What happens if I want to sell in the future?
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.
If you buy a property under the Help2Own scheme and you wish to sell the property, the following points apply.
If you bought a new build low cost home:
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You must inform the housing association when you want to sell
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You cannot put the property for sale on the open market i.e. you cannot use an estate agent
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The housing association will have two months to nominate a buyer (from the same waiting list that you were on)
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The selling price will be dependant upon an independent valuation
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You must then repay the 30% equity stake to the housing association
If the housing association can’t find a buyer, you can then sell the house on the open market, but you must still pay the equity stake to the housing association. If you take this route, you are responsible for paying any estate agent fees.
If you purchased a house with assistance on the open market:
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You must inform the housing association when you want to sell
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You will need to sell your property through an estate agent
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When your property is sold, you must repay the 30% equity stake to the housing association
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You will be responsible for all estate agent fees and the associated legal costs of selling a property
For more information about Help2Own, contact the Housing Strategy Team on 01495 742629.