Discover the route to your dream home
Shared Ownership
When buying a shared ownership property, you can purchase between 10-75% of the market value, depending on how much you can afford and the type of lease, then pay a low monthly rent on the rest of the share
Flexibuy
Flexibuy enables you to choose your dream home, then decide the most affordable way of making that home yours.
Outright Purchase
There is also the option to obtain a regular mortgage and purchase some of our properties outright.
Intermediate Market Rent
Intermediate Market Rent (often referred to as IMR) is designed to help potential first-time buyers who cannot yet afford to buy a home but would like the chance to save for a deposit to purchase a home within the next five years.
Find a way that works for you…
Shared Ownership
When buying a shared ownership property, you can purchase between 10-75% of the market value, depending on how much you can afford, then pay a low monthly rent on the rest of the share. You can buy bigger shares, also known as stair casing, later down the line when you can afford to.
Why Shared Ownership?
- You can purchase between 10-75% of the market value of the property (depending on your lease), determined by how much you can afford. This means that the cost of your mortgage will be significantly less than buying a property outright - making the dream of buying your own home an achievable reality!
- Even with a small deposit, you could still benefit from growing equity as you pay your mortgage, if your home increases in value. An increase in your home’s value could benefit you when you come to sell your share.
- When you can afford to, you can buy more shares of your home all the way up to 100% - this is known as staircasing. There are some associated costs with staircasing. Click here for more information.
- It is a common misconception that with shared ownership properties the same rules apply as renting, in that you can’t decorate or change the way your home looks. In fact, quite the opposite, the only time you will need to seek permission from us is if you want to extend your property, or make external changes, such as to your garden. Your home, decorate it your way!
Eligibility
You are eligible to purchase a part rent; part buy property in England or Wales if:
- Your household income does not exceed £80,000 per annum for homes outside of London (£90,000 in London)
- You have a deposit (at least 5% of the share value)
- You are a first-time buyer or used to own a home, but cannot afford to buy outright now
- The shared ownership property will be your principle and only home
- You have passed a Homes England Affordability calculator, demonstrating you are financially able to purchase the share value and support the monthly costs
- You have registered with Love Living Homes
Flexibuy
Flexibuy enables you to choose your dream home, then decide the most affordable way of making that home yours. Our specialists help to guide you on the most affordable route of making your dream home a reality, by identifying what percentage of the home you can own. This can be anywhere between 25% - 100% of the full property value.
Our Flexibuy schemes are different to other schemes. Typically, with new build development schemes, plots are allocated a tenure (Shared Ownership or Outright Sale) meaning customers are restricted to these specific plots only. Instead, we have designed Flexibuy so that you can choose from any of the designated plots we have available. With Flexibuy, you choose your new home, your way.
Outright Purchase
There is also the option to obtain a regular mortgage and purchase some of our properties outright.
Why purchase your property outright?
- If your property increases in value, perhaps through market conditions or because of improvements you have made to your home, the gains will be yours
- Increasing the value of your home creates equity (the property value less the debt you owe) and allows you to trade up to on your next move
- It gives you a better level of control over your home and the ability to make improvements
- The monthly payments you make all contribute towards eventually paying off the mortgage and you owning the property outright
Eligibility
- Before you start looking for a new home, you should have an idea of how much you can afford to spend on a property. Most buyers will require a mortgage in order to purchase a home
- You can typically borrow a multiple of your household income and this amount will be influenced by your credit score. Adding this sum to your deposit will give you an indication of your budget.
- The larger your deposit, the more favourable the mortgage deals you are likely to be able to access.
Market Rent
Renting a property allows for more flexibility than ownership. We have a range of homes that are available for rent on a regular basis, but they don’t get listed for very long!
Why Rent?
- Although tenants and homeowners are usually required to pay a deposit to secure a property, it is refundable, providing there is no damage costs or rent arrears incurred at the end of tenancy
- The deposit payable on a rented property is considerably lower than that of a mortgage down payment
- Once you have signed a tenancy agreement you are protected and bound by its terms. This means that if you do not breach any of the terms, you will be able to remain in the property until the agreement expires
- Rent costs are fixed for the term of your tenancy agreement
- As a tenant, you are not responsible for most of the maintenance, repair and decoration work of the property, all of which cost money. While you may be liable for minor, day to day maintenance any structural or work to the property’s exterior will fall to your landlord or their appointed managing agent
Eligibility
- All applicants must be over 18 years old and have a regular income. Those with part-time or low-income jobs may be required to have a Guarantor, this is someone who is prepared to pay the rent insofar as it is unpaid by the tenant and take responsibility for any loss/ damage incurred by us
Intermediate Market Rent
Intermediate Market Rent (often referred to as IMR) is designed to help potential first-time buyers who cannot yet afford to buy a home but would like the chance to save for a deposit to purchase a home within the next five years.
IMR allows you to rent a brand new or refurbished home at less than the market rent. The rent you would pay is normally 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord.
Why IMR?
- In the past, the IMR scheme has only been available to key workers (vital public-sector employees such as NHS nurses and doctors, police officers and teachers in state schools). However, because of the current economic climate, this scheme is now available to other people who cannot afford to buy a home of their own
- The IMR scheme is also a great option for people who are not ready to commit to buying a home, who are having difficulty getting a mortgage or who cannot save up a deposit to buy through our affordable home-ownership schemes
Eligibility
You are eligible to apply for an Intermediate Market Rent property if:
- Applicant have a household’s total income of less than £66,000 per annum
- be unable to afford to buy a suitable property on the open market without assistance
- be able to afford eighty per cent of the local market rent without recourse to housing benefit
Applicants may be prioritised according to locally determined factors such as housing need, where the applicant lives, and the social need for certain employees in that area (e.g. public sector workers who are not key workers). Priority may be given to local authority and PRPSH tenants who would vacate social rented accommodation if they rented through IMR.
Looking for help or advice?
Although you may not be required to hire a solicitor for any part of the home-buying process, you might feel better having someone who can explain complicated legal issues. A real estate solicitor can also provide assurances that you’re making the right moves as you proceed with possibly one of the largest purchase you’ll make in your life.
Solicitors that some of our buyers have previously used for their Shared Ownership buying process are listed below:
Please note this list is not exhaustive, other credited solicitors can also be found here at the Law Society.
For any other questions, please do not hesitate to get in touch with us.
New Stamp duty rates
Stamp duty, also known as stamp duty land tax, or SDLT is a tax paid to government when buying a new home. Stamp duty is calculated depending on the region you’re buying in, the price of your property, and whether you're a first time buyer, or if it is your second home.
The changes to stamp duty rates in England as of September 2022 are as follows:
- 0% on residential properties under £250,000 (£425,000 for first time buyers)
- 5% on residential properties between £250,000 - £925,000
Find out more about stamp duty on the UK Government website here
Your chosen solicitor will also advise you on stamp duty payments.