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The different LCHO schemesThere are several different types of Low Cost Home Ownership schemes. A quick summary of each of them together with details of where you can get more detailed information are set out below. Shared Ownership This is the most common type of low cost home ownership. These schemes allow you to buy a share of a property and pay a subsidised rent on the remaining share. The initial share you buy can be 25%, 50% or 75%, and you can buy further shares (up to 100%) at a later date as you can afford to. You can sell your home at any point. When you sell your share of the proceeds will be equivalent to the share you own. For instance, if you own 50% of a home that you go on to sell for £100,000, then you will get £50,000 from the sale and the housing association or council operating the scheme will get the other £50,000. Click to go to the top of the page Do-it-Yourself Shared Ownership Most shared ownership homes are built or renovated to be sold on that basis. Do-it-Yourself Shared Ownership is different in that it allows you to choose the property yourself out of all the properties for sale on the open market. There are only limited opportunities to buy a home in this way. Click to go to the top of the page Self-build Shared Ownership These schemes are available to people with do it yourself skills who want to receive training in the building industry at the same time as working as part of a team to build their own home. Click to go to the top of the page Homebuy These schemes require you to buy 75% of a home at its open market value, and give an interest free loan on the remaining 25%. You can repay the interest free loan when you come to sell your home or at any point beforehand. The amount you pay back will be 25% of the open market value of the home at the time of repayment. You cannot apply for Homebuy if you have claimed housing benefit in the previous 12 months before your application. Click to go to the top of the page Fixed Equity These schemes are offered by a small number of housing associations. Like Homebuy they require you to buy an initial fixed share of the home and do not charge you any rent or interest on the remaining share which belongs to the housing association. The main difference from Homebuy is that Fixed Equity schemes do not allow you to own 100% of the home at any point, and the share of the property you own will stay the same for as long as you own it. Click to go to the top of the page
More informationMore information on shared ownership and homebuy schemes offered by housing associations can be found in the following documents: If you want to know how to apply click on Applying for LCHO. |
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