HOLD – Shared Ownership Scheme

Unlike standard shared ownership options which are restricted to specific new build developments, HOLD allows you to search for a properties on the open market. This means you can choose a property which meets your specific needs which aren’t available through standard shared ownership schemes. For example, you may want to live closer to your existing support or you may have a need for a property which aren’t available through a standard shared ownership.

Hold offers you a real choice of where you want to live while meeting your specific requirements. For example, this could be a bunglow, a property near existing support or maybe a property in a more rural area due to noise sensitivity.

Southdown will take responsibility for the majority of the repairs and maintenance on properties purchased through the HOLD scheme, the costs of these works is managed through your service charges which may be eligible to be covered by Housing Benefit or Universal Credit. 

If you meet all the pre-qualifying criteria, start by completing our enquiry form.

Once we’ve received your enquiry, We’ll review your eligibility and aim to get back to you within five working days. We’ll let you know if think you could be eligible and ask you complete an application form. We’ll send this to you via email/post along some ‘key information documents about shared ownership’ for you to read. We’ll ask you to return the application form and send back to us; or get in touch with any questions.

We’ll review your application and get in touch by e-mail or by phone so we can:

• Find out more about you and your housing needs
• Discuss and explain the relevant benefits and how these may apply to your application
• Discuss some option on how the property purchase could be funded
• Ascertain any requirement for Court of Protection/ LPOA or Appointeeship

If you need a mortgage but don’t already have a mortgage in principle , this will be your next step.

As with many other people with complex and profound disabilities you may not have income from employment and rely on state benefits. The good news is, you may be eligible for a specialist mortgage for people with long term disabilities. This can be obtained through specialist mortgage brokers like Mysafehome.  We’re happy to share you application form with MysafeHome if you’d like. You’ll need to have funds to pay for fees, legal and moving costs.

You will need to have a letter from an Independent Financial Advisor to confirm that the Shared Ownership scheme is affordable. This could be from your mortgage broker

You’ll need to have this in place before we can go ahead with a house purchase. The mortgage advisor/ broker will tell you what they need from you.  We will need to see a Mortgage in Principle agreement before we move to the next step

Once we have all the information we need; we have received your application form and your mortgage in principle agreement (if you are buying with a mortgage) – we will arrange to meet with you.  This will be in person where possible or via a video call through Microsoft teams or Zoom. During this meeting we’ll:

• Explain the process of buying a HOLD shared ownership property
• Provide more information about HOLD shared ownership
• Discuss your budget and the costs involved in purchasing a property through HOLD
• Explain rent and service charge payments and how is calculated
• Set out our and your role and responsibilities
• Advise you on what kind of property to look for and provide tips for your property search
• Agree an estimated budget, but will be to be confirmed later once a property has been found
• Send you an “In principle acceptance” letter

When we have all the supporting evidence and documentation we need, funding has been confirmed, you can start the exciting bit – your property search! Once you have found a property that suits your needs and that you want to buy we will:

• Arrange to view the property ourselves to check if its suitable
• Negotiate the purchase price based on your budget
• If the offer is accepted, we’ll arrange a survey and gas and electrical safety checks which should identify any issues with the property. We’ll share all this information with you
• We will then instruct our solicitors to buy the property and sell your share to you
• You’ll need to instruct your solicitors to buy you share from us
• You finalise arrangements to secure the mortgage or funding route agreed
• Once the conveyancing (the legal process of transferring ownership) is completed, we sign contracts, agree exchange and completion dates (The process of purchasing property can take 4 months or more from the day offer has been accepted, depending on circumstances)
• At the end of the process you should be ready to move into your own home!
• We’ll meet you to hand your keys and go over any paperwork e.g find out if you require any support with your benefit forms
• We’ll arrange a settling in visit within your first month of moving to see how you’re settling in.

Home Ownership for People with Long-Term Disabilities (HOLD) is a government-backed shared ownership scheme designed to help people with disabilities buy a home.

