Knowsley Housing Trust
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Ownership schemes

Ownership schemes

Are you interested in owning your home? KHT take part in several ownership schemes which may help you to buy your existing home or buy a shares in a new home.

Right to Buy

What is Right to Buy?

 

What is Right to Buy?

Right to Buy allows some tenants who are currently renting, to buy their home.

Can I apply?

KHT tenants who transferred from Knowsley Council in 2002 may have the preserved Right to Buy their home (unless they live in a property that is exempt from the scheme).

KHT tenants who moved into their homes after 2002 will not normally have the Right to Buy but may have the Right to Acquire their property. More information about the Right to Acquire can be found on the government website.

How do I apply?

If you are interested in either of these schemes call our Landlord Administration Team on 0151 290 7000.

What things should I consider before making my application?

Home ownership is not for everyone. The weekly cost of your mortgage may go up and down with interest rates during the time you pay it off – and interest rates are currently low historically.

You should also think about how you would make payments if you or anyone you’re buying with lost some or all of their earnings. Government support for mortgage costs is limited and you may lose your home if you fail to keep up payments on it.

What extra costs are involved?

When you buy a home, you should expect to pay for a survey and for legal fees. These could add up to around £3,000. If your home is worth more than £125,000 you will have to pay stamp duty.

Once you have brought your home, you will have to pay for any repairs and maintenance it needs. If you live in a flat, you will also have to pay a share of repairs and maintenance to the block – known as a ‘service charge’.

For more information about right to buy, watch the video below:

 

Shared Ownership

What is Shared Ownership?

What is Shared Ownership?

Shared Ownership enables you own part of a new home. You will be required to buy a share of the home, with a minimum share being 25%. This share will range from 25% to 75%, depending on what you can afford.

This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit. You can buy more shares as and when you can afford them – this is called ‘staircasing’.

KHT will own the remaining share of the property and you will pay a reduced rent on that share. As you buy more shares, you will pay less rent.

What things should I consider before making my application?

As a home owner, you will be responsible for the maintenance and repairs on your home. There may be a service charge for maintenance of external and communal facilities and business insurance, if applicable.

How do I apply?

We advertise our Shared Ownership properties on a website called Help to Buy NW. Help to Buy NW advertises affordable homes for low cost home ownership in the Merseyside and Cheshire areas.

Full details of how to apply can be found on the Help to Buy NW website.

Older Persons Shared Ownership

What is makes the Older Persons Shared Ownership scheme different?

What is makes the Older Persons Shared Ownership scheme different?

Older Persons Shared Ownership works in a similar way to Shared Ownership, except there are three key differences:

  1. You must be aged 55 or over to apply
  2. You can only buy up to 75% of your home
  3. When you own 75% of your home, you will not have to pay rent on the remaining share

Can I apply?

You may be able to buy a home through the scheme if:

  1. You’re aged 55 or over
  2. Your total household earns £80,000 a year or less
  3. You are a first-time buyer/you used to own a home but can’t afford to buy one now/are an existing shared owner looking to move

How do I apply?

We advertise our Older Persons Shared Ownership properties on a website called Help to Buy NW. Help to Buy NW advertises affordable homes for low cost home ownership in the Merseyside and Cheshire areas.

Full details of how to apply can be found on the Help to Buy NW website.

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If you would like
to find out more, call us on

0151 290 7000

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