We are pleased to announce that the Hyde Group won the prestigious award “Most Innovative Regeneration Scheme ” for the Packington Estate Development at the Housing Innovation Awards 2017 on 8 February.
The industry recognised Housing Innovation Awards, now in their sixth year, celebrate everything innovative in the housing sector.
The Hyde Group worked with Rydon and Pollard Thomas Edwards architects on the project, developing 791 homes to replace the 538 originally on the site. The Packington Estate is seen as a shining example of estate regeneration with its tenure-blind apartments, a focus on family housing, its location of social-rented units by the canal, and careful integration into its heritage surroundings.
Buying more shares in your shared ownership home is called ‘staircasing’ and most leases allow you to do this to a point where you can own your home outright. The price you pay for the additional shares is based on the current market value of your home.
What share can I buy in my home?
You may staircase in separate stages or in one stage to 100%. The minimum share you can buy is 10%. In a few cases, a lease may limit the share of your home you may buy (this usually applies in rural locations).
How is the value of the property determined?
Under the terms of the shared ownership lease in order to determine the value at staircasing, an independent RICS (Royal Institute of Chartered Surveyors) / FRICS (Fellow of Royal Institute of Chartered Surveyors is instructed to carry out an up to date independent market valuation. The leaseholder is responsible for the cost of the valuation report.
What if I do not agree with the Valuation?
The Housing Association will require a copy of the Valuation Report prior to a staircasing instruction. They may ask the Surveyor to justify the valuation provided. If you are not happy with the Valuation Report, you can dispute the valuation providing the Surveyor with comparable evidence in support of your query.
How is the purchase price of the share calculated?
The additional share you buy is calculated at the open market valuation of the property. Therefore, if your property is valued at £300,000 and you wish to purchase an additional 25% share, the purchase price would be £75,000. If your home increases in value you purchase additional shares at the higher value, if it had decreased in value you purchase additional shares at the lower value.
What if I have made improvements to the property?
Any significant improvements you have made to the property should be listed by the Surveyor and two values will be provided, one that takes the improvements into consideration and one that does not. The value without the improvements will determine the cost of the additional share you buy. The Surveyor will consider the added value that the improvements bring to your property and not the actual cost of the works.
What improvements will be considered at staircasing?
General maintenance, repairs and redecoration would not be considered an improvement at staircasing. Improvements such as new windows, fitted kitchen/bathroom, installing central heating, loft conversions and conservatories would be reflected in a staircasing valuation.
How many times can I staircase?
Most shared ownership leases allow staircasing a maximum of three times.
What are the costs of staircasing?
Housing Associations may have slightly different charges during staircasing sales but you may be liable for the following charges.
Staircasing administration fee
Your solicitors fees
Mortagage arrangement fee (if applicable)
Leasehold enquiry fee
Stamp Duty (if applicable)
How long does a staircasing sale take to complete?
It is anticipated that a staircasing sale will be complete within three months. This is the period that the valuation remains valid. If the sale does not take place within a three month period a new desk top valuation will be required to confirm that the value of the property has not changed.
Will I still be liable to pay the Housing Association for my buildings insurance after completion?
If you purchase the whole 100% of your home and your property is a house, you will need to arrange your own buildings insurance cover to commence from the date of completion. If you have purchased 100% of a flat, it is possible that you will continue to pay your monthly buildings insurance to the Housing Association. Alternatively, you may have to pay it to a Managing Agent.
1. Is it more difficult to obtain a mortgage via Shared ownership?
Some people believe that it is more difficult to obtain a shared ownership mortgage in comparison to an ‘ordinary’ mortgage. There are now an abundance of lenders willing to lend on shared ownership properties with new lenders continuing to enter the market. You can secure a mortgage via a broker or approach a high street lender, the process should be no more difficult than a 100% mortgage and you only having to raise as little as a 5% deposit on the share you are purchasing.
