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Home Ownership Options Haringey Council

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                      Ownership
                        Options




www.haringey.gov.uk
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    Home Ownership Options




                             “
                             Strategic and
                             Community Housing
                             Service works to
                             meet Haringey’s
                             current and future



                                            ”
                             housing need
                                                                       3
                                             Home Ownership Options




Home Ownership Options
If you want to buy a home of your own, this leaflet is your guide to
schemes that may help you to get on the property ladder. There is
something to suit just about everyone.

Council tenants may apply for their    The HomeBuy Direct and the First
Right to Buy or the Transferable       Time Buyers’ Initiative schemes do
Discount Scheme.                       not currently operate in Haringey
                                       but may be available in other
Housing association tenants may        boroughs.
apply for the right to acquire their
home or buy their home on a part-      A separate shared ownership
buy part-rent basis through the        scheme is available for people with
Social HomeBuy scheme.                 long-term disabilities or mental
                                       health issues, or older people.
New Build HomeBuy (formerly
known as shared ownership) and         Read through this leaflet to find out
Rent to HomeBuy schemes are            if one of these is right for you.
available to anyone who meets          Note that eligibility varies so you
the criteria.                          must contact the service offering
                                       the scheme that interests you.
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         Home Ownership Options




Schemes for council tenants
Right to Buy                            You can apply as long as:
If you are a council tenant you may       your current home has two or
be able to buy the home you rent at        more bedrooms
a price lower than the full market        you have been a council tenant
value. The discount you get will           for two or more years
depend on the length of time you          you can get a mortgage.
have lived in the property. In
Haringey, the maximum discount          For more information contact:
you will get is £16,000.                Home Sales Team
                                        Homes for Haringey
You will have the right to buy if you   13-27 Station Road, Wood Green
have been a secure tenant for at        London N22 6UW
least five years. Tenancies with
other councils and housing              Phone: 020 8489 3357
associations usually count.             or 020 8489 3231
                                        Email (Right to Buy):
Transferable Discount Scheme            right2buy@homesforharingey.org
This scheme provides a cash grant       Email (Transferable Discount Scheme):
to help you buy a home on the           tds@homesforharingey.org
open market. The amount of money
available varies each year.             Website:
                                        www.homesforharingey.org
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                                            Home Ownership Options




Schemes for housing association tenants
Right to Acquire                      Social HomeBuy
If you are a housing association      Some housing associations operate
tenant and your home was built or     a Social HomeBuy scheme. This
purchased on or after 1 April 1997,   gives tenants the opportunity to buy
you may have the right to acquire     their home on a part-buy, part-rent
your home. This is similar to the     basis. They may also receive a
right to buy scheme for council       discount on the initial purchase
tenants.                              price.

The fixed discounts currently range   For more information on these
from £9,000 to £16,000 and the        schemes contact your housing
amount you can get will depend on     association.
where you live.
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        Home Ownership Options




Schemes open to everyone
The following schemes are open to       Rent to HomeBuy
all applicants but priority may be      This scheme offers you the
given to certain groups such as         opportunity to rent a New Build
existing council tenants or key         property at about 80% of the
workers.                                market rate for two to five years.
                                        This gives you a chance to save up
New Build HomeBuy                       for a deposit for a mortgage.
New Build HomeBuy is a shared
ownership scheme. It gives you the      When your tenancy comes to an
opportunity to buy a home from a        end you will have the chance to buy
housing association over time.          the property under the New Build
                                        HomeBuy scheme.
This is a part-buy, part-rent
scheme. To start with you can buy       For more information contact:
as little as a 25% share and then       Application and Enquiries team
have the option of buying more          Metropolitan Home Ownership
over time, right up to 100%. You        The Grange
will only pay rent on the part you do   Southgate
not own.                                London, N14 6PW
                                        Tel 020 8920 7777
                                        Email housingoptions@mht.co.uk
                                        Website:
                                        www.housingoptions.co.uk
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                                             Home Ownership Options




