Shared Ownership

You’re eligible to purchase a Home Reach property with us if:

• Your household income is less than £80,000 per year, for homes outside of London
• You have a deposit (at least 5% of the share value)
• You’re a first-time buyer or used to own a home, but can’t afford to buy one outright now
• You currently occupy a shared-ownership property and are looking to move
• The shared-ownership property will be your principal and only home
• You have passed a financial assessment, demonstrating credit history to show you are financially able to purchase the minimum share value and support the monthly costs, and are not in mortgage or rent arrears.
• Further eligibility criteria may also apply.

We suggest you speak to a solicitor who specialises in shared ownership schemes and seek advice from your own mortgage advisor if you are considering a Home Reach property.

heylo was launched in September 2014 and is one of the largest accessible home ownership programmes in the UK.

We are working in partnership with heylo to offer Home Reach – a part buy, part rent scheme that’s available on selected properties across the country.

 The lease sets out:

• A description of the property including its boundaries and a guide to which parts are your responsibility – if a leasehold property, it will also contain any restrictions or obligations flowing from the superior leasehold title, such as the payment of ground rent
• The start date of the lease and the share that you have bought
• The amount of rent that you must pay, together with other amounts due under the lease
• The rent increase, linked to Retail Price Index plus 0.5% each year
• Your responsibilities as a leaseholder, such as all repairs and maintenance of the property and those of heylo as landlord under the lease, such as building insurance arrangements
• The method by which you can purchase additional shares to own more of your home in the future
• The method by which you can move home, either by selling your share or selling the whole property
• Heylo will be your landlord under the shared ownership lease for the home.

Your solicitor should explain to you how the shared ownership lease terms work and relate to your use of the property.

The shared ownership lease between you and heylo for the home will set out key information regarding your rights and responsibilities (see ‘What’s included in my Home Reach Lease?’ above).

Your home is your space, so you’re responsible for certain payments and costs like your mortgage, rent, insurance, utility bills, repairs and redecoration.

Once you’re in and settled, a member of the heylo team will get in touch.

You’ll receive a welcome letter telling you who your managing agent will be. They’ll be responsible for collecting your rent, answering questions about your property and lease, and guiding you if you’d like to buy more shares or sell.