Worthing Borough Council

HomeBuy

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01903 221063

housing-services@adur-worthing.gov.uk

• General information about affordable home ownership
  • Shared ownership options in Worthing
  • Who is Eligible
• What is HomeBuy?
  • New build HomeBuy
  • Resales
• How to apply for HomeBuy
• Shared ownership resales
• Other general information about affordable home ownership
  • The costs of buying
  • Buying more shares
  • Finding out what properties are available
  • Finding a solicitor
  • Selling your home later on

General information about affordable home ownership

Shared ownership options in Worthing

There are a number of affordable home ownership schemes that may be suitable for people who have a large lump sum of money, or those people who are earning, but fall short of the required salaries needed to get a big enough mortgage.

The schemes described here are run by Registered Providers (RP's). Moat currently runs the Homebuy schemes in the Worthing district, covering loans to people buying on the open market, some new build shared ownership schemes, and some schemes for key workers. Various other RPs run their own shared ownership schemes in Worthing and the surrounding districts. The schemes are all regulated by the Homes and Communities Agency.

Who is eligible?

Most schemes favour first time buyers or occupiers of social housing. However, shared ownership is not exclusively for people who fall into these categories and each case is assessed individually.

To be eligible for affordable home ownership you must be on our Housing Register. To find out how to get on the register please see the Housing Register page.

To be eligible for any of the Homebuy schemes you must also be registered on Moat's list. Detailed information and application forms are available on-line at www.homebuy.co.uk or www.moat.co.uk. Alternatively call Moat on 0845 359 6161. Moat's customer enquiry team is available from 8:30am to 5:30pm Monday to Friday.

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What is HomeBuy?

HomeBuy is a programme that helps people who wish to buy a property but cannot afford to. In some districts HomeBuy also offers rented housing at rent levels below those on the open market. For more details of these go to the HomeBuy website at www.homebuy.co.uk

Most people who apply for HomeBuy are first time buyers, but the programme can also help you if you need to buy a property in situations where your household has outgrown existing arrangements or where you need to buy a property because of a relationship breakdown.

Most of the people housed through HomeBuy are people with a housing need, and people in other priority groups, for example council or housing association tenants.

New build HomeBuy

Offers new homes on a part buy/part rent basis where you purchase a share in the property, typically 50%, and pay a discounted rent to the housing association on the remaining share. Worthing Borough Council works with a number of housing associations to develop new affordable homes across the district although the number of schemes in development can vary from time to time.  

Resales

Where existing shared owners wish to sell their properties, they may be marketed and sold to people who have applied to Moat and to Worthing Borough Council.  

For further information see :

• Homebuy section on the Moat website (see their 'our properties section)

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How to apply for HomeBuy

Moat is the government's appointed HomeBuy Agent in Kent, Sussex and Essex. You can apply to them by :

• visiting the HomeBuy website at www.homebuy.co.uk and applying on-line. The on-line process should take around 20 to 25 minutes provided you have easy access to your income, expenditure, loans, etc. Please complete all the information you are requested to. If you apply on-line you should receive an email acknowledging receipt of your on-line application after you submit it.
• ringing Moat on 0845 359 6161 any time between 8:30am and 5:30pm from Monday to Friday to ask for an application form
• calling into the Civic Centre, Ham Road, Shoreham to ask for a HomeBuy application form or to use the computer at our Help Point to apply on-line.

To be eligible for affordable home ownership you must be on our Housing Register. To find out how to get on the register please see the Housing Register page.

Shared ownership resales

When the occupiers of a new build shared ownership property want to sell, the housing association will probably keep their share in the property. In this case the property then becomes a Resale shared ownership property. The housing association will advertise the property in a number of ways. They may have a waiting list for people who are looking to buy a shared ownership property. They may advertise Resale properties on their website, or advertise the property through Moat. For more details see www.homebuyoptions.co.uk

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Other general information about affordable home ownership

The costs of buying

Buying a property is expensive and feedback from purchasers confirms that an amount of £5,000 to cover the initial one-off costs is realistic. To proceed with your application, you will need to have access to at least £5,000, either through savings or from family/friends, without the need to borrow extra money on your mortgage or to take out a personal loan.

If you think you can afford a mortgage we suggest you seek advice from an independent mortgage advisor. Moat suggests a panel of advisors. These people have experience and knowledge of mortgages for HomeBuy and other shared ownership schemes and are qualified under the Financial Services Authority to provide mortgage advice.

For details of the financial resources you need to be considered for HomeBuy schemes you can also contact Moat on 0845 359 6161 to request a copy of the leaflet 'Am I eligible?'.

Buying more shares

If you buy a property through shared ownership - either under the New Build HomeBuy scheme or another RP scheme - you can increase your ownership at a later stage and own the property outright if you wish to. This is called "staircasing". Many people who buy affordable homes staircase to become full owners.

Finding out what properties are available

Many of the housing associations that are offering homes for sale or discounted rent in this area are marketing their properties on-line at www.homebuy.co.uk. Please visit the website to view full details. If you apply to Moat and you are eligible, they will try to match your application to the best possible solution, and they will contact you with more details. Moat will share your application details with other housing associations who may also send you property information. If you are interested in a specific development, please always remember to include the name of the development on your application so that it can be fast-tracked.

You should also apply to Worthing Borough Council letting them know which scheme you are interested in. This ensures that you are considered for all schemes including those marketed by Moat.

Finding a solicitor

You will need professional legal advice if you proceed to purchase through a shared ownership scheme. Moat suggests a panel of solicitors with experience and knowledge of HomeBuy and other schemes - this can make a big difference to how smoothly your purchase proceeds.

Selling your home later on

For advice about selling and re-purchasing a property you will need to contact the housing association that dealt with the purchase of the home you are moving from.

Please be aware that the market value of properties can go down as well as up.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt.

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