Frequently Asked Questions

What is New Build HomeBuy?

New Build HomeBuy is a government-funded scheme which helps people who would not normally be able to afford home ownership to purchase a home of their own.

New Build HomeBuy or shared ownership is also known as part buy, part rent because shared owners buy a share in their home and pay rent on the rest.

Shared owners do not share their homes with someone else, they share the ownership of it with a housing association. 

Who is eligible for New Build HomeBuy?

The scheme is designed to help people who cannot afford to buy the type of home that they need or want.

In most instances existing council and housing association tenants and people registered for housing with their local authority are given priority but other people can also benefit from shared ownership.

Most shared owners are first time buyers; others are people who have had to leave their existing owner-occupied home because of a relationship breakdown. To be considered you must be able to afford the cost of the shared ownership rent and mortgage. 

To be eligible for shared ownership you must be a British or EU citizen, or have ‘indefinite leave to remain' stamped in your passport, or have appropriate documentation to cover the eligibility of your application.

If you do not have indefinite leave to remain in the UK but can provide evidence of mortgagability from a prime lender, we may be able to help you.

We will be unable to help you if you have had any arrears of rent in the last six months, or are already named on an existing mortgage or property deeds.  Applicants on Housing Benefit will need to be assessed on a case by case basis before a decision can be made.

How does New Build HomeBuy work?

The size of the share you buy can be between 25% and 75% of the value of the property although this does depend on individual circumstances. Normally we sell between 40% - 50% shares, although smaller or larger shares may be available on some new developments. 

Shared owners pay a monthly rent to us for the share that they haven’t purchased. There will normally also be a service charge to cover items such as buildings insurance, management and cleaning and maintenance of any common areas. 

How do I register with INplace?

You can contact us online, by email or by telephone to register, or download our applications forms from this website.

We will normally be able to accept you onto our shared ownership list if you fulfill the following criteria. 

Your income

We think it ’s important not to encourage people to take on shared ownership if they cannot realistically afford it. For this reason, we have set minimum income levels for applicants as shown below. 

·       Single Applicants £18,000 per annum

·       Joint Applicants £23,000 per annum 

If you are able to put a large cash sum towards a purchase you may qualify with a lower income. Please remember that these figures are the minimum levels needed to get onto our shared ownership list. Purchasers for most of the new properties that we develop will need incomes in excess of the minimum. 

Your savings

To be accepted onto our shared ownership list you need savings. This money will be required to cover legal, other professional fees and any stamp duty. 

·       Minimum amount required is between £3,000 - £4,000. 

Again, this is a minimum figure. If you were to buy a new property in a high value area, you may need to have access to additional savings.

You will also need to be registered with your local Homebuy Agent.

Information on how to apply can be found at www.housingoptions.co.uk