The aim of Low Cost Home Ownership is to provide people who cannot afford to purchase a suitable property on the open market, with alternative methods of achieving home ownership.
The properties are provided by Registered Social Landlords (RSL's) or private developers working in partnership with the Council.
EM Home Buy
There are many schemes available that provide financial assistance in the form of a loan or equity share enabling people to buy and live in their own home. These schemes are sponsored by the government and provided by a 'HomeBuy agent'. The agent for Lincolnshire is EM HomeBuy.
EM HomeBuy works with Registered Social Landlord's to advertise their properties. They provide a "one stop shop" advice service about Low Cost Home Ownership schemes.
Their main scheme, New Build HomeBuy, enables people to purchase 25 -75% of the property and pay subsidised rent on the remainder. This is a type of Shared Ownership.
For more properties for sale in South Holland and other districts, view the EM HomeBuy website or call 0844 892 0112.
What Schemes are Available Privately?
Local developers market and sell Low Cost Housing privately; each of the schemes has rules on who is eligible and how much financial assistance is available.
Broadgate Homes Ltd has introduced their own schemes including Shared Equity where part of the purchase includes a subsidised loan from the developer. They also produce a Low Cost Market scheme where properties are sold at a small percentage below market value.
Other schemes provided by local developers include Discounted For Sale where properties are sold at 80% of market value with the reduction being passed on through the sale of the property.
Many developers hold an open day once the properties are completed so it is worthwhile keeping in touch with these organisations to hear of any events locally. Due to being built privately, Low Cost Homes are often advertised in local newspapers and on company website.
Am I Eligible?
The government has set conditions regarding who is eligible to purchase a Low Cost property. The requirements vary per development and may include:
- people unable to easily purchase a property on the open market;
- households of low income wanting to get onto the property ladder;
- social housing tenants;
- people experiencing a relationship breakdown.
Buying Prudently
When purchasing a property, there are many items to consider. Please bear in mind that any purchase would involve buying financial products and some schemes are operated by commercial organisations.
Selling a Low Cost Property
If you wish to sell your property you should inform the Registered Social Landlord or Council as the purchaser would need to meet the criteria for Low Cost Home Ownership.
As with any home, the value of properties will change depending on market conditions. When you sell the property, you will receive your share of any increase in the value.
Please contact the Housing Strategy team for a copy of our guidance booklet on selling affordable housing. Call 01775 764514 or email info@sholland.gov.uk.
