can buy your own home?

Transcription

1 Head Office Trident Housing Association 239 Holliday Street, Birmingham B1 1SJ Tel: Office Hours: Monday - Thursday 8.30am pm Friday 8.30am pm Out of office hours: Tel: Customer Awareness: We all have a duty to effectively communicate with our customers and to be sensitive to those who may not have English as a first language, have impaired vision/hearing, or have learning difficulties. If you would like this booklet in any other format, for example, Braille, large print or audio, please contact Trident Head Office on How you can buy your own home?

2 How you can buy your own home? How to become a home owner Have you considered purchasing your own home? As a TRIDENT tenant currently renting your property, there are a number of opportunities available to assist you in owning your home. You may be able to purchase the home you live in entirely or partly or there may be initiatives available to support you in purchasing a home on the property market. There are requirements that have to be met by applicants, they are: You would need to have a clear rent account ; and no history of Anti-social behaviour. If you need advice on eligibility, or if you want to discuss the options available please do not hesitate to contact the Leasehold Officer at Trident. We can provide advice on the type of tenancy you have and the rules that would apply to your type of property.

3 We are committed to providing a quality service Right to Buy The eligibility for the Right to Buy depends on the type of tenancy you have. You must be a secure tenant to be eligible for the Right to Buy. There is a discount available against the value of the property when purchasing under the Right to Buy. The discount is based on the number of years you have held a secure tenancy agreement and increases annually up to a maximum of 26,000. If you are unsure what type of Tenancy you have, or wish to discuss buying your home, please contact the Leasehold Officer and we will be happy to advise you. A leaflet explaining the criteria of Right to Buy is available on request.

4 Right to Acquire The eligibility for the Right to Acquire depends on when your home was built and the funding used to finance the development. To be eligible your home must have been built after 1997 and funded through social housing. A discount on the value of the property is available to purchasers to assist in buying your home, the discounts vary according to the area you live in. This discount is a set amount available once you have occupied the property for two years or more and does not increase in value. A leaflet providing information on Right to Acquire, is available on request. Shared Ownership Shared Ownership is an alternative to renting that can lead to you eventually owning your own home. Shared Ownership provides you with an opportunity to buy a share in a property and pay a reduced rent on the remaining share. Later, as you can afford it, you can increase your own share and further reduce your rent. Properties are built specifically for Shared Ownership sale and can be purchased by first time buyers or people on low incomes who could not otherwise afford to buy their own home. Shared Ownership is also known as New Build Homebuy, it is simply part buying and part renting a home with the assistance of Trident. The initial share (usually 50% but dependant on affordability) is purchased by means of a mortgage from a mortgage lender in the normal way. A reduced rent is then paid to Trident for the remaining share. At any point Shared Owners can buy further shares of at least 10% until full ownership is achieved.

5 Homebuy Homebuy is a government initiative looking to provide low cost home ownership to residents currently renting accommodation either from a Housing Association or the Local Authority. There are a number of homebuy initiatives available that provide low cost housing with discounts available to first time buyers or applications from residents on low incomes. The Homebuy agent's for the West Midlands are Mercian Housing. They can be contacted either by logging on to their website or telephone If you require any additional advice about purchasing your home or the options that may be available to you please contact the Leasehold Officer at Trident. Contacting Trident Trident Housing Association 239 Holliday Street Birmingham B1 1SJ Telephone: Fax: reception@trident-ha.org.uk

6 We need to know what language you speak to ensure that we can provide you with language support if required. If you only speak, read or write one of the following languages please indicate which one to a member of our staff, or call us on

7 Albanian Arabic Chinese Farsi Gujarati Hindi Kurdish Punjabi Polish Somali Urdu

8 Head Office Trident Housing Association 239 Holliday Street, Birmingham B1 1SJ Tel: Office Hours: Monday - Thursday 8.30am pm Friday 8.30am pm Out of office hours: Tel: Customer Awareness: We all have a duty to effectively communicate with our customers and to be sensitive to those who may not have English as a first language, have impaired vision/hearing, or have learning difficulties. If you would like this booklet in any other format, for example, Braille, large print or audio, please contact Trident Head Office on How you can buy your own home?