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Why Choose Franklins Solicitors for Affordable Housing?

  • Extensive Experience: Our team has a wealth of experience in managing the conveyancing for a wide variety of affordable housing schemes, ensuring that both new and existing buyers/sellers receive expert guidance tailored to their needs.
  • Comprehensive Support: From initial consultation to completion, we offer full support across all aspects of affordable housing transactions, including legal paperwork, negotiations, and finalisation.
  • Clear Communication: We pride ourselves on our ability to make the conveyancing process simple, providing clear, concise explanations and regular updates every step of the way.

Support for Affordable Housing Schemes

  • Help to Buy: This scheme enables first-time buyers to purchase a new home with as little as a 5% deposit, supported by an equity loan from the government for properties with a value up to £250,000.00 or up to £450,000.00 in London. Our team can guide you through the eligibility criteria, application process, and repayment options.
  • Shared Ownership: Ideal for those who cannot afford a mortgage for 100% of a home. Shared Ownership allows you to buy a share of your home (between 25% and 75%) and pay rent on the remaining share. We can assist in explaining shared ownership agreements.
  • Right to Buy: Available to council and housing association tenants, this scheme offers the opportunity to buy your home at a discount. We provide expert advice on eligibility, discounts, and the purchasing process.

Addressing Your Frequently Asked Questions

We understand that affordable housing schemes can be complex. Our team is here to answer any questions you may have, from eligibility criteria and application processes to financial implications and timelines. Our aim is to provide you with the knowledge and confidence needed to make informed decisions.

Ready to Navigate Affordable Housing with Ease?

If you’re considering an affordable housing scheme or need professional advice on your options, we’re here to help. Contact us today to find out more and get a quote.

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Frequently Asked Questions about Buying Affordable Housing

Is it worth buying affordable housing?

Affordable housing is a broad definition that includes a number of schemes run by the government and local councils with the objective of making housing more affordable. It is often attractive to low-income and first-time buyers as it provides a route to property ownership at below market rates and with small deposits.

How much deposit do you need for affordable housing?

The deposit required for affordable housing varies from one scheme to the next, but many schemes require a deposit of between 5-10%.

How do you qualify for affordable housing?

Broadly speaking, anyone who is unable to secure housing from the private sector is eligible to apply through an affordable housing scheme.

Is affordable housing rent or buy?

Affordable housing includes both properties that are available to rent and to buy, through a variety of government schemes.

What are the different types of affordable home options?

Affordable housing is a broad group of housing schemes aimed at helping people to either rent or buy a property, which can either be a flat, house or bungalow. Schemes include shared ownership, equity loans and first/starter home schemes.

What does being a leaseholder mean?

A leaseholder means you have ownership of the property but not the land that the property sits on. A leaseholder typically has a defined number of years on which the lease of the property on the land exists.

Is shared ownership another form of renting?

Under the shared ownership scheme, you will pay rent on the part of the property that you do not own.

Why is it considered ownership?

The purpose of the shared ownership scheme is to provide a more affordable route to property ownership than is attainable on the private market. There is a route to owning 100% of the property through a process known as ‘staircasing’ in which you gradually own more and more of the property.

Contact the Franklins Conveyancing team

If you have any questions about conveyancing, please don’t hesitate to contact our team of experts who are on hand and ready to help you.