Social HomeBuy

Tenants can choose to buy their home outright or through shared ownership, which means buying a portion of the property and paying rent on the remaining share. The discounts offered are similar to those available through the Right to Acquire scheme, and they are calculated based on a percentage of the property's market value. These discounts are subject to repayment if the property is sold within five years of purchase. Shared ownership allows tenants to initially buy between 25% and 90% of their home and then gradually increase their ownership (staircasing) until they own the property outright. Both tenants and properties must meet specific eligibility criteria to qualify for Social HomeBuy.

The scheme is managed by Registered Providers, who are responsible for publishing a clear policy outlining which properties are eligible for Social HomeBuy and which are excluded or exempt. This policy ensures transparency and consistency in the application process. Funding for Social HomeBuy discounts is provided by Homes England, and the scheme aims to help tenants achieve homeownership while also allowing Registered Providers to reinvest proceeds from sales into new affordable housing. The process involves a formal application from the tenant, followed by eligibility checks and a valuation of the property. Once the sale price and discount are determined, the tenant can proceed with the purchase.

For comprehensive details about Social HomeBuy, including eligibility criteria for both tenants and properties, information on discount calculations, a step-by-step guide to the application process, and the responsibilities of Registered Providers, please refer to the official government website. This resource provides the most up-to-date and accurate information on the scheme and is essential for anyone considering applying for Social HomeBuy.

You can find this information by visiting the link below: 

https://www.gov.uk/guidance/capital-funding-guide/11-social-homebuy