Last updated - 12 March 2018
We offer the option to buy your home outright or buy in shares. We have limited funds available for this scheme and offer the funding on a first-come, first-served basis.
You can either buy your home outright and if you can’t afford to do this, you can part buy shares from 25% and pay a discounted market rent on the remaining share. The discounted market rent will be calculated on the total value of your home.
Whether you buy your home outright or a share you will also take responsibility for other service charges.
Genesis can help you calculate this, so you can explore if this is the right option for you.
Am I eligible?
You can only apply if you are an assured or secure tenant. If you became a tenant after 18th January 2005 you must have been with us for at least five years.
You must live in a home that is suitable for sale. For example, we cannot offer you it if you live in shared accommodation or homes specifically for the elderly.
When you apply we will check whether your home is suitable.
We will also take into account your track record with us and won’t be able to process applications from individuals who:
· Have breached your tenancy agreement in the last two years.
· Are subject to a possession order (as a result of rent arrears or anti-social behaviour).
· Have been in rent arrears during the last six months, or if your rent account is not clear.
· Own another property and/or have a mortgage on another property.
What discount could I receive?
The maximum discount on offer in our operating area ranges from £11,000 up to £16,000. If you buy a share in your property, the discount will be calculated at the same percentage as the share you are buying. For example, if the full discount is £16,000, you can expect to receive the following discounts if you buy a share:
· 25% - £4,000
· 50% - £8,000
· 75% - £12,000
Conditions to buying
There are some more conditions to buying that should be considered.
You are not allowed to sublet the property within the first five years of buying.
If you choose to sell your home within the initial five years of buying, the discount you receive will be repayable. The discount is repayable if the home is sold or the share assigned within five years from the date of initial purchase.
The amount due to be repaid is calculated as a percentage of the resale value equivalent to the percentage of the discount, when compared to the purchase price and reduced by a fifth each year as follows:
· Sale within one year, repay an amount equal to the percentage that the discount bore to the purchase price.
· Sale within two years, repay 80% of the amount calculated as above.
· Sale within year three, repay 60% of the amount calculated as above.
· Sale within year four, repay 40% as calculated above.
· Sale within year five, repay 20% of the amount calculated above.
· No repayment required after year five.
If you want to find out more or see if you are eligible for this or any of the other ways to buy, contact your neighbourhood management team.