Social HomeBuy (SHB) is a scheme giving eligible tenants of registered social landlords the opportunity to buy their home they currently rent at a discounted rate on shared ownership terms. To qualify for this, you need to have rented from a housing association or local authority for at least two years. This scheme replaces the Voluntary Purchase Grant scheme. This scheme is available to people with secure and assured tenancies and we will also take previous tenancies with Three Rivers into account. The minimum share available is 25% of the market value of your home and the maximum is 100%. SHB is only available in selected schemes in Gateshead, Hartlepool and Durham. You will need to contact us to find out if your location is included.

1. Are you eligible for SHB if you receive housing benefit?
   Maybe. This would depend on your personal circumstance.



2. How does it work?
   If you think you qualify for the scheme, you should contact us and we will explain what it all means in greater detail. You will then need to complete an application form and return it to us.
   The scheme enables you to purchase your home at the full discount for Right to Acquire (RTA), currently £9,000 or £10,000, or alternatively buy on shared ownership terms with a percentage of the appropriate RTA discount equivalent to the share you buy. If you buy on the shared ownership terms then you will pay a weekly rent in addition to your mortgage. This will equate to 2.75% of the share retained by Three Rivers Housing Group.



3. How much discount will you receive?
   The discounts for this scheme are fixed amounts published by the government, which is currently set at £9,000 or £10,000. The amount of discount you receive will depend on where you live and the share you buy. If you buy the 100% value in the property then you would receive all of the appropriate discount however if you only buy 50% of the value of your home you will bet 50% of the appropriate discount and pay a rent for the remaining share.



4. What's in it for me?
   The Social HomeBuy scheme gives you the opportunity to purchase the home you currently rent at a discount and at a level that’s affordable for you. By buying a share in your home and paying rent for the rest it enables you to get onto the property ladder at a monthly cost that is less than buying the property outright. Three Rivers Housing Group will also pay your SDLT (Stamp Duty) on the market value of your home and make a £500 contribution towards your solicitors fees when you complete your purchase.

For more information, please contact our Development and Regeneration Officer, Linda Hinton, on 0191 375 3729 or email [linda.hinton@threerivershousing.co.uk]

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP RENT PAYMENTS OR PAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT