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The Beehive Issue 6

Summer 2013

Teignbridge Open Market Homebuy Spotlight on Older Person Shared Ownership Help to Buy All the facts in one place

West Dorset Open Market Homebuy

Win! Win! Win!

Check out this issues’ competition on page 12

Case Study


Welcome Welcome to the summer edition of The Beehive. The Chancellor’s announcement of the Help to Buy scheme in April’s budget brought a ray of sunshine to what had been a very dull & wet spring. Thousands of you have already taken advantage of the Government’s new equity loan scheme, which replaced the FirstBuy scheme. Over 10,000 reservations have taken place nationally since the scheme started on the 1st April 2013. For details on eligibility and how to purchase through the scheme please see the article on page 14 by Krystyna Wynn our Help to Buy Team Manager. I hope you enjoy this edition, Regards, Hayley Rossiter Help to Buy Agency Manager

Social Media Don't forgot to check out our facebook and twitter pages to keep your finger on the pulse on the affordable housing market. www.facebook.co.uk/southwesthomesuk @swhelptobuy

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Older Person Shared Ownership Some shared ownership properties are built specifically for older people who may be looking to buy a smaller property as their current home is too big for them or is unsuitable for their needs. To apply for these properties you must be over 55 years of age and unable to afford to purchase a new home without some assistance. Contact our Customer Service team on 0300 100 0021 if you are unsure if you qualify. The scheme works in a similar way to shared ownership. You will buy a share in a new home. This share will range from 25% to 75%, depending on what you can afford. You can buy more shares as and when you can afford them - this is called 'staircasing'. A housing association owns the remaining share and you will pay a reduced rent on that share. As you buy more shares, you will pay less rent. If you chose to buy the maximum 75% share, you will pay no rent on the remaining 25%. You may also have to pay a service charge if, for example, the property is a flat with a communal area. Details of the rent and service charge payable for each property can be found by contacting the Housing Association who owns the remaining share or by searching for available properties on our website www.southwesthomes.org.uk. Please find below a list of developments currently being advertised through this scheme on our website.

56 Passmore Edwards Court, Liskeard, PL14 6AS 1 Bed, 3rd floor apartment From ÂŁ155,000 for 100% share Aster Homes, 01308 735480

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Fig Tree Court, Tiverton 1 Bed Apartments from ÂŁ120,000 Davidson Homes, 02380 450 530

Hayes, Totnes Road

1 and 2 Bed apartments and bungalows from ÂŁ103,125 Sanctuary Housing 0800 916 1444

James Donovan Court, Cheltenham 1 & 2 bed apartments min 25% share Taylors Estate Agents, 01242 577177 or West End Estate Agents, 01242 514333

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Case Study: Dunboyne Court Barry and Margaret McCann have recently purchased a property through the Older Persons Shared Ownership. Although this was not their first purchase of a property, it was their first that was through the Government’s Affordable Housing schemes. They had heard about this scheme through a relative who had a friend who lives in Dunboyne Court. Barry has Parkinsons disease and was struggling with the stairs of their previous property. The bathroom was too small and it would have cost far too much for the couple to pay for the current property to be adapted to accommodate their needs. Margaret found the selling of their previous property stressful and difficult and was concerned that they did not lose the property at Dunboyne Court due to the length of time selling their current property could take, although, the property sold very quickly. There were a few problems before moving in to the new property which were not able to be resolved until after they moved in and one main feature was that, due to Health and Safety, a balcony was not allowed in their apartment which would have benefitted Barry and he would have been able to sit on the balcony in the nice weather. On first impressions, Margaret said that her new apartment had a quirkiness that she liked. It is a corner apartment and the staff there were helpful and kind. The couple find St Marychurch handy for shops and no longer feel as isolated as they did in their last property and their way of life has definitely changed for the better with both being able to get out more – especially Barry. Although, Margaret feels that by owning a property, she does not get full support with caring and in her opinion, tenants get more help, she would definitely recommend the scheme to other people in a similar situation. She needed to make a decision for their future and wanted to make sure that they both could live independently and still be together.

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Statistics Here’s a quick statistical overview for South West Homes

Number of calls and emails received so far recieved in 2013 15,046

1568 followers on twitter Applicants find housing events....very helpful

468 followers on facebook

Top 5 referral to our website Direct Google Helpttobuy.org.uk Bing yahoo 56.3% of applicants have not received financial advice

Number of properties being advertised 705

Most viewed page on website property search

Number of schemes currently available 7 Number of active applicants 6426

Average number of vists to our website for May, June & July 18,740 Page 9

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Teignbridge Open Market HomeBuy This scheme is for those who want to buy a home and have a connection to the Teignbridge district area. How does it work? You simply use a mortgage and deposit to fund 75% of the purchase price for a home on the open market. Sovereign Living and Teignbridge District Council will provide you with a loan on the remaining cost, up to a maximum value of 25% or £40,000 depending on your financial circumstances. No interest will be charged for the first three years of your loan and you need only pay back the loan itself when you sell the property, pay your final mortgage instalment or at the end of 10 years.

