If you have a local connection but are struggling financially to get on the housing ladder we can help you find homes that are currently available in our area at a lower cost. We will regularly update our pages with new available properties.
When developers apply to build new homes, we make sure they include a choice of more affordable homes for local people. This includes shared ownership homes, discount market sales and rent to buy (Rentplus). South Hams District Council and West Devon Borough Council aim for a minimum of 30% of newly built homes to be more affordable for local people. In some cases we are able to secure 100% affordable.
Shared Ownership
Shared ownership helps you to buy a home if you cannot afford all of the deposit and mortgage payments for a home that meets your needs. You may buy a share between 10% and 75% of the home’s full market value, and pay rent on the remaining share to a Registered Provider. Most shared ownership homes require an initial share purchase between 25% and 75%.
Over time you may decide buy to a bigger share in your home, or be in the position to buy the whole property - this is known as ‘stair-casing’. If you decide to sell your shared ownership home, the proceeds are split according to the percentage you own and the percentage owned by the Registered Provider.
Please visit https://www.sharetobuy.com/ for information regarding new and re-sale Shared Ownership properties.
Rent to Buy (Rentplus)
Rent to Buy properties are new-build or re-let homes that are available to rent initially. The rent you pay is normally 20% less than the market rent for similar homes in the area. The discounted rent aims to help you save for a deposit over an agreed rental period of 5, 10 15 or 20 years. You will have the option to buy your home at the end of the agreed period. When you buy your home, Rentplus will give you 10% of the value of your home as a gifted deposit to help you with your mortgage. For more information about Rentplus, please visit www.rentplus-uk.com
Discount Market Homes
Intermediate Homes for Sale (Discount Market) are homes that are built and sold below market value by private developers. You should expect to pay in the region of 60% to 80% of the open market value for an Intermediate Home for Sale home. You will own the freehold.
The discounted sale percentage is agreed during the planning stage by a S106 agreement. This remains with the property and applies to the next buyer. This ensures that the property remains affordable. The S106 will detail the percentage discount. It will also determine any other eligibility requirements, such as local connection criteria and selling the property in the future.
To be eligible for the above schemes, you may be required to be registered on Devon Home Choice www.devonhomechoice.com or Help to Buy www.helptobuyagent3.org.uk