2. Is shared ownership a more expensive way to buy a home and or cheaper than renting?
Monthly payments for shared ownership in many instances are less than privately renting and purchasing a home outright. Buying a home does cost however so does renting a home. With shared ownership you have the benefit of owning a stake in your home. It is generally a cheaper option to purchase a shared ownership home when comparing against the costs of privately renting and purchasing outright. However it will depend on the location you are purchasing in and below is an example of this is;
To purchase a 30% share of a 1 bed Hyde New Homes apartment in SE15 (Woods Road SE15) is £1,115per month this includes mortgage, rent and service charge payments and is based on a 10% deposit. To privately rent a new build 1 bed apartment (Evans Cook Close SE15 Rightmove 14.7.17) within a half a mile of the SE15 shared ownership development the monthly rent is £1200. In the majority of cases shared ownership also works out less them purchasing 100% of the home so a win-win all round and a great way to get onto the property ladder.
3. Does Shared Ownership mean I have to share my home with someone?
The ownership of the home is shared with the Housing Association unless of course you wish to share your home with a family member or friend. You own a share in your home and as your circumstances allow and if you should wish to do so you can purchase further shares in your home and eventually own 100% of your home.
4. I would never be able to raise a deposit
With Shared ownership you only need to raise as little as a 5% deposit on the share that you are purchasing. For example if the full market value of an SE15 shared ownership property is £390,000 (Woods Road 1 bed example) and you purchase a 30% share then the deposit required would be £5,850. Allowing you a great opportunity to get a step onto the property ladder. In comparison purchasing on the open market the 5% deposit requirement would be £19,500. Solicitor fees would be payable in addition to your deposit.
5. Are you stuck with a home that you can never sell?
For some customers shared ownership is a stepping stone towards 100% ownership and for others as circumstances alter they may wish to sell on their home. You can sell your home at any moment in time you will need to contact your housing provider and they will then advertise your share to others wishing to get a step onto the property ladder. The property will be sold at the current market value. If you own 100% of your home then you can sell your property privately.
6. Do you have to live or work in the Borough that you wish to live in?
For some schemes priority maybe given to those with a connection to that Borough however you can apply for Shared Ownership in any Borough and you can find details of available homes at www.hydnewhomes.co.uk
Sadiq meets first Londoners benefitting from lower rents based on a third of average local wages. Historic new scheme boosts homeowning dream for tenants. Mayor announces new partnership with Hyde Housing Association for up to 5,000 new homes – 60 per cent of which will be genuinely affordable.
The Mayor Sadiq Khan today met tenants at the first homes being delivered for London Living Rent in the capital, kick-starting his new scheme to help more Londoners find a home they can afford.
Sadiq visited County House in Beckenham this morning to meet Londoners who have already begun moving into 76 homes made available for London Living Rent – a historic new way of renting a home introduced by the Mayor as part of his affordable homes programme.
The new London Living Rent will help middle-income earners save for a deposit by offering below-market rents, based on a third of average local wages. Rents in the County House development – where all homes are affordable, managed and owned by Hyde Housing Association – are up to 30 per cent cheaper than local market rents and are based on one-third of median gross household income for Bromley.
Rents at County House are set at £965 per month for a one-bed property and £1,072 for a two-bed. This compares to average rents of up to £1,300 for a one-bed and up to £1,550 for a two-bed in Beckenham – leading to savings of between £300 and £400 a month. Tenants, who will benefit from this new initiative, can put this money towards saving for a deposit, and have the chance to buy the home they are living in on a shared-ownership basis.
It comes on the same day the Mayor announced a new partnership with Hyde Housing Association to begin building up to 5,000 new housing starts over the next five years. With £115 million City Hall funding, there is an ambition for 60 per cent of the new homes – 3,000 new homes on sites across London – to be genuinely affordable to buy and rent.
It is the second provisional tranche of the Mayor’s record-breaking £3.15bn deal with the government for starting 90,000 new affordable homes by 2021.
Of these homes, two-thirds are expected to be aimed at first-time buyers and will include homes for London Living Rent and shared ownership.
Housing associations are being given the flexibility to swap homes between London Living Rent and shared ownership depending on local circumstances when homes are completed.
The Mayor of London, Sadiq Khan, said: “It is simply unacceptable that hard-working Londoners who fuel the economy of our great city are left in a position where they struggle to make ends meet.
