heylo housing group (heylo) will purchase the freehold property and then sell you your share via a standard shared ownership lease on the same day.
heylo is backed by significant investment, and has already acquired over 5,000 shared ownership properties in more than 175 Local Authorities.
For more information, you can visit our corporate website at heylohousing.com
7,000+ happy customers
5,000+ properties across the UK
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How does part-buy, part-rent work?
Created in the early 1970s, Shared Ownership – or part buy - part-rent was designed to help people get onto the housing ladder in a more affordable way. Over the past 50 years, it has helped hundreds of thousands of people become home owners across England and Wales.
As the name suggests, you buy a share of the property and rent the rest. Your share is part of a long leasehold which means that you will be able to live in your home as if you bought it outright, as well as pass it down to your heirs if you wish – and enjoy the same rights as any other leasehold owner.
The majority of shared ownership schemes are focused on new build housing, like Home Reach, and with Your Home we are bringing you a product solely focused on making existing properties more affordable.
Being a Shared Owner
As a Shared Owner, you will need to make sure that the property is structurally sound, in good condition, and that you can afford it.
You and any others in your household are entitled to live in the property as if you owned it outright, enjoying the usual security and control associated with home ownership.
You will also have to ensure you keep up with the Your Home monthly payments, and as with any house purchase your home equity may be at risk if you are not able to pay the amounts due on your lease, or if property values fall.
What's included in your lease?
- A description of the property including its boundaries and guide to which parts are your responsibility
- The start date of the lease, the share that you buy, the amount of rent that you must pay together with other amounts required under the lease and the method that the landlord will use to review the payments due each year.
- Buildings Insurance arrangements.
- The method by which you can purchase additional shares to own more of your home in the future (known as staircasing).
- The method by which you can sell the property in the future and obtain your entitlement to any increase in value.
- Your responsibilities as a leaseholder and those of heylo as landlord under the lease.
- Any restrictions or prohibitions linked to the Freehold or superior leasehold title.