Schemes available in other areas
First Time Buyers’ Initiative         To apply for HomeBuy Direct you
In this scheme, first time buyers     must be able to find 70% of the
may buy a 50% share (or more) of a    purchase price through a mortgage
new home that has been built in a     and your savings. The rest of the
designated development. The           cost will be covered by loans from
government owns the remaining         the government and the house
share of the property.                builder. These loans will be interest
                                      free for the first five years. After that
For the first three years you only    you will pay a fee.
pay your mortgage. After three
years you pay your mortgage plus      For more information contact:
rent on the share you do not own.     Application and Enquiries team
                                      Metropolitan Home Ownership
When you sell the property you        The Grange
repay the government the share        Southgate
they own.                             London, N14 6PW
HomeBuy Direct                        Tel 020 8920 7777
This is a loan based scheme to help   Email housingoptions@mht.co.uk
you buy a newly built property in     Website:
selected HomeBuy developments.        www.housingoptions.co.uk
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         Home Ownership Options




A shared ownership scheme for people with long-term
disabilities or mental health issues
You may be able to purchase a            service charge this may also be
home from a housing association          covered by housing benefits.
on a part-buy, part-rent basis if you:   MySafeHome Ltd will be able to
  have a long-term disability or         provide more details on how this
   mental health issues; and             works.
  are receiving certain benefits.
                                         Eligibility
In this scheme you will own part of      To be eligible for this scheme you
the home and rent the other part         must be getting Disability Living
from the housing association.            Allowance and at least one other
                                         benefit such as Income Support.
You will need to raise a mortgage
for the share you will buy. Even if      You will also need to have at least
you are receiving benefits such as       £4,000 to cover initial buying costs,
Income Support you may qualify for       for example, fees for your mortgage
support from a specialist mortgage       arrangement and solicitor.
provider.
                                         You may be eligible for this scheme
This type of mortgage will be an         if you are caring for someone with a
interest only mortgage with the          long-term disability.
interest being paid through income
support and the rent being covered       Full eligibility details can be found
by housing benefits. If there is any     on the Housing Options website.
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                                        Home Ownership Options




For more information contact:     Help with finding a mortgage
Application and Enquiries team    If you are accepted for this scheme,
Metropolitan Home Ownership       the mortgage specialists at
The Grange                        MySafeHome will be able to help
Southgate                         you to find a mortgage.
London, N14 6PW
                                  For more information contact:
Tel 020 8920 7777
                                  MySafeHome Limited
Email: housingoptions@mht.co.uk   1 Sycamore Court
Website:                          Birmingham Road
www.housingoptions.co.uk          Coventry
                                  CV5 9AU
                                  Tel: 02476 402 211
                                  Fax: 02476 403 311
                                  E-mail: enquiries@mysafehome.info
                                  Website: www.mysafehome.info
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         Home Ownership Options




Work out if you can afford to buy a home
Buying costs                            Other regular monthly costs could
Normally you will need savings to       include:
cover standard costs, for example:         Council Tax
a mortgage valuation, stamp duty,          Buildings insurance
and legal fees. For some schemes           Contents insurance
you will also need a deposit.              Life insurance
                                           Service charges
Moving in costs                            Electricity, gas, water and other
You will probably need to consider         utilities.
the cost of fittings such as carpets,
curtains and kitchen goods, if they      Remember, your home is at risk
are not included with the property.      if you do not keep up your
                                         monthly mortgage or rent
Monthly costs                            payments.
You will make a monthly mortgage
payment. The amount you pay will
depend on the size of your loan and
the interest rate. You may also have
to pay rent on a share of the
property you do not own.
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                                          Home Ownership Options




Useful contacts
Haringey Council                    South Tottenham
Customer Services                   Customer Service Centre
Telephone: 020 8489 1000            Apex House
Website: www.haringey.gov.uk        820 Seven Sisters Road
Typetalk: 18001 020 8489 1000       London N15 5PQ

Visit one of our Customer Service   Wood Green
Centres, open Monday to Friday,     Customer Service Centre
8.45am to 5pm                       48 Station Road
                                    London N22 7TY
Hornsey
Customer Service Centre             Council Tax information
Hornsey Town Hall Annexe            Website: www.haringey.gov.uk
The Broadway                        Email: council.tax@haringey.gov.uk
Crouch End
London N8 9JJ
                                     For more information about any
North Tottenham                      of the schemes in this leaflet,
Customer Service Centre              please use the contact details
639 High Road                        given on each page.
London N17 8BD
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or in any of the following formats, and send the form to the Freepost address below.

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 Haringey Council offers this translating and interpreting service to Haringey residents. We can translate this document into one language per resident ONLY.
                                                                Home Ownership Options

                                                                                                                               published by Haringey Council’s
                   One tonne of recycled paper saves 17 trees                                                                Communications Unit 378.5 • 05/10

				
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