“Londoners know that fixing the housing crisis will be a marathon and not a sprint, but I am determined to do everything in my power to deliver more new and genuinely affordable homes to buy and rent.
“It was fantastic to see first-hand how my new London Living Rent is really helping Londoners afford to rent a home in the capital and crucially begin saving to get themselves on the property ladder. I welcome Hyde’s commitment to delivering these historic London Living Rent homes and investing in our new partnership to get on and build more new affordable homes for Londoners.”
Elaine Bailey, Chief Executive of the Hyde Group, said: “The number of working people in London who earn a decent wage but can’t get on the property ladder is growing all the time. These living rent properties demonstrate the Mayor of London and the Hyde Group’s desire to provide genuinely affordable homes for Londoners. We look forward to continuing our work with the Mayor and providing more London Living Rent homes for local residents.”
During this morning’s visit to County House, the Mayor met some of the tenants taking advantage of paying cheaper rents and now in a position to save for a deposit to move into shared ownership.
Emma Mahama, 29, who is an NHS worker, had previously been living in a rented apartment for five years when her landlord decided to sell the property. When she heard about the London Living Rent scheme she thought it “was too good to be true” and has now begun saving £300 a month for a deposit to move into a shared-ownership home.
She said: “I desperately searched for a home and found they were all either way too expensive and also still having that fear about being beholden to a landlord who ‘might want to sell’ or ‘might want to move into their own property’. I felt completely trapped because I couldn't afford to buy in a million years and the rents where I was looking at were so high I wouldn't have been able to save for a potential deposit anyway.
“I was told about the London Living Rent scheme from an estate agent and to be honest, thought it was too good to be true. The fact you could buy the home you are currently renting was a huge decider for me. I earn a good wage in London, but the banks simply will not lend the amount needed to buy a property so you are forced to rent. On top of that the rents are so high you can never save for a deposit so, like millions of other young people in London, I faced little prospect of owning my own property. Now I can.”
Nabiel Hafez, 22, works at Canary Wharf and moved into his home with his partner in March. It is their first home together.
He said: “My girlfriend and I were looking online and we came across London Living Rent on a housing website. We fitted the scheme perfectly and so contacted them straight away. We viewed the property and loved it.
We previously lived with our parents and didn’t have enough to move out or save for a deposit. The scheme has made us independent and we really feel like this is our home.”
Last week saw Hyde New Homes celebrate its latest Camberwell development, Wing.
Wanting to give something back to the community, the housing developer teamed up with charity for the homeless, Change Please, to give busy commuters a free coffee as they passed through Denmark Hill tube station.
Hyde New Homes also ran a two day socila media competition drawing attention to the already popular new build and inciting passers-by to engage with the London based charity. Entrants were encouraged to tweet images of their free coffee to be in witha chance of winning Love2Shop vouchers.
The campaign was a great success, over 3000 branded Oyster card holders were handed out, and 800 coffees given away. Terence O'Connor, Head of Sales and Letting at Hyde New Homes was at the two day give away and comments: "It's great to do events like this, where you can really see the interaction and interest in a new development from local residents and on top of that, be helping out the community. As a housing developer we are delighted to be able to help a homeless charity and I hope to see many more collaborations like this in the future."
Ben Morris, Director of Residential New Homes at sales agent Colliers adds "It is not often that we get to interact with our potential customers outside of the office, this was a great way to raise engagement, and to do our bit for a really great charity, we are already seeing tangible results and hope that they are too."
We are proud to announce that The Hyde Group have won the coveted award “Best Development Marketing for the UK” at the 2016 International Property Awards, for Spring at New Stonebridge Park. This follows on from our success at the UK Property Awards in October 2016 where we won “Best Development Marketing in London” for the development. We then advanced on to the international rounds, where we competed against developers from all regions to win the award for the UK category. Spring at New Stonebridge Park is the £47.1 million mixed tenure development in North West London, which delivers high quality housing and a range of outstanding community facilities.
