Contents

What is the Home Ownership Unit?

What schemes are available?

Contact Us

What is the Home Ownership Unit?

The Home Ownership Unit manages and monitors all low cost home ownership schemes and initiatives within Waltham Forest. These include schemes financed by the Council and the Housing Corporation. The Unit supports local housing associations also known as Registered Social Landlords (RSLs) in developing sites for the needs of eligible applicants.

What schemes are available?

Portable Discount

Social Homebuy

New Build Homebuy (formerly Shared Ownership)

Open Market Homebuy (formerly Homebuy)

Resales

Schemes for Key Workers

Right to Buy

Portable Discount

The scheme is designed to help Council tenants who would like to purchase a property on the open market and vacate their Council home. The grant is means tested in that it is targeted at families on low incomes.

The scheme is restricted to Waltham Forest Council tenants who occupy any type of family size accommodation (2 bed+). The amount of grant is determined by (1) length of tenancy and (2) chosen area of purchase. The Council, using the financial information supplied by the tenant, decides their minimum and maximum purchase price and mortgage. Failure to observe these ranges could result in reduction of the grant. Maximum grant for the current financial year is £37,000 (conditions apply). Subject to personal finance, tenants may purchase a property with a market value of up to £250,000.

Basic qualifying criteria

To qualify you must:

  • Live in a property with two or more bedrooms
  • Be a secure tenant of Waltham Forest Council with at least two years tenancy
  • Live in permanent accommodation
  • Have no more than five weeks arrears at any time within the six months prior to application
  • Be up to date with Council Tax payments
  • Not have an outstanding repayment of Housing Benefit
  • Be able to give us vacant/undamaged possession of Council home on receipt of grant

Timetable

Council tenants can apply at any time.

Forms will be acknowledged within five working days and a decision made within eight weeks (Note: if the form has not been correctly completed or money is owed to the Council this will seriously delay your application).

Whilst the current scheme is funded until March 2007, there may be periods where the finance is not immediately available. We will however maintain a strict waiting list until further funds are introduced.

The grant

More than five years secure tenancy:

  • Up to £37,000 for purchases within Waltham Forest
  • Up to £27,000 for purchases elsewhere in Greater London
  • Up to £24,000 for purchases outside Greater London

Two to five years secure tenancy:

  • Up to £13,000 for any area

Less than two years secure tenancy:

  • No grant available

Living in temporary accommodation arranged by the Council

  • No grant available

For further information please click here for a Low Cost Home Ownership Schemes Information Request form.

Social HomeBuy (this scheme will be introduced to Waltham Forest Council tenants at a later time)

Social HomeBuy is where as a social tenant you would buy your Council or housing association home on a part buy part rent basis with a discount on the initial purchase price.  You will be able to purchase 50% share of the total cost of your home, and you would pay a subsidised rent to the Council or housing association for the remaining share. When you purchase your home you will receive a discount on the purchase price, which will be an appropriate percentage of £9,000-£16,000. Later you can purchase further shares at a minimum of 10% increments (this is known as staircasing) from the Council or housing association, eventually owning up to 100% of the property.

New Build HomeBuy

This will enable social tenants to buy a share in a newly built housing association property. You can buy a 50% share of a new home, and pay a subsidised rent to the housing association for the rest. Later on you can purchase more shares at a minimum of 10% increments (this is known as staircasing) from the housing association, eventually owning up to 100% of the property.

Open Market HomeBuy

This will enable you to buy a share in a property that you find on the open market. You would buy a 75% share of the cost of the property and a housing association will provide an interest-free loan for the remaining 25%. You can either repay the loan during occupation at 25% of the property’s market value or repay 25% of its market value to the housing association when you sell it.

Resales

You may have the opportunity to take over the lease from an existing leaseholder of a housing association and pay rent on the remaining share to the association. You could buy more shares later on and at the relevant market value and staircase up to full ownership. For further information please visit www.yourhomefinder.co.uk.

Who has priority?

