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Social HomeBuy

As a more affordable alternative to the Right to Buy, the Social Homebuy scheme offers qualifying tenants the opportunity to buy a share in their home at a discounted price. As with most shared ownership schemes a rental amount is paid on the remaining share.

Southwark Council introduced the scheme in late 2006, as part of an umbrella of modernised shared ownership initiatives launched by the government, branded ‘Homebuy’.

There are a number of benefits for tenants purchasing on shared ownership terms under Social Homebuy rather than buying outright. Most importantly it is not as financially demanding:

  • You receive a discount in proportion to the discount you are eligible for under the Right to Buy scheme. For example, if you were entitled to a discount of £100,000 under the Right to Buy, you would be entitled to a discount of £25,000 if buying a 25% share or £50,000 if buying a 50% share on Social Homebuy terms.
  • Your combined monthly rent and mortgage repayments are likely to be less than if you had bought the property outright.
  • Most of your annual service charges (for caretaking, grounds maintenance and other communal services) are apportioned to the share you purchase.
  • You only pay a contribution for major works to your block in proportion to the share you own.
  • As your financial circumstances change, you can apply to buy a larger share – both making an investment in your home and reducing the rent you have to pay.
  • We will determine your level of affordability by carrying out a detailed means test. We will not allow you to buy a larger share than we believe you can afford. This will assist you in making an informed decision on what share you should buy.
  • It is also an excellent way of entering into home ownership and getting a foot on the property ladder without you having to move away from the area you currently live and perhaps work in.

Did you also know?

  • Southwark Council was the first local authority to have its’ Social Homebuy Scheme approved by the Government and the first local authority in the country to have completed sales under the scheme.
  • Local Authorities that operate Social Homebuy schemes are permitted to keep 100% of the sale proceeds for re-investment in social and affordable housing. Right to Buy applicants can apply to convert their application to Social Homebuy as long as they do so within 12-weeks of receiving the Right to Buy offer.

Southwark Council’s Social Homebuy scheme is administered by the councils’ Home Ownership Service.

To request more information and an application form for the scheme you will need speak to an officer about your home ownership options with Southwark Council. Please feel free to call our offices on 0207 525 3522 or 0207 525 0773. Our staff will be more than happy to answer any questions you may have.

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Home ownership

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Southwark Council
PO BOX 64529
London SE1P 5LX

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