Through the scheme, you buy a share of a property advertised on the open market and pay rent on the remaining part of the property retained by Southdown, providing a more affordable way to become a homeowner.

HOLD is aimed at people aged 18 or over with a long-term disability as defined by the Equality Act 2010. This includes

• Physical disabilities
• Learning disabilities
• Sensory impairments
• Long-term health conditions
• Mental health conditions affecting daily living

Shared ownership will not be right for everyone and its important to find as much information as possible before applying for a HOLD property.

To be eligible, you generally need to:

• Have a recognised long-term disability as defined in the equalities act 2010
• Be aged 18 or over
• Have the financial means to purchase a share of a property (typically between 25% and 75%)
• Have a household income of less than £80,000 per year
• Be unable to afford to buy a suitable home outright
• Be able to sustain mortgage, rent, and service charge costs

You must also have the mental capacity to enter into a legal contract or have a legal representative acting on your behalf if required.

The HOLD scheme offers greater flexibility than standard shared ownership.

• You can choose a property on the open market rather than be restricted to new developments.
• Support may be provided for repairs, maintenance, or service arrangements
• Hold offers you a real choice of where you want to live while meeting your specific requirements. For example, this could be a bungalow, a property near existing support or maybe a property in a more rural area due to noise sensitivity.

HOLD shared ownership allows you to buy a share of a property from the open market that meets your specific needs, this is typically between 25% – 75%.  Rent will be paid to Southdown for the part of the property which has not been bought.

You may also increase your shares up to 100% at a later stage, this is known as staircasing.

Unlike standard shared ownership, most repairs will be carried out by Southdown and recharged through your service charges.

The minimum share you will be able to purchase will need to be reviewed after your application has been received, your finances assessed and Southdowns funding contributions. Please speak to the shared ownership team if you wanted to discuss this before deciding to submit your application.

• Deposit (usually 5–10% for your share)
• Mortgage repayments
• Rent on the remaining share
• Service charges
• Legal costs
• Mortgage broker costs (if applicable)
• Survey costs

Housing Benefit or Universal Credit may help with housing-related costs.

Yes, This is called staircasing.

• Additional shares are bought at current market value
• As ownership increases, rent decreases
• You may be able to own 100% of your home (this can vary depending on lease condition so please check beforehand)

• Homes on the open market
• Properties suited to your needs, including adapted homes
• The property will need to be in in good condition – Southdown will carry out an inspection of the property

This flexibility helps ensure the property meets your lifestyle and support requirements.

Yes, you can, although there would be requirements for this. If you are planning to apply on behalf of someone, you need to show proof of Lasting Power of Attorney (LPA) which includes property and financial affairs . If there is no LPA in place, a Court Protection Order/ Deputyship for property and financial affairs would be required. For more information please visit https://www.gov.uk/become-deputy

If a mortgage is required you can arrange your own mortgage, if you’re not in employment, we’d recommend you to contact mortgage brokers such as mysafehome who specialise in HOLD mortgages. HOLD mortgages are for a maximum amount of £100,000 and are ‘interest only’ mortgages. Your universal credit or housing benefits may cover the interest of the mortgage.

Although HOLD is usually for individuals, it is possible to buy a share with a friend or family member, however each applicant will need to meet the eligibility criteria for HOLD. Its also important to consider the implications this may have, for example if they have to move out the property, you may be forced to sell the property.

Purchasing a HOLD property can be a lengthy process and could take several months to complete. There is no set time but we expect it to take around 6-9months. It’s important you consider this to help you decide whether this option is right for you.

• Speak to your Southdown contact
• Seek independent financial advice
• Refer to government shared ownership guidance – https://www.gov.uk/guidance/home-ownership-for-people-with-a-long-term-disability-hold
• https://www.local.gov.uk/sites/default/files/documents/HOLD%20and%20shared%20ownership%20and%20step%20by%20step%20guide_FINAL.pdf
• https://mysafehome.info/