h&f Home Buy Products

h&f Home Buy Products

FIRST STEPS Shared Ownership

Enables residents and workers of the Borough to buy a share of a newly built property

• You buy between 25%-75% of a home and pay rent the remaining share,
• Over time you can buy more shares in the property (a process known as stair-casing) and in doing so, you will reduce the amount of rent you pay,
• You can keep buying shares in the property until you own the property outright.  Once this happens you stop paying rent.
• If at anytime you wish to sell the property you keep the percentage of the property’s current market value that you own.

Discount Market Sale (DMS)

DMS is a low cost home ownership product where a new build property is purchased at a discounted price. The discount is usually around 30%. This is possible because when the development was negotiated with the council, this discount was stipulated to try to help low and middle income earners get onto the property ladder.
The purchaser buys the percentage of the property available after the discount and when s/he sells the property it has to be sold at this same percentage of whatever the market value is at the time of sale.

Applicants will need a mortgage and/or savings to cover the discounted price of the property. For example, if the property has an open market value of £400,000 then the discounted price is £280,000. The remaining 30% is held in perpetuity by the London Borough of Hammersmith & Fulham and there is no rent to pay on this part of the property so your housing costs will be your mortgage payments and the service charges.

FIRST STEPS Rent to Buy

Enables residents and workers of Hammersmith and Fulham to move into a newly built property and pay a rent at 80% of the market value for a period of time (3 – 5 years). You may be able to purchase the property, at any time during the rental period (subject to landlord’s consent).

Why choose FIRST STEPS Rent to Buy?

• You have the chance to ‘try before you buy’. You will move into a newly built development and live in a property for a while before deciding whether to buy it or not.
• Properties are brand new and boast new fitted bathrooms and kitchen units.
• Renting at 80% of the market price may enable you to save more money to help you buy a home in the future.
• You benefit from renting from a Housing Association (also known as Registered Providers) who is committed to offering you affordable home ownership options to enable you to buy your home in the future.  

What happens at the end of the rental period?

You may be able to make the first offer to buy your home under the terms of FIRST STEPS Shared Ownership You will be assessed to determine your ability to purchase the minimum share of the property usually 25%*. If the assessment shows that you can not afford to purchase the share, the Housing Association will review your tenancy. However whilst there are no guarantees that it will be renewed your Housing Association may assist you in finding another privately rented property.
*minimum shares may very

FIRST STEPS Intermediate Rent (IMR)

Intermediate rent offers you the opportunity to rent a property at less than the market value. The rent charged is normally approximately 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a privately.

As well as being more affordable, you have the assurance that your home is built, managed and let by a Housing Association.

Intermediate rent has traditionally only been available to key workers, although this choice is now available to other home seekers who are not high priority for social rent and those who cannot afford to buy a home of their own outright but who would like to save to buy a home in the next five years.

Intermediate rented homes are usually let on an Assured Shorthold Tenancy basis.

Right to Buy

This is for council tenants who wish to buy their council property outright receiving a £16,000 discount on the total value of the property.

To be eligible, you must have been a tenant for 5 years if your tenancy began after 18th Janaury 2005 or for two years if you were a tenant before that date. Some properties are excluded, including those related to your employment and some housing provided specifically for older people or those with disabilities.

Click here to apply now

Tenant Incentive Scheme

This scheme offers council tenants with a 2+ bedroom property, significant financial assistance to purchase a property on the open market*. This grant is dependent on the size of the accommodation, and will range from £20,000 to £40,000.

Eligibility

• Secure council tenants occupying 2, 3, 4 or more bedroom properties.
• Must have had a secure tenancy for 2 years if it began prior to 2004 or 5 years thereafter.
• Tenancy must be managed to a satisfactory level (i.e. no rent arrears, breaches of tenancy etc)
• The property must be in good condition
• The tenant must be able to provide unquestioned vacancy of the property

*terms and conditions apply – call 020 8753 6464 for more on this scheme

Freehold Enfranchisement

Hammersmith & Fulham Council is pleased to offer eligible leaseholders the opportunity to buy the freehold to their properties. Find out more about freehold enfranchisement

For more information about the different products, to register an interest, or to discuss which product would best suit your circumstances, please contact us on 020 8753 6464, via email to h&fHome-Buy@lbhf.gov.uk.