Social Homebuy
Am I Eligible?
You can only apply for Social HomeBuy if you are an
assured or secure tenant. If you became a tenant after
18th January 2005 you must have been a tenant for at
least five years.
Your application will be rejected automatically if any
of the following apply:
If you have breached your tenancy agreement
in the last two years
If you are subject to a possession order (as a
result of rent arrears or anti-social behaviour)
If your rent account is not clear or if you have
been in rent arrears during the last six months
If you own another property and / or have a
mortgage on another property
You must live in a home that is suitable for sale. We
cannot offer you Social HomeBuy if you live in shared
accommodation or homes specifically for the elderly for
example.
When you apply we will check whether your home is
suitable as part of the eligibility assessment.
Note: You will need to provide evidence of your
identity, income and proof of savings at a later date.
More details are provided on the Eligibility Checklist
with your Application Form.
Social HomeBuy is not a statutory scheme and is
offered only to eligible applicants when funding
is available.
Please note that the scheme can be withdrawn
at any time without notice.
What is the
Buying Process?
If you decide to buy your property you must be
aware you are buying the property in the condition
that it is currently in. We would not recommend this
if you have any structural, damp or roof issues with
your property. If you have, these you need to be
resolved with our Asset Management team and your
Housing Officer before proceeding otherwise you
could incur expenses and may not be able to secure
mortgage funding.
Please note applications must complete within 6
months of your application being received. If this
doesnt occur you will not be able to reapply for 6
months and will be subject to funds being available.
Initial Stage
1. You complete and return the Social HomeBuy
application form to Family Mosaic Note: You
Financial Stage
1. You have a deadline of two weeks from
receiving the desktop valuation to contact
the nominated financial adviser and have a
financial interview.
2. After the financial interview, if you have been
approved to go ahead you have one week to
request a formal valuation.
3. You must send in the formal valuation request
together with a cheque for the valuation. If
you go ahead with the purchase, the valuation
fee will be refunded to you at completion.
Note: You will only be able to obtain a
mortgage from an approved lender. The panel
financial adviser will only use approved
sources. If you get a mortgage from anywhere
else, you must check with us first that the
lender you are using is a qualifying lender.
Valuation Stage
1. The valuer will inspect your home and produce
a report to Family Mosaic giving a fair market
price. The price the valuer sets will form part
of the offer which we will send to you.
Note: We only use independent RICS qualified
valuers.
2. We will calculate the service charge and rent
you can expect to pay if you buy your home.
3. We will write with a formal offer letter setting
out this information.
Costs
In addition to your mortgage and savings to buy
your home, you will need to have enough money
to cover the costs of buying.
Below is an estimation of some of the costs
involved.
Solicitors Fees + disbursements
650 + vat
200 max
150
Bankruptcy search
60
Bank Charges
25 x 2