Who is eligible to apply? You can be considered for this scheme if you are: •

in housing need AND have a local connection with Teignbridge

of a household earning less than £60,000

unable to buy a suitable home in Teignbridge district without the

assistance of the equity loan. You will be considered a priority applicant if you are a: •

first time buyer

key worker

council or housing association resident

What can I buy? You may buy a home currently for sale on the open market, which

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meets the needs of your family. There are a few exceptions on purchase price limits which will be explained to you when you apply. What are the costs? You should ensure that you can meet all the initial costs of purchasing a home which may include legal transactions such as stamp duty, moving costs and your mortgage deposit. You’ll also pay an interest charge on the equity loan of 0.75%. This interest charge will rise with inflation.

How do I sell my home in the future? You can sell your home at any time after the first 12 months of ownership. At this stage your loan must be repaid based on the percentage you borrowed and your final selling price. How do I apply? Firstly you will need to register with South West Homes. Then call Sovereign Living on 0845 602 1618 and they’ll talk you through the process.

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Win! Win! Win! How would you like to win a gift voucher to the value of ÂŁ50 for a high street shop of your choice* courtesy of Sanctuary Group? To be in with a chance of winning this great prize just complete the word search opposite and return to us one of the following

Post South West Homes, Hatfield House, Hatfield Road, Torquay, TQ1 3HF Scan and email Info@southwesthomes.org.uk

Beach

Hot

Swimming

Ice cream

Play

Pool

Sprinklers

Bicycle

Camp

Fun

Barbecue

Fireworks

Friends

June

July

August

Vacation

Popsicle

Watermelon

Sea shells

Bathing Suit

Shorts

T shirt

Sandals

Events Don’t forget....to keep checking the events pages on out website www.southwetshomes.org.uk for events which are happening in your area.

*choice of high street shop includes Marks & Spencers, itunes, Next, Asda, Tesco, Sainsbury, Waitrose or Halfords.

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Name.................................................... Email Address..................................................... Postal Address................................................................................................................... ........................................................................................................................................ Telephone number............................................................................................................. Please compete and return by 27th September2013


Help to Buy Equity Loan -

The Facts

Heard of Help to Buy but not sure what all the fuss is about? Here are the fact about the scheme including how to apply and where to search for properties.

So how does it work? This scheme offers a 10%-20% equity loan funded by the Government through the Homes and Communities Agency (HCA) on new build properties. The equity loan is interest free for the first 5 years, after this, a fee of 1.75% rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1% . The maximum purchase price of a qualifying property £600,000. There is also no limit on the number of bedrooms. The maximum Developer reservation fee is £500 which is fully refundable if the buyer is not accepted on the scheme. The builder may offer incentives to the value of no more than 5% of the purchase price

I’m not a first time buyer, am I still eligible? Yes! This scheme is now available to all buyers rather than just first time buyers. You must be able to obtain a capital repayment mortgage (advised 25 year term) with a qualifying lender. You must have access to a minimum 5% deposit (if one is required by your first charge lender) and be able to cover your legal fees.

Where are available properties? There is a wide range of properties available through Help to Buy. You can search for available properties on our website via the property search pages.

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How do I apply? Firstly download the Help to Buy Buyers Guide from our website www.southwesthomes.org.uk under ‘Help to Buy.’ Then just follow these 5 easy steps to owning our dream home. Step 1: Locate a participating house builder and find a property Step 2: Download the Property Information Form from our website. This will also be your application form. Step 3: Contact a South West Homes Approved Financial Advisor or approach the house builder who can suggest an Independent Financial Advisor (IFA). The IFA will confirm your financial status. Step 4: Submit the Property Information Form and Developer Reservation Form via one of the following options: Email: helptobuy@southwesthomes.org.uk Fax: 0870 490 8959 Post: South West Homes, Unit 11, Brabazon Office Park, Golf Course Lane, Filton, Bristol BS34 7PZ Step 5: We will issue a Form of Authority to Proceed which will give you further instructions on instructing your solicitor and submitting your mortgage application. More information on the process can be found on pages 7-8 of the Help to Buy Buyer's Guide PLEASE NOTE You should not apply for your mortgage prior to receiving the Form of Authority to Proceed

If you would like to discuss the Help to Buy scheme, please contact South West Homes: Email: helptobuy@southwesthomes.org.uk Telephone: 0845 034 3303

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Contact us... Query with your HomeBuy application or unsure of your next step, then contact the Customer Service Team

Purchasing through Help to Buy Equity Loan?

ONLINE: www.southwesthomes.org.uk

PHONE: 0845 034 3303

E-MAIL: info@southwesthomes.org.uk

E-MAIL: helptobuy@southwesthomes.org.uk

PHONE: 0300 100 0021

FAX: 0870 490 8959

MAIL: Hatfield House, Hatfield Road, Torquay, Devon, TQ1 3HF

MAIL: Unit 11, Brabazon Office Park, Golf Course Lane, Filton, Bristol, BS34 7PZ

Stop Press! Shelter calls for ‘forgotten families’ to become new generation of shared owners. http://bit.ly/1ckdQm1

www.facebook.co.uk/southwesthomesuk

@swhelptobuy

If you or someone you know, would like this magazine on CD or audio tape, in large print, in Braille, or translated into another language, please contact our Customer Service Team on 0300 100 0021 or email info@southwesthomes.org.uk South West Homes is managed by Westcountry Housing and Sovereign Housing Association Ltd in partnership South West Homes takes all reasonable measures to ensure content is accurate at the time of publication. Legal liability is not accepted for any published content from other organisations.

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