Welcome

This is the first step to finding your new home

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i.e. New Cross, London, PO19 or Kent

WINNER - NHA 2016 - Best Large Development Highly Commended - NHA 2016 - Best Regeneration Project United Kingdom Property Awards - Best Development Marketing London 2016-2017

Buying FAQs

What is Shared Ownership?

Shared Ownership is a Government-funded scheme that helps people who would not normally be able to afford home ownership to purchase a home of their own.

The Shared Ownership scheme is also know as part buy, part rent because purchasers buy a share in their home and pay rent on the remainder.

Shared owners do not share their homes with someone else, they share the ownership of it with a housing association.

Who is eligible to buy a home through the Shared Ownership scheme?

The scheme is designed to help people who cannot afford to buy the type of home that they need or want on the open market.

In most instances, existing council and housing association tenants and people registered for housing with their local authority are given priority, but other people can also benefit from shared ownership.

Most shared owners are first time buyers; others are people who have had to leave their existing owner-occupied home because of a relationship breakdown. To be considered you must be able to afford the cost of the shared ownership rent and mortgage and any service charges.

To be eligible for shared ownership you must be a British or EU citizen, or have ‘indefinite leave to remain' stamped in your passport, or have appropriate documentation to cover the eligibility of your application.

If you do not have indefinite leave to remain in the UK but can provide evidence of mortgagability from a prime lender, we may be able to help you.

We will be unable to help you if you have had any arrears of rent in the last six months, or are already named on an existing mortgage or property deeds. Applicants receiving Housing Benefit will need to be assessed on a case by case basis before a decision can be made.

How do I register with Hyde New Homes?

You can contact us online, by email or by telephone to register, or make an enquiry using the 'contact us' page on this website.

We will normally be able to accept your application to purchase a Shared Ownership property if you fulfill the following criteria:

Your income

We believe it's important not to encourage people to take on Shared Ownership if they cannot realistically afford it. For this reason, we have set minimum income levels for as a guide for applicants as shown below:

  • Single Applicants   £18,000 per annum
  • Joint Applicants     £23,000 per annum

If you are able to put a large cash sum towards a purchase you may qualify with a lower income. Please remember that these figures are a guide to the minimum income levels required to apply to purchase through the Shared Ownership scheme. For most of the new properties that we develop, buyers will need incomes in excess of the minimum levels stated above.

Your savings

If you want to purchase a Shared Ownership home you will need savings. This money will be required to cover legal fees, other professional fees and any stamp duty.

The minimum amount required is between £3,000 - £4,000.
Again, this is a minimum figure. If you were to buy a new property in a high-value area, you would be likely to require access to
additional savings.

You will also need to be registered with your local HomeBuy Agent.Information on how to apply can be found at www.homebuy.co.uk

 

How does the Shared Ownership scheme work?

The size of the share you buy can be between 25% and 75% of the value of the property, although this does depend on individual circumstances. Normally we sell between 40% - 50% shares, although smaller or larger shares may be available on some new developments.

Shared owners pay a monthly rent on the share that has not been purchased. There will usually also be a monthly service charge
to cover items such as buildings insurance, management and cleaning and maintenance of communal areas.