Buying a home
This section provides information about Assisted Home Ownership schemes, how to apply for properties being sold in the borough and information for tenants of social housing who would like to buy their home.
Assisted Home Ownership
Assisted Home Ownership is the term we use to describe a number of different ways that people who cannot afford to buy a home on the open market may be able to get help to buy a home.
Types of schemes
The main types of schemes are as follows, although not all are available all of the time:
- Shared Ownership
- Shared Equity (Including FirstBuy)
- Resales of some of the above
Each of these schemes is a different way to purchase a property - some schemes require rent to be paid in addition to a mortgage; most schemes also require the purchaser to pay service, management or admin charges.
For all of the schemes, applicants will have to have sufficient income to obtain and sustain a mortgage, and normally will also require access to funds for a deposit or initial costs and fees.
Please read the Important Information at the bottom of this page.
Eligibility
The schemes are principally intended for first time buyers or people who do not currently own a property. In some exceptional circumstances existing home owners may also be eligible to apply.
All applications must go through the local "HomeBuy Agent" - Catalyst Housing Ltd
Full details of eligibility can be found on the HomeBuy Agent's website: Catalyst Housing Ltd HomeBuy website, or ring Catalyst on 0845 601 7729. For existing home-owners (including owners of shared-ownership and shared-equity properties) the Council will have to determine whether the applicant is in priority housing need and whether it is unreasonable for them to remain in their existing home.
The eligibility can differ from scheme to scheme, but subject to the above note re. existing homeowners, the following generally applies:
- Household income of less than £60,000 per year, and
- Unable to purchase a suitable property on the open market, and
- First Time Buyer, and
- Have a good credit history
Subject to the above the following groups should be eligible:
- Existing social housing tenants (most tenants of housing associations)
- Serving military personnel
- Households on the Council's Housing Register
- People who have had a major change of circumstances which has forced them to look for a new home
- Other First Time Buyers
Applications
The Council does not keep its own list of applicants - all applications must be made through the "HomeBuy Agent" for Surrey - visit the Catalyst Housing Ltd HomeBuy website, or ring Catalyst on 0845 601 7729.
If you are an existing homeowner
However if you are an existing homeowner (including shared-ownership and shared-equity) you will need to contact the Council's Housing Options Team for them to determine whether you are in housing need and whether it is unreasonable for you to remain in your existing home.
Remember - the schemes are intended principally for first time buyers - so most existing homeowners will not be eligible. Those existing owners who are eligible will be required to sell their existing property before completion of the purchase of an assisted homeownership property.
Priority
In the Reigate & Banstead Borough Council area priority will be given in the following order:- Social housing tenants living in the borough
- Serving MOD personnel
- Social housing tenants working in the borough and living elsewhere in Surrey
- Band A, B and C Waiting List applicants on the Council's Housing Register
- People working in the borough who are defined by Reigate & Banstead Borough Council as Key Workers (visit the Key Worker Eligibility page to check what this means)
- Others living or working in the Borough but not falling within the above categories
- Any other applicants on Catalyst's HomeBuy list e.g. those living or working elsewhere in the County
- Applicants on the list of nearby HomeBuy Agents if properties cannot be sold through the Surrey HomeBuy Agent (Catalyst)
Buying elsewhere
If you wish to purchase a property outside the Surrey area, you will need to register with the HomeBuy Agent for the area in which you wish to live.
The local HomeBuy Agents are:
- Surrey – Catalyst Housing Ltd HomeBuy website or ring Catalyst on 0845 601 7729
- South London - London & Quadrant Housing Trust website or 0844 406 9997
- Kent or Sussex - Moat Housing Association HomeBuy website or 0700 266 2846
- for other areas - go to the Homes & Communities Agency website to check the details of the HomeBuy Agent for your area
Right to Buy and Right to Acquire
If you have been a social housing tenant for five years or more, you may be eligible to buy your current home through the Right to Buy or the Right to Acquire.
The Right to Buy is a scheme for local authority tenants (including some tenants of housing associations where the property used to be owned by a local authority and was transferred). In Reigate and Banstead, this only applies to Raven Housing Trust tenants who were tenants at the time the stock was transferred from the Council (March 2002).
- The Right to Acquire is a scheme for tenants of Registered Providers or housing associations.
To find out if you are eligible for either of these schemes, visit the DirectGov website.
Changes to the Right to Buy
The government has recently increased the Right to Buy discounts available in some cases.
Please note:
- In Reigate and Banstead, the Right to Buy only affects you if you are a Raven tenant and you were a tenant in March 2002. If this applies to you and you would like to find out if you are eligible for the Right to Buy, you will need to contact Raven Housing Trust directly.
- The changes do not affect other housing association tenants in the borough, nor Raven tenants with the Right to Acquire.
- Further information for tenants can be found on the DirectGov website.
Important information
We do not endorse or recommend any of these schemes; all are run or marketed by organisations and companies independent of the Council.
Prospective purchasers are advised to seek their own legal and financial advice before committing themselves. Independent Financial Advisors will give advice and guidance on equity loans, shared-equity, mortgages and repayment criteria; a solicitor will give legal advice on buying a home through one of the schemes.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
Contact
You can contact us about information on this page:
- by post: Housing Services, Reigate & Banstead Borough Council, Town Hall, Castlefield Road, Reigate, RH2 0SH
- by telephone: 01737 276323
- by email: aho@reigate-banstead.gov.uk
- by fax: 01737 276739.
Last updated : 02/05/2012
