Social HomeBuy
What is Social HomeBuy?
This option offers some housing associations or local authority tenants the opportunity to buy a share in their rented home.
How does it work?
Tenants can purchase a minimum initial share of 25% of the home. The remaining un-owned equity is retained by your landlord. Your landlord then charges you an affordable rent on the un-owned equity. It is possible for you to purchase 100% of the property.
What are my options after buying through Social HomeBuy?
You can buy additional shares at a later date until you own 100%. This is called staircasing and is based on the current market value at the time that you purchase the additional shares. If you increase your share in the property, your rent is re-calculated and reduced proportionately.
If you wish to sell your property, your share is marketed for sale through your housing association, to allow further people in housing need to benefit from low cost home ownership. The property is resold at market value at the point of resale.
If you have purchased 100%, any service charges you previously paid may still be applicable. Please ask your landlord for details.