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What happens if I'm offered a property?

Help2Own is a low cost home ownership scheme, which enables people currently priced out of the housing market to own a home of their own.

 

This is what happens when you reach the top of the waiting list and you are offered a property:

• you will be asked to provide an ‘in principle’ mortgage offer certificate from an approved lender (most probably a bank or building society) and evidence of your income
• you will be asked to confirm that you understand how Help2Own works and that you can afford the property
• the property price, location and purchase price will be agreed
• you will be offered a property type and size that meets your needs. You will be able to choose your plot (subject to availability)
• If you say ‘no’ to a property you are offered, you won’t lose your place on the list
• You will be asked to pay a £250 reservation fee (this is non-refundable should the sale not proceed, however, it will be deducted from the final charges if the sale does go ahead)
• You will be asked to sign a document to confirm that the Housing Association will retain an equity stake in your home
• A legal charge confirming that the Housing Association owns an equity share in your home will be registered at the Land Registry
• When the property is purchased, you pay the discounted price and move in!

For more information about Help2Own, contact the Housing Strategy Team on 01495 742629.