Social HomeBuy offers eligible housing association or council tenants the chance to buy a share of their current home
Social HomeBuy Scheme
Social HomeBuy offers eligible housing association or council tenants the chance to "buy a share" of the market value of their current home.
It also gives you a discount of between £9,000 and £16,000 depending on the location of the property and the size of the share you are buying.
Not all local councils or housing associations offer the scheme. You need to check with your local council or housing association.
Tenants can buy a minimum 25 per cent of the value of the property and pay an initial rental charge of not more than three per cent of the market value of the remaining equity owned by the landlord. The amount of discount you receive will be in proportion to the share of the property you buy.
Who can apply?
Social HomeBuy is only available to you if:
- you are a local authority or housing association tenant and your landlord is offering the scheme
- you live in an eligible property
- you have been a tenant for a minimum of two years (or five years if you became a tenant after 18 January 2005)
- if you have a joint tenancy, you will normally be buying with the other tenant. You may also include up to three members of your family – if they have lived with you for 12 months before you apply for the scheme. You may also be able to count previous council tenancies, even if they are not continuous.
You will not be able to apply if:
- you have an assured shorthold tenancy
- you have been issued with a suspension order relating to anti-social behaviour
- you are undergoing bankruptcy proceedings
- you have been issued with a court order that means that you must leave the property
What happens next?
Contact your housing association or local council to make further enquiries.