Low cost home ownership
Low cost home ownership is a form of housing for people who would rather buy a home of their own than rent, but who are unable to afford the full purchase price of a suitable property on the open market.
New build Homebuy (formerly known as shared ownership)
This scheme is sometimes referred to as part buy/part rent. The Council works in partnership with Housing Associations to provide small housing schemes to be offered to shared ownership purchasers. Shares of 50% (although can be less) are purchased on mortgage and then rent is paid to the Housing Association to cover the remaining share. Additional shares in the property are available to purchase in the future, eventually buying outright.
Shared Ownership Resales
Occasionally properties in Homebuy become available for resale. Each Housing Association has its own policy on dealing with resales. The Council has limited control over shared ownership resales. Contact the Housing Provision Section on 020 8487 5454 for Housing Association details.
Housing Association tenants interested in buying their current home on a part rent/part buy basis with an element of discount will need to contact their landlord to find out if this scheme is available to them. This scheme is not statutory and not all landlords will currently be offering this assistance.
In addition to the New Build Homebuy scheme the Council operates in partnership with the Housing Associations, there are several other homeownership initiatives designed for housing association tenants, key workers and first time buyers. We have various leaflets with further information on low cost homeownership we can give you.
Key Worker Schemes
For information on Key Worker Schemes (including rental housing) please visit our Home ownership and housing for key workers. Please note that Richmond’s Allocated Zone Agent, L&Q Housing Options currently deals with all applications for Key Worker and affordable homes through the Housing Options programme. Enquiries can be made to L&Q Housing Options Enquiries and Applications Team on 020 8294 5000 or download an application form at www.firststepslondon.org
Contact the Housing Provision Team
If you need any help or have any questions or comments, please contact the Housing Provision Section.
44 York Street
Telephone: 020 8487 5454