Worthing Borough Council

Low Cost Home Ownership

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01903 221063

housing-services@adur-worthing.gov.uk

• What is Low Cost Home Ownership
• About Homebuy

What is Low Cost Home Ownership?

Low Cost Home Ownership or Shared Ownership schemes help people who cannot afford to buy a home outright. The most common scheme enables you to buy a share, for example, 50% or 75% of a property. When you are able to do so, you can buy additional 'shares' of your home until you own 100% of the property. The share you do not own is owned by the social housing provider (usually a Housing Association) and you pay rent for this share.

What will Low Cost Home Ownership cost?

You have to buy a share of the property, usually with a mortgage. Rent is paid for the share of the property you do not own. Some Low Cost Home Ownership properties also have service charges.

Here is an estimated illustration of what you need to pay for a Low Cost Home Ownership property. This is a guide only and you should make your own enquiries prior to making a decision on purchasing a Low Cost Home Ownership property.

(As a Low Cost Home Owner your home is at risk if you fail to pay your mortgage and rent)

Who will be considered by the Council?

Who will be prioritised by the Council?

The following is a list of who is prioritised for Low Cost Home Ownership properties. This list is not an exhaustive list.

• Tenants of Registered Social Landlords (or Housing Associations) in Worthing who will release social rented housing for people in housing need
• People to whom the Council owes a housing duty under the homelessness legislation
• Key Workers
• People with Learning Disabilities or Special Needs
• People who live in accommodation which does not meet their needs

The Council will not normally consider applicants who can afford to buy a home outright on the open market.

How do I apply for Low Cost Home Ownership?

For consideration of Low Cost Home Ownership schemes you must ensure that you have applied for and been accepted onto the Council's Housing Register.

Essential Information

Worthing Homes Limited is the main housing developer in Worthing.  To be considered for Low Cost Home Ownership properties with Worthing Homes you must also complete a Worthing Homes application form.  This is to allow your financial circumstances to be assessed to check whether you are able to afford the housing costs involved.  Due to the current economic climate, there are no new Low Cost Home Ownership properties being developed.  However, resales of existing Low Cost Home Ownership properties occur on an ad hoc basis.     

Contact Worthing Homes Limited

Moat Housing is the Government appointed Zone Agent to co-ordinate Low Cost Home Ownership and Key Worker Low Cost Home opportunities, Homebuy and Social Homebuy. All applicants wishing to be considered for Low Cost Home Ownership opportunities are encouraged to register with Moat Housing which is a 'one stop shop' for information about opportunities in this area.

Contact Moat Housing

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