New Build Homebuy offers you the chance to buy a home of your own if you are unable to buy on the open market.
New Build Homebuy is a form of low cost home ownership which enables
you to buy an equity share in a property funded by a mortgage and/or
savings, and to pay a proportionate rent on the part owned by One
Housing Group. When you can afford to, you may purchase further shares
so you can eventually own your own home.
How does it work?
You purchase a share of the property based upon a price set by an
independent surveyor. The minimum initial equity you purchase will be
determined by One Housing Group and would be based upon affordability.
The percentage initially purchased is usually between 35% and 75%,
although you can purchase more if you can afford to do so. This is also
known as 'staircasing'.
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How is rent calculated?
The rent you pay is calculated on the share of the property that is
owned by One Housing Group, therefore if you buy further shares in your
home your rent will reduce accordingly.
Selection and Allocation Criteria
There are 2 potential sources of New Build HomeBuy sales:
1. New properties - this is the development programme. The Group, with
funding from the Housing Corporation, will develop new properties.
2. Re-sale properties - each year a number of existing leaseholders
decide to sell their property and move on. We are able to nominate new
purchasers for these properties.
Please note that these 2 options are subject to availability. |