Frequently asked questions

We hope these FAQs answer some of the questions you may have about HomeBuy. If you cannot find the information you are looking for, please contact us. Our friendly team will be pleased to help you.
 
What is HomeBuy?
HomeBuy is a government-funded programme of affordable home ownership, designed to help people who wish to buy or rent a home but cannot afford to do so on the open market. As seasoned HomeBuy experts, we can offer you three simple routes to home ownership:

Shared Ownership
Own your own brand new home.
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HomeBuy Resales
Own a pre-owned HomeBuy home.
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Rent to HomeBuy
Rent a home now with the option to own it later.
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To find out more about HomeBuy click here.
 
Am I eligible for a HomeBuy property?
If you want to apply for any of our homes, we will need to know that:

• you can afford all the costs of owning a home
• your annual household income is less than £60,000, and
• you do not own any other homes (at the time that you buy).

Why do I have to register with the HomeBuy agent?
The HomeBuy agent is a government funded ‘one-stop shop’ for everyone who wants to apply to buy or rent an affordable home. You need to register with the HomeBuy agent for your area or the area you want to live in so they can assess your application, check you are eligible for HomeBuy and ultimately provide you with approval so you can then look for your ideal affordable home to buy or rent.
 
Berkshire, Oxfordshire or Buckinghamshire
Catalyst
Web: www.catalysthomebuy.org.uk
Telephone: 0845 601 7729
 
Hampshire
HomesinHants
Web: www.homesinhants.co.uk
Telephone: 02380 628000
 
Wiltshire, Gloucestershire, Bristol, Dorset, Somerset, Devon, or the West Country
SouthWest Homes
Web: www.southwesthomes.org.uk
Telephone: 0300 100 0021
 
Do I have to live in a local authority or housing association property before I can apply?
No, but you will be a higher priority if you do.
 
How long will it take to get my home?
The date for completion will be around four to six weeks from the date your solicitor receives the paperwork from our solicitor.
 
Do I get the mortgage through you?
No, although we can give you a list of independent financial advisors who may be able to help you, this may also be a condition of the sale.
 
HomeBuy properties aren’t council houses, so why do I have to register with my local authority?
Generally, you only need to register with the HomeBuy agent in your area, but there are some cases where you might have to register with your local authority too. For instance, sometimes it is a planning condition of a development that local people take priority. It is always best to check first – contact us here.
 
Can my parents stand as guarantors?
No. If you are taking out a mortgage for your share of the property, then you will either need a deposit or be able to get the mortgage in your own name.
 
Does the rent I pay go towards buying more shares in my home?
No. You are paying rent on the share that you do not own.
 
Do you share the cost of the maintenance – if my boiler goes wrong, for example?
No. As soon as you own your share, you are responsible for repairing and maintaining your home.
  
Do I need a deposit?
It depends on each mortgage company’s terms and conditions. It is best to speak to an independent financial advisor for more information. 
 
Do I need to call you if I want to make changes to my home?
If you plan to extend your home, or change its structure, windows, or anything that might affect its value, you must get written approval from us, and in some cases also from your mortgage lender. You may also need planning permission and building regulations approvals. Basic redecoration is fine, but you should check with your leasehold officer first.
 
What does my service charge cover?
It depends on where you live. It usually goes towards items such as maintaining outside areas and communal lighting. For specific details, please contact us.
 
What happens when I want to sell?
Your leasehold officer can tell you who to contact to get all the information you need about selling. To find out more, please contact us.
 
Is there a timescale on buying more shares in my home?
No. You can buy further shares as soon as you complete on the share you are buying. To find out more, please click here
 
Are there any other hidden costs?
No. We will talk you through all of the costs for each scheme when you apply.
 
How much does the rent go up each year?
The rent will go up annually on the first day of April. Each increase will be based on the Retail Price Index figure for February of the same year.
 
Will I get white goods?
It depends on where you live. The Sales Advisor for each scheme will be able to give you full details. To find out more, please contact us






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