The HOLD (Home Ownership for people with Long-term Disabilities) Scheme offers Shared Ownership as a long-term housing solution.
Shared ownership is where Southdown owns part of the property, and the shared owner owns the rest. Rent is charged for the share owned by Southdown, which is leased back to the shared owner. The accommodation itself is self contained and not shared.
Southdown takes responsibility for essential repairs and maintenance of the property and a weekly amount is charged for this service, which can be funded through a Housing Benefit Eligible Service Charge (for those eligible for Housing Benefit).
Although the purchase can be funded in a mixture of ways, applicants must always have start-up fees available before embarking on shared ownership.
Shared owners can buy an initial share of between 25% and 75% of a property with Southdown. It is possible to buy more shares after the first year, and eventually for shared owners to own their own home outright. This is known as “staircasing”.
For further information on who can apply, what they will need, how those on income support can apply, the benefits of becoming a shared owner and the application process, please click here to visit our Who can Apply website page.