Affordable housing
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North
Wiltshire Council is working to ensure as many people as possible have access to affordable homes. The Council works in partnership with housing associations and developers.
Many people in North Wiltshire cannot afford to buy or rent a property in the private market.
Affordable housing provides a mix of both rented and low cost homes for sale. The homes for sale are offered on part rent and part buy basis, which is called homebuy
Recently new affordable homes have been completed at Beaufort View, Luckington, the old Filands School site and the old outdoor pool site in Malmesbury. More will soon become available in Malmesbury, Chippenham and Minety. All affordable homes are allocated to people who are on the council’s Housing Register, which is managed by Westlea Housing Association.
Contact Details
Email: housing@wiltshire.gov.uk
Telephone: 01249 706666
Postal Address:
Wiltshire Council
Monkton Park
Chippenham
SN15
1ER
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South
Available now - shared ownership homes for sale
Signpost Housing Association are offering 3 one-bedroom apartments for sale at Kingsway House, Wilton. Prices are from £58,500 for a 45% share.
For further details please visit the getmove-in.com website.
Information
High property prices have meant that many people simply cannot afford their own home, and have to pay out money in rent with no return. Shared ownership and other affordable housing schemes can help people on lower incomes to buy a home.
From time to time Wiltshire Council, in partnership with various housing associations, runs the following schemes to help people on low incomes buy a home:
New Build Homebuy
The New Build Homebuy scheme helps people who cannot afford to buy a home outright.
What is New Build Homebuy?
New Build Homebuy is a form of property purchase in which you buy a share of the property from a housing association, and pay rent to the housing association on the remaining share.
You buy a share of a property from a housing association and pay rent for the remainder. Rents will be comparatively low, as you will have responsibility for the maintenance of the property.
How does the scheme work?
You buy an initial share in a property offered by a housing association involved in the scheme. The minimum share you can purchase may vary from one scheme to another. The minimum could be as low as 25% but is usually 40% or 50%.
You then pay an agreed rent to the housing association for the remaining share of the property. The rent is reviewed every year.
Later, when you can afford it, you can increase your share if you wish, until you own the maximum allowable share of the property. This may vary from one scheme to another, but is usually between 80% and 100%. The purchase of further shares is based on the market value of the property at the time you apply to buy an extra share. If the value of the property has gone up since you purchased your original share, the purchase price of the further share you wish to purchase will also have increased accordingly.
Who is eligible?
To be eligible for a home under the New Build Homebuy scheme you must:
- have a regular income to be able to pay a mortgage and rent
- be a first-time buyer, unable to afford a mortgage on the open market (in certain circumstances applications can be accepted from a previous property owner, although priority will still be given to first-time buyers)
- be registered on Wiltshire Council’s housing register, and be registered on the MyPlace waiting list for all low cost housing schemes. To register with MyPlace you need to call 0800 707 6707 or log onto the website at www.search4myplace.co.uk
In some cases (mainly rural schemes), priority will be given to those who have family or work connections in the particular area where they want to buy. Each time a New Build Homebuy scheme comes up, all suitable applicants will be considered and nominations will be made to the housing association developing the properties.
Would I have to share the property with anyone?
No. You would not have to share your property with anyone other than your family/household, as you choose. Only the value of the property is shared with the housing association that you have bought the property with.
What will I need to pay?
You will need to be able to raise at least £2,500 to cover initial costs, including:
- a reservation fee (usually £200 – £250) which is payable to the housing association once you have been made a formal offer – provided that you complete the purchase this fee will later be deducted from either the purchase price or the initial rent payment;
- legal fees which are payable to your solicitor upon completion of purchase – ask your solicitor for an approximate cost;
- Stamp duty.
If you are funding your purchase through a mortgage, you may also need:
- a deposit towards the value of the property (this may be a condition of the mortgage);
- building society valuation fee.
We strongly advise that you seek independent financial advice for the type of mortgage that suits you best.
Remember that you will also need funds for the cost of removals, and to purchase any furniture and fittings you may need.
What type of home can I buy?
