pay a monthly rent and buildings insurance on the share that you do not own. A service charge may also be payable.

Preserve Right To Buy

Preserved Right to Buy is the opportunity for eligible tenants to purchase the home they are living in, at a discounted price.

Preserved Right to Buy only applies to those tenants who transferred from Mid Bedfordshire District Council (now Central Bedfordshire) to Aragon Housing Association on the 3 October 1994 (west of the district), 5 November 2001 (east of the district) and from South Northamptonshire Council to South Northants Homes on the 17 March 2008. Those tenants may have what is known as a ‘Preserved Right to Buy’ (subject to specific eligibility criteria).

Tenants who have joined Aragon and South Northants Homes since these dates do not have Preserved Right to Buy but may have a Right to Acquire.

Right To Acquire

Similarly to Preserved Right to Buy, Right to Acquire is the opportunity for eligible housing association tenants to purchase the home they are renting, at a discounted price.

As with Preserved Right to Buy, eligibility for the scheme is subject to certain criteria, relating to the property and to the length of your tenancy.

Social HomeBuy

Social HomeBuy will enable some of our tenants to buy their current home either outright or on a shared ownership basis, with the benefit of a small discount. This is similar to Preserved Right to Buy and Right to Acquire in that you buy the property you are currently living in. The minimum purchase share will be 30%, with a rent payable to us for the remaining share.

As with Preserved Right to Buy and Right to Acquire, eligibility for the scheme is subject to certain criteria relating to the property and to the length of your tenancy.

How to apply

Grand Union Housing Group Low Cost Home Ownership schemes
are specifically designed to help you buy your own home if you
are renting a home from one of the members of the group. Please
contact us to find out more and to request the relevant
application form.

For New Build HomeBuy (shared ownership/part-buy, part-rent), please contact us on 01525 844460.

For Re-sales, Preserved Right to Buy, Right to Acquire and Social HomeBuy enquiries, please contact us on
01525 844401.

HomeBuy Agents

HomeBuy Agents are appointed housing associations who provide
a ‘one-stop-shop’ and point of contact for affordable housing
options in a given area. You can find out which Low Cost Home
Ownership options are available in your area by contacting the
relevant HomeBuy Agent below:

Orbit - Bedfordshire, Cambridgeshire (including Fenland and Peterborough, Forest Heath and St Edmundsbury), Norfolk and Suffolk.
Telephone: 0345 850 20 50
Email: ofs@orbit.org.uk
Web: http://www.orbithomebuyagents.co.uk

Catalyst - Buckinghamshire, (including Milton Keynes), Berkshire, Oxfordshire and Surrey.
Telephone: 0845 601 7729
Email: homebuy@chg.org.uk
Web: http://www.catalysthomebuy.co.uk

Lea Valley Homes - Hertfordshire.
Telephone: 01582 869 440
Email: leavalleyhomes@aldwyck.co.uk
Web: www.leavalleyhomes.co.uk

EM HomeBuy (East Midlands Housing Group) –
Northamptonshire, Derbyshire, Leicestershire,
Lincolnshire & Rutland and Nottinghamshire
Tel: 0844 892 0012
Email: emhomebuy@emha.org
Web: www.emhomebuy.org.uk

Do you need the information in this document in a different format?

Please contact us on 01525 840505 to discuss your specific requirements.