Social Homebuy is a new scheme which allows tenants to buy their current home. Those that can't afford to buy outright will be able to buy a share of at least 25%. Purchasers will be pay a reduced rent on the share that remains with TVCH. There are discounts available too; for example we will take up to £8,000 of the price of a 50% share.
We want to give as many people as possible the opportunity to get on the housing ladder. We believe that this scheme could make home ownership a reality for lots of TVCH tenants. The money we get from selling shares will be used to provide new homes for rent.
Funds are limited, so the scheme will be offered on a first come, first served basis. If we cannot meet initial demand, we hope to be able to offer more places at a later time, though this will depend on additional funding from the government.
We can only accept applications from assured or secure tenants who have been in public sector rented accomodation for a qualifying period which can include previous tenancies. If your present tenancy start on or after 18th January 2005, the qualifying period is 5 years; otherwise it is 2 years. In addition, you must not be in receipt of housing benenfit.
We will have to check whether your property is eligible for sale as some schemes such as sheltered schemes, and shared or specially adapted properties will be excluded.
Finally, we will need to be satisfied that you will be able to afford all the outgoings associated with your home. These will include your mortgage repayments, your rent and your service charge payments and repairs and maintenance (except those covered by the service charge). You will also need at least £3,500 in savings to cover the legal costs and survey fees on the purchase.
It is important you read our brochure on Social Homebuy which gives full details of the process and a step by step explanation of what will happen. You can read and download this at the foot of the page.
All Portable Document Format files require Adobe Acrobat software which can be obtained - free - from the Adobe website. Please click here to download Adobe Acrobat Reader.
Alternatively, to request the brochure, or for more information call 0854 35 12345, or email the Homeownership Department. Remember to include your name, address and a daytime contact number.