What is Home Reach?
With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don’t buy. You get to choose whether you buy a bigger share of a lower priced home or a smaller share of a more expensive one.
With the Ashford Homes partnership, you can initially purchase up to 75% of your chosen home and heylo will become your landlord, granting you a 125-year lease. This means you will be able to live in your home as if you’ve bought it outright. You can buy more of your home in the future and stop paying rent on that part.
You are eligible to purchase a Home Reach home at Long Hazel Farm if:
- Your household income does not exceed £80,000 per annum (£90,000 in London)
- You are a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property
- You have passed a financial assessment demonstrating that you are financially able to purchase the share you want to buy support the monthly costs
- You are registered with your local Help to Buy Agent and have been accepted
- The property you will be buying will be your principal and only home.
Benefits of Home Reach
- Affordable way to get onto the property ladder
- Provides security of home ownership
- Freedom to decorate and improve your home
- Ability to increase the level of ownership at any time
- Flexibility to sell and more at any time
- Benefit from an increase in property prices.
What are your rights and responsibilities?
You are responsible for all utilities bills, repairs and redecoration of your property. It’s your place, your space – so make it your own!
The only exception would be if you wanted to make any structural changes. For this you would need to apply in writing to heylo outlining the changes you would like to make. heylo will review the application and will be in touch with a decision or requesting more information.
Home Reach uses a government standard shared ownership lease.
What does the lease set out?
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, the lease will also contain any restrictions or obligations flowing from the superior leasehold title, such as payment of ground rent.
- The start date of the lease and the share you have purchased.
- 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.
- heylo’s responsibilities as the 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, either by selling your share or selling the whole property.