Part buy/part rent

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For many people wishing to get a foothold on the property ladder, the mortgage that they can raise based on their income is not enough to purchase a property. Our part buy/part rent scheme (previously shared ownership) can help by allowing you to buy a share in a property and pay a subsidised rent on the remaining share.

The following questions will help you find out more about part buy part rent.

What is part buy/part rent or new build homebuy?

You buy a share of a property and pay rent to William Sutton Homes on the remaining share you do not own.

In most cases you can buy further shares of the property until you own the whole property. This process is called Staircasing.

Who can buy through part buy/part rent or new build homebuy?

The scheme is intended for people who cannot afford to buy a suitable home in any other way. They must be in housing need and be unable to raise a mortgage for the full property value.

Priority is usually given to existing council or housing association tenants or people on the Local Authority or Housing Association waiting lists. Sometimes there are schemes exclusively available for front line key workers as defined by the Government.

The scheme is primarily aimed at first time buyers. However, even if you have owned a home before, you may be able to buy through New Build HomeBuy if

• You owned a home with a partner and that relationship broke down
• You need to move because of job relocation or
• You are already a shared owner who needs to move.

How much do I need to earn?

Whilst a minimum level of income is required for each home, this will vary depending on the property, its location and the share sold.

If you can afford to buy the home outright, you will not be eligible.

Your savings and other financial commitments will be also taken into account. You will need to have access to £3,500 savings to purchase your home. Click here for costs associated with buying your home.

Unless you do not intend to use a mortgage to buy a home, you must have been in a permanent job for at least six months or passed any probationary period. If you are self-employed, you will need to have three years audited accounts.

Can I buy with other people?

Up to four people can become joint owners but all applicants must individually and jointly meet the eligibility criteria.

What kind of properties can be bought through new build homebuy?

Either new homes built by William Sutton Homes or existing shared ownership properties that become available through resale.

How does new build Homebuy work?

You purchase a share of the property directly from William Sutton Homes if it is a new property or from the existing shared owner if it is a resale. You will need to arrange a mortgage or use savings to buy the share.

The share offered for purchase will vary between 25-75% depending on the property and what you can afford. Existing shared owners will sell the share that they own.

You will pay rent on the share that you do not own. If you buy further shares your rent will reduce.

You will be required to sign a lease that outlines your rights and responsibilities as a shared owner.

What does the new build homebuy lease do?

The lease entitles you to live in the property as owner-occupier for the length of the lease. It usually entitles you to buy further shares in the property and sets out how you can do this. It also outlines how you can sell your share.

Other points in the lease outline your responsibility for repair and maintenance of the property and for payment of rent and service charge.

What do I do next?