The International Property Awards are one of the largest, most prestigious, and widely recognised property awards. They are judged by an independent panel of 70 industry experts and chaired by Lord Caithness, Lord Best, and Lord Liverpool.
Spring at New Stonebridge Park consists of 164 blind tenure homes, including 39 shared ownership apartments, 55 outright sale homes and 70 affordable rent as well as community facilities. It forms part of a wider £225 million regeneration scheme, which has transformed a notorious, run-down London housing estate into a vibrant, sustainable area.
If your financial situation has changed and you can afford to buy a further share in your home and you would prefer to pay less rent to Hyde, then staircasing could be for you.
Buying a greater proportion of your home has a number of benefits:
Under the terms of your shared ownership lease, you are responsible for the cost of the valuation on staircasing sales. For the month of December 2016 only should you instruct us to buy more shares in your home and go on to complete the sale, Hyde will pay for the valuation fee. This will be reimbursed to you on completion of your sale.
Hyde New Homes have a specialist Resale Team to advise you from your initial enquiry through to completion of the staircasing sale. If you would like further information on staircasing please contact us on 0345 606 1221 or email us at firstname.lastname@example.org
At Hyde, we recognise that as London house prices continue to rise disproportionally to incomes, many shared owners will find it difficult to purchase their second home and move into full home ownership. We are aware that some of you may wish to move on due to individual circumstances and Hyde is therefore introducing Second Steps; a Do-it-Yourself Shared Ownership scheme aimed at our existing shared owners in London. The Hyde Group and the Greater London Authority (GLA) are working together to help you buy a home from the open market, on a shared ownership basis and we have a limited amount of funding from the GLA to deliver this pilot scheme.
Subject to eligibility and a financial assessment, applicants can purchase a share in a house in any London Borough up to a maximum value of £395,000. This provides you with the opportunity to move on and buy a house suitable to your current need still on an affordable shared ownership basis. At the same time as buying a home via Second Steps, Hyde will market and sell your property to another first time buyer eligible for shared ownership. You will be able to use the equity from the sale of your existing home to fund the purchase of your new Second Steps property.
If the Second Steps product proves extremely popular, priority will be given to customers seeking to move due to overcrowding.
If you want to move but thought it was out of reach and if this exciting opportunity is of interest, please read the eligibility criteria set out in our Second Steps Guide at www.hydenewhomes.co.uk and if you meet the stated eligibility terms, please complete the online application form and register your interest.
The Hyde Group has scooped one of most prestigious awards in the property industry at the UK Property Awards 2016-2017 held at the Marriott Hotel, London on 28 October 2016.
Hyde competed with the best property professionals across the UK to achieve the acclaimed Five Star Award in the category ’Best Development Marketing London’ for Spring at New Stonebridge Park, the £47.1 million mixed tenure development in North West London, which delivers high quality housing and a range of outstanding community facilities.
“We’re delighted to have received this award, especially considering it is on a global scale. It really is the cherry on the cake to receive this second award in as many months for Spring at New Stonebridge Park.
“We’re proud to be providing much needed housing in a London Zone 3 area, and it is a fantastic reward for the team to be recognised for the creativity they have shown in marketing the development,” said Debbie Small, Hyde’s Sales and Marketing Director.
The success of the marketing campaign for Spring at New Stonebridge Park was due largely to a carefully researched and targeted branding concept and supporting marketing plan, as well as brand presence both in the UK and the Far East.
Spring at New Stonebridge Park consists of 164 blind tenure homes, including 39 shared ownership apartments, 55 outright sale homes and 70 affordable rent apartments (a combination which addresses housing needs in the area) as well as community facilities. It forms part of a wider £225 million regeneration scheme, which has transformed a notorious, run-down London housing estate into a vibrant, sustainable area.
Hyde New Homes are exicted to once again be supporting Shared Ownership week. Across the week, which runs from 15th to 21st September, we will be sharing real life case studies from some of our homeowners, we will also be hosting a live twitter Q&A at midday on Wednesday 21st and will be sharing news on our upcoming schemes. To keep updated on what's happening, follow us @hydenewhomes1 and track the hashtag #SOWeek2016.
To find out more about Shared Ownership Week see;-