Chance to buy a share in your home

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with the launch of a pilot scheme offering discounts  to tenanats wanting to buy their council home

The borough is one of a handful of authorities across the country to have been chosen by the Government to pilot its new Social Homebuy scheme.

The scheme - which works on a part-buy part-rent basis – offers tenants who have not been in receipt of housing benefit in the previous year, a discount on the purchase price of their home.

The tenant would need to buy at least a 50 per cent share in the property, and would then continue paying rent to the council on the part they do not own.

And when they can afford to do so, they buy extra shares in their home until they eventually own it outright.

Executive member for housing Cllr Martin D Johnson pictured left said: "In recent years the reduction in discounts offered under Right to Buy legislation and the continuing rise in property prices has made it harder for tenants to buy their home. 

"This new scheme offers tenants a chance to buy a stake in their home and gives those who would not otherwise be able to purchase their home outright, a step onto the property ladder."

 

• The home ownership team are hosting an affordable housing day later this month which is aimed at helping first time buyers and key workers get on the property ladder.

'Open the Door' takes place on Thursday, October 11 from 2pm to 8pm in the Civic Suite, Wandsworth High Street.

Expert advisers will be on hand to explain the various home ownership schemes that are open to local residents and key workers working in the borough. As well as learning about the various sales options, there will also be a chance to discuss affordable rental schemes with representatives from local housing associations.

Special presentations on the choices available to local first time buyers will also take place at 3pm, 4.30pm and 6.30pm. And financial and legal advisors will also be on hand to provide information on the sales process.

Prospective first time buyers living in Wandsworth - or key workers employed in the borough - can find out more by calling the home ownership unit on (020) 8871 6016.

 

October 2, 2007