Affordable Home Ownership in Brent

How to apply

To find out more about affordable home ownership, to browse available units in Brent and other London boroughs, and to fill in an online application form which will receive a reply in 8 days, contact Housing Options

on 0845 230 8099

or visit www.housingoptions.co.uk

Housing Options are the "HomeBuy Agent" for London: a one-stop shop for all shared ownership enquiries and applications throughout the capital, including Brent. Two housing associations - MHO and Tower Homes - make up Housing Options.

On Brent's affordable home ownership webpages you can

• learn about how affordable home ownership works
• find out "who's who and what they do" in shared ownership
• find out about your eligibility for affordable home ownership
• and read an online copy of Brent's dedicated affordable homes magazine Your Own Brent Home

Looking to buy an affordable home in Brent?

There are many affordable or "low cost" home ownership opportunities in Brent. They are based on one simple idea: you can buy a partial share in a property, while the rest of its value is retained by a government-regulated housing association.

This is why affordable home ownership is often called "shared ownership": the costs of home ownership are shared between you and a housing association.

Stepping up

When you buy a shared ownership home, the housing association's share is like a couple of extra steps on a staircase, helping you to step up to the first rung of the property ladder (see the diagram below left).

After you have bought your home, your share and the housing association's share will increase or decrease in proportion to the overall value of the property (see the diagram below right).

You can even buy back the housing association's share at a later date in instalments, based upon the value of the property at that time.

Who's who - and what they do

Shared Ownership can seem a bit like a maze when you get started. Here's our handy guide to all the different groups who are linked when you buy a home through shared ownership.

• The Government, through their 'Homes and Communities Agency', provide funding for shared ownership schemes. In 2008-2009 they funded over 50,000 new homes throughout Britain.
• A housing association (sometimes called a Registered Social Landlord) is a not-for-profit housing provider, funded by the government. The role of a housing association is to plan, build, market and sell (or rent) affordable homes. If you buy a new home through shared ownership you will typically buy it from a housing association (although some private developers offer shared ownership homes too).
• Brent Council works with housing associations to plan affordable housing that suits the borough's housing needs. As the council, we are not responsible for building or selling shared ownership homes, or managing applications, but we do have a role in providing information for our residents.
• A HomeBuy Agent is a housing association with the role of administering all applications, eligibility assessments and enquiries for shared ownership in a particular region. In London, two housing associations jointly provide this service - MHO and Tower Homes - under the joint name of 'Housing Options'. You will need to apply through Housing Options before you can buy a home from any of the individual housing associations offering schemes in Brent. Contact Housing Options on 0845 230 8099 or visit www.housingoptions.co.uk
• A solicitor will assist you in dealing with the legal issues involved in buying a home, such as exchanging contracts with the seller. You will need to find a solicitor who specialises in the homebuying process.
• An Independent Financial Adviser (IFA) provides information and advice on the financial issues involved in buying a home. An independent perspective is useful because it helps you to prioritise your needs in the decision making process when you buy a home. Some housing associations insist that you are assessed by an IFA before buying a shared ownership home.
• A lender is an organisation that provides you with a loan - or 'mortgage' - which enables you to raise the finances you need to buy a home. There are a range of lenders, such as banks or building societies, offering mortgages for shared ownership properties. You will need to shop around to find the best deal, but remember that all lenders will require you to raise at least 10% of your purchase price (that is, the purchase price of your share in your home) from your personal finances: this is known as a 'deposit'.

Myths and reality

Shared ownership is not like buying a timeshare property that you can only use for a limited amount of time. And it's not like buying or renting a property with strangers who you have to share your living space with.

In shared ownership you buy the property and move in as the legal owner occupier - just as you would in conventional full home ownership.

But in shared ownership you do have to pay an additional monthly charge to the housing association based on the size of the share of the property they retain.

This charge is calculated to be much less than the amount you would have had to pay in mortgage repayments if you had taken out a mortgage on this share. This is what makes shared ownership affordable home ownership.

Are you eligibile?

Affordable home ownership schemes are designed to cater for people in a wide variety of situations. As a rough guide, affordable home ownership may be suitable for you if you are any of the following:

• on Brent's housing waiting list
• a couple starting out in life
• an aspiring young family
• a single person or someone who has experienced a relationship breakdown
• a disabled person looking to get onto the property ladder
• a council tenant or a housing association tenant looking to own a place of your own. 
• a key worker such as a nurse, policeman, fireman or teacher (among others)

The only criterion for buying a shared ownership home is that you are a wage earner with an annual income level (as an individual or a couple) of between around £17,000 and £60,000.

This is not an exhaustive guide to eligibility, and individual schemes may have their own distinctive eligibility criteria. More details are available at the housing options eligibilty pages or on 0845 230 8099.

Further information

For more information about shared ownership contact Housing Options on 0845 230 8099 or visit www.housingoptions.co.uk

Brent's Affordable Housing Development Unit can be contacted on 020 8937 2521

For an idea of the typical applications process for affordable housing, please see the diagram below: