HomeBuy, Shared Ownership and Key Worker Housing

• Do you want to own a home of your own but think that you can't afford it?
• Have you heard of the HomeBuy Initiative?
• You could be a homeowner within 6 to 10 weeks or in a rented property even quicker!

What is HomeBuy?

HomeBuy is a Government scheme that assists eligible households into home-ownership.

For many people, this programme will provide the best chance of owning a home in the area in which they want to live and work. The initiative also offers discounted rental options for those who are eligible.

|Homebuy frequently asked questions

What is a Homebuy Agent and who are Catalyst Housing?

The Council works with |Catalyst Housing, the government appointed Homebuy Agent covering Surrey. Catalyst provides a "one-stop-shop" service for home ownership and rental opportunities that exist in these areas. By registering with Catalyst HomeBuy, individuals are assessed to identify the schemes they are eligible for. Catalyst works with other housing associations, private developers, estate agents and local authorities to ensure customers are kept informed about all the opportunities available to them.

Catalyst also organises regular HomeBuy shows. At these events, housing providers attend and give information on opportunities that they currently have available, whilst . independent financial advisers and solicitors are on hand to provide basic advice free of charge. The HomeBuy show is a great opportunity to find out more information and have queries answered face to face. Entry to these shows is free so visit |Catalyst website for the latest dates.

What is available under HomeBuy?

There are several different types of scheme available under the HomeBuy banner within Elmbridge, and more detail on each one is set out below.

Equity Loans

If you live or work in Elmbridge and are looking to buy a home of your own but need some financial support to do so, then you could be eligible to access up to £70,000 in the form of a low interest loan to help you onto the property ladder.

|The Elmbridge Borough Council Homeownership Assistance Scheme has been established by Elmbridge Council and Catalyst Housing. Applications from housing association tenants living in Elmbridge will be prioritised as this will free up much-needed homes for rent, with other applications processed on a first-come, first-served basis, as there are limited funds available.

To register your interest, call Catalyst HomeBuy on 0845 601 7729 or e-mail: equityloans@chg.org.uk

Shared-ownership

Shared Ownership is a part-buy/part-rent scheme that enables the purchaser to buy a percentage of a newly built or resale property, usually from a housing association and pay a subsidised rent on the share that they do not own.

This scheme is especially appealing to individuals who are unable to:

• Raise a sufficient deposit to allow a mortgage to be approved
• Obtain an adequate mortgage approval to purchase a property outright even when a 'healthy' deposit is available.

Shared Ownership - New Build

Under shared-ownership, the purchaser initially buys between 25% to 75% of the newly built home from a housing association. The housing association then retains ownership of the unsold share on which a subsidised rent is charged. Usually, households can buy additional shares in their property, as and when they can afford it and even the buy the property outright, a process known as "staircasing".

Priority on all new shared-ownership schemes developed in Elmbridge is given to households who live or work in Elmbridge and anybody interested in purchasing one of these shared-ownership homes will need to be registered with, and assessed as eligible for HomeBuy by |Catalyst HomeBuy.

There are several sites in the borough where new shared-ownership homes are available in Spring / Summer 2013, including:

Brookfield Place - Claygate, KT10 0DS

Paragon Community Housing Group is offering three two-bedroom shared-ownership houses for sale. Prices range from £96,250 to £98,000 based on a 35% equity share of the full market value of £275,000 to £280,000.

For more information you can view the |price list and a |brochure.

The Briars, Oakbank Avenue - Walton on Thames, KT12 3RB

This is another Paragon Community Housing Group development which gives would-be first time buyers the opportunity to take a step onto the property ladder.

As at May 2013, there are only six one bedroom properties are remaining in this development of 23 shared-ownership apartments. Prices start from as little as £56,000 for a 35% share of a one bedroom property. For more information you can view the |price list or a |leaflet.

For more information on either of the above, please contact the Paragon Sales Department on 01932 235801 or e-mail: sales@paragonchg.co.uk.

Shared Ownership - Resales

Resales are shared ownership homes that become available when existing 'shared owners' wish to sell their stake in the property they currently own. This is normally as a result of them moving up the property ladder due to a change in circumstances.

The share that can be purchased and the rent payable will differ from one property to another, as a result of differences in the percentage initially purchased and any staircasing activity that has occurred.

Intermediate Rent

This option offers properties to rent on assured-shorthold tenancies at a rents which are no more than 80% of open-market rents. All the intermediate rented schemes currently in Elmbridge are restricted to key-workers and the properties are owned and managed by housing associations. In other places, intermediate rented schemes are not restricted to key-workers. Again, more details on housing associations which offer intermediate rented properties within Elmbridge are available elsewhere on this website and details on vacancies across Surrey are available on from Catalyst.

Who is eligible for HomeBuy?

To be eligible for HomeBuy schemes, households must have a gross annual income of no more than £60,000 per annum and be otherwise unable to purchase a property that is suitable for their needs without financial assistance. Priority is given to social housing tenants, serving military personnel and first-time buyers.

Owner-occupiers, including existing shared-owners can, in exceptional circumstances, be considered eligible for assistance through HomeBuy, subject to meeting the general eligibility condition described above and having the written support of the Council, in terms of having a recognised housing need. Instances where the Council might consider an existing homeowner or shared-owner to have an identifed housing need could include cases involving overcrowding of the existing property or relationship breakdown etc.

So if you meet these requirements what should you do now?

You should register with Catalyst Housing by telephone 0845 601 7729 or complete an online application at |Catalyst HomeBuy. More details about the available options and schemes are available on the website.

Please note you do not have to be on Elmbridge Borough Council's Housing Register to be considered for any of the schemes listed.

What happens next?

Once on the Catalyst HomeBuy Register, you will: -

• Receive a letter or email confirming your eligibility and outlining the level of assistance you are likely to receive.
• Be kept up-to-date with the latest changes in affordable home ownership opportunities.
• Receive marketing details of any suitable new affordable housing schemes that are being developed in the District.
• Receive details of re-sales of existing shared ownership properties.
• Have access to any other HomeBuy schemes promoted by Catalyst and advertised through the HomeBuy website, subject to any eligibility criteria.
  You can also search for your new home with the Catalyst HomeBuy Mobile App if you have an Iphone, Ipad or Android multimedia device. Just text 'CATALYST IPHONE' or CATALYST ANDROID' to 60123 to receive an instant link, or search for 'Catalyst HomeBuy' in your app store.