New Build Homebuy
These are newly built homes offered through the Homebuy scheme. Wiltshire Council is working with several housing associations to provide a substantial number of new homes across the district over the next few years. These homes will be earmarked for New Build Homebuy.
Resales
If a housing association has a Homebuy property available for re-sale, the MyPlace team will nominate applicants from the list who show an interest in such properties. The housing association will then make arrangements for interested applicants to view the property and will ask the council to select applicants in priority order. The purchase of the property will then be dealt with through the housing association.
Once you have bought your home
What costs should I expect?
It is very important that you budget for all your monthly outgoings. Once you have purchased the property, costs you will need to cover will generally include:
- your monthly mortgage repayments – remember interest rates can go up as well as down;
- rent to the housing association on the share you do not own;
- council tax;
- utility bills: water rates, electricity, gas, telephone;
- all repairs and maintenance costs to your home (see 'service charge' below);
- service charge – if you purchase a flat, you will definitely pay a service charge to the housing association as a contribution towards the cost of repairs to the building, and maintenance of communal areas: if you purchase a house, there may still be a small service charge payable to cover maintenance of any communal areas;
- buildings and contents insurance – buildings insurance may be covered in the service charge. Check with the housing association.
How do I buy further shares?
A great advantage of New Build Homebuy is that you do not have to buy full ownership of the property in one go. When you can afford it, you can buy further shares of the property if you wish. The cost of buying further shares is set by an independent valuer from the market value at the time you choose to buy.
What happens if I want to sell the property later?
You can sell your property at any time. If the value of the property has increased, you will benefit from the increased value of your share. Bear in mind though that the value of a property can fall, and your share will be similarly affected. In most cases the housing association will ask the district council to nominate someone from the housing register to purchase the property and they will have a set timescale in which to do so. If an applicant is not nominated within that timescale you are free to sell the property on the open market.
In some areas the housing association may reserve the right to buy back the property (at the market value at the time). This is to enable the council to continue to provide affordable homes for the local community. An independent valuer will be used to determine the current market value of the property.
What if I fall behind with my rent?
If you think you may have problems paying the rent, it is essential that you get in touch immediately with the housing association – they will advise you. Similarly, if you have difficulties paying your mortgage, you should contact your mortgage provider immediately.
MyChoice Homebuy
Low cost home ownership is becoming more affordable to local people. Swaythling Housing Society has just launched a new scheme called MyChoice Homebuy which aims to help applicants to buy a suitable home in this area. This replaces the previous scheme known as Open Market Homebuy.
MyChoice Homebuy is a flexible equity loan scheme aimed at helping households earning from £20,000 per annum to buy a home on the open market. You will own the property, and a loan will be secured against it. The equity loan on offer would be able to cover anything from 15%-50% of the purchase price.
As with any house purchase you would need to have savings of around £3,500 to cover legal fees, mortgage fees, stamp duty and other costs associated with purchasing a property.
To register for this scheme you need to apply onto the MyPlace register by telephoning 0800 707 6707, or visit their website at www.search4myplace.co.uk to apply online. You also need to make sure you register on the Wiltshire Council Housing Register.
For further details of how this scheme works please contact the Customer Service Centre at Swaythling Housing Society on 02380 628004 or visit their website at www.swayhs.org.uk
Since the launch of this scheme the government has announced that they will provide a contribution of £1,500 towards the cost of moving home for the first 2,000 applicants who are given the go ahead to purchase a property under the MyChoice Homebuy Scheme in 2008/09.
Further information
For further information on all schemes please contact the Housing Development team using the contact details below.
Alternatively,if you are not already registered for any low cost housing schemes and would like to apply please telephone MyPlace on 0800 707 6707 or log onto their website at www.search4myplace.co.uk
Contact Details
Email: hsgdev@wiltshire.gov.uk
Telephone: 01722 434463 or 434777
Postal Address:
Housing Services
Wiltshire Council
26 Endless Street
Salisbury
SP1
1DR
Some services differ based on where you live. Why is this?
Last updated: 6 April 2009