These schemes in Waltham Forest are prioritised to Council and housing association tenants. The homes they release are then offered to families who are either homeless or living in temporary accommodation provided by the Council.

If you are not a public sector tenant you will not have their priority. However in certain cases you can be assisted. You must first be on the Council’s Housing Register and have had your application assessed.

To register contact:

Waltham Forest Housing Registrations
Tel: 020 8496 3000

Or download the application form by clicking here.

If you are on the Waltham Forest Housing Register and have been assessed as having 'additional preference' or 'reasonable preference' you may be assisted in certain circumstances.

Contact:

Housing Options
Application and Enquiries Team
Metropolitan Home Ownership
The Grange
Southgate
London  N14 6PW
Tel 0845 230 8099
Email housingoptions@mht.co.uk
Website:www.housingoptions.co.uk

If you are on the Housing Register and have been assessed as having 'no preference' you will not have priority for Homebuy products.

RSLs with special needs home ownership options for elderly and/or disabled applicants

John Grooms Housing Association
50 Scrutton Street
London  EC2A 4XQ
Tel 020 7452 2000
Fax 020 7452 2001
Website www.johngrooms.org.uk

Springboard Housing Association Ltd
Springboard House
2A Claughton Road
London  E13 9PN
Tel 020 8475 0033
Fax 020 8503 4286
Email info@springboardha.org.uk

For further information please click here for a Low Cost Home Ownership Schemes Information Request form.

Schemes for Key Workers

A variety of schemes exist to retain the skills of key workers in the areas where they are most needed.

Open Market HomeBuy

Equity loans will be available to help key workers buy a home on the open market. Certain high street lenders will provide a 'top-up' equity loan alongside that provided by the Government. You will be able to choose the best offer for you. There may be a small charge associated with the private lender's loan. Full details of the new arrangements are still being finalised with the Council of Mortgage Lenders and the lenders themselves.

Higher-value equity loans of up to £100,000 will be available for a small group of school teachers with the potential to become leaders of London's education system in the future.

New Build HomeBuy

This will enable you to buy a share in a newly built housing association property. You can initially buy a 25% (often 50%) share of a new home, and pay a subsidised rent to the housing association for the rest (up to 75%). Later on you can purchase more shares at a minimum of 10% increments (known as staircasing) from the housing association, eventually owning up to 100% of the property.

Intermediate renting

As a key worker you would have the opportunity to rent a property from a housing association with the rent being above the amount charged by social landlords but less than market rents.

For further details and an on-line application form contact the Homebuy Agent on 0845 230 8099 or visit www.housingoptions.co.uk

Waltham Forest Council Key Worker Scheme

A variety of tenures may be available to qualifying key workers. If you are currently employed as a social worker or social work manager (in statutory children’s services), teachers (both primary and secondary), nurses and health workers, front line police officers or front line fire fighters, please telephone or email the Home Ownership Unit for further information.

Right to Buy

The scheme offers qualifying Council tenants the opportunity to purchase their Council property at a discount of up to £16,000. Right to Buy and Leasehold Services based at Ascham Homes process applications on the Council’s behalf and also deal with leaseholder accounts and related enquiries.

Please note: Purchasing a property is a major commitment and investment. You should therefore be entirely satisfied of your affordability in this area.

Ascham Homes Direct
1 Wood Street
Walthamstow  E17 3LU
(map)
Tel 020 8496 4197
Email direct@aschamhomes.org.uk

Opening hours
The office is open Monday to Friday between 9am and 5pm.
Customer Service Advisors are available to telephone between 8am - 8pm Monday to Friday and 10am - 1pm on Saturday.
Out of hours please telephone the emergency operator on 020 8496 3000 (Waltham Forest Direct)

Contact Us:

Housing Services

Cedar Wood House
2d Fulbourne Road
Walthamstow  E17 4GG  (map)


Tel 020 8496 3000
Fax 020 8496 5431
Email housing.advice@walthamforest.gov.uk