Sellers will receive a proportion of the rise, or fall, in value based on the original discount percentage. We strongly advise that you seek legal advice about marketing discount sale properties to ensure that you follow the correct process. If Shared Ownership properties are sold on, the proceeds are split according to the percentage you own. Telephone: Email: housing. Westchester County Housing Programs. Housing Programs Selling Affordable Homes. Selling Fair and Affordable Housing.
A letter to the Commissioner of Planning requesting assistance with the sale of the home. Sample letter The name of the housing non-profit agency that may have assisted you when you originally purchased your home or the one that you are currently in contact with.
The name, address, and phone number of the prospective purchaser, if applicable. A copy of the contract of sale prior to its execution and the actual closing for the sale of your home. This contract and the estimated closing date should be provided to the Westchester County Planning Department staff within reasonable time prior to the actual closing date for the sale of the home.
If a shared owner dies, the equity in the property will form part of the deceased's estate and, will be dealt with according to the lease and relevant legislation. If the lease is in joint names, the lease will transfer to the remaining joint owner. Shared equity works by providing you, the buyer, with an equity loan which will form part of your deposit for a property loan amounts may vary from scheme to scheme.
You would then take out a mortgage on the remaining part of the property's value. An independent financial advisor will assess your finances to make sure that you are eligible and that your re-payments are affordable, based upon your financial circumstances. You will own the property and there are no rental payments some providers may charge interest on the equity loan. Some schemes allow you to repay the loan at any time during the term of the mortgage but, you will have to re-pay the loan in full if you sell the property before the end of the mortgage term.
The equity loan will be a second charge on your property, representing a percentage of the value. Therefore, when you pay back the loan, you will pay it back as a percentage of the current market value of your home. Shared Equity schemes may contain certain eligibility criteria from time to time, which could include:. An independent financial advisor will assess your finances to make sure that you are eligible and that your rent payments are affordable, based upon your financial circumstances.
The following schemes are managed by the Help to Buy agent or individual housing associations and not the Council.
Help to Buy e-Equity loan is a Government scheme for first-time buyers and existing homeowners who want to buy a 'new build' house. See Help to Buy - North West for more information including the eligibility criteria and online application form.
Rent to Buy is effectively a way to 'try before you buy'. During that time period, you will have the option to buy the property or part of the property under the terms of Shared Ownership. When you get to the end of the time period, you either have to buy part of the property or move out.
Please note, there is limited availability on this scheme. See Help to Buy - North West to find out more. Affordable Housing scheme terms and conditions. Have been resident within the borough e. Prestwich, Whitefield, Bury, Radcliffe, Tottington or Ramsbottom for at least the last 6 months or more prior to application. If you are making a joint application, only one of the applicants has to be living within the borough.
Have no current or former rent arrears or history of anti-social behaviour with the Council. Not own any other property. If you currently own another property, you will have to be in the process of selling it before you can buy, part buy or rent a property on this scheme.
Be able to afford to buy the property at the discounted price but not at the full market subject to a financial assessment. What size of property can I buy and who has priority? Further considerations are as follows: Two people requiring re-housing as individuals i. One bedroom will be allocated to children of the same sex maximum of 2 per room. One bedroom will be allocated to children of the opposite sex up to the age of 10 years old maximum of 2 per room. An additional bedroom will be allocated to an applicant who is 20 weeks pregnant or more.
The applicant will be required to provide a copy of her Maternity Certificate Mat B1 to confirm the pregnancy. Where applicants cannot be separated by the methods outlined above, priority will be given to the applicant who registered first on the Affordable Housing Scheme.
In cases where demand for a property is low and the Council risk losing their nomination rights, the property regardless of size or type may be offered to any applicant on the Affordable Housing Scheme, subject to a financial assessment. Do I need a mortgage? What else do I need to consider? Can I sublet my home?
No - you must live in the property throughout your ownership. What happens if I want to sell my property? What happens if I am in negative equity? Death of the owner If the owner of a property dies, their heirs will be allowed to continue to live in the property, providing that this was their principal or main home at the time of the owner's death.
Shared Ownership Who can apply? Shared Ownership schemes may contain certain eligibility criteria from time to time, which could include: Not owning any other property applications from home owners will be accepted if they can demonstrate that they are in the process of selling their current home.
Being registered on the Council's Affordable Housing Scheme. Being in permanent employment. Having a local connection.
Who has priority? Some schemes give priority to the following groups: People with local connections. Social housing tenants.
Serving or former military personnel. First-time buyers.
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