Newbuild Homebuy
eligible). All prospective purchasers are required to complete Rosa Homes' application form.
How does New Build HomeBuy work?
- You buy a share of the property at the price set by Rosa Homes which is based on a qualified valuer's valuation. Your share may be 25, 50 or 75%.
- Rosa Homes charges you rent for the remaining share.
- Whenever you can afford to, (if the scheme is eligible) you may purchase another share in the property. Usually the additional shares are 25% or 50%. Your rent will decrease correspondingly.
- If you wish, on certain schemes it is possible to eventually progress to full ownership.
What will I own?
You will own your share of the property on the basis of a long lease. For the first owner this will usually be a 125 year lease.
You will own your share of the property on the basis of a long lease. For the first owner this will usually be a 125 year lease.
If you progress to outright ownership of a house, you will be granted the freehold of the property and you will no longer be charged rent.
What does the New Build HomeBuy lease entitle me to?
Our New Build HomeBuy lease is based on a model lease produced by the Housing Corporation and accepted by Mortgage Lenders. It entitles you to live in your home until the lease ends. It states what repairs and other out-goings you and the landlord housing association are responsible for. It also states how the rent is calculated, when it must be paid, how you can buy further shares and all the things you and the association can and cannot do.
Our New Build HomeBuy lease is based on a model lease produced by the Housing Corporation and accepted by Mortgage Lenders. It entitles you to live in your home until the lease ends. It states what repairs and other out-goings you and the landlord housing association are responsible for. It also states how the rent is calculated, when it must be paid, how you can buy further shares and all the things you and the association can and cannot do.
Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier.
If you would like to own your own home, but cannot afford to purchase outright on the open market, New Build HomeBuy/Fixed Equity Sales could be the answer.
New Build HomeBuy/Fixed Equity Sales allow you to purchase a share of a house or flat and pay and/or rent/service charge for the remainder (dependent upon the scheme).
Later, if you can afford it, you may be able to purchase further shares until you own the property outright (if the scheme iseligible). All prospective purchasers are required to complete Rosa Homes' application form.
Applications are assessed, priority is given to first time buyers who fall into the following categories:
- Tenants of a local authority or housing association.
- People registered on the waiting list of local authorities or housing association(s).
- People moving into the area of the scheme in order to take up employment.
- Other first time buyers in housing need, including those in relationship breakdowns or who are unable to afford the cost of purchasing a property on the open market.