Current tenants in selected areas can become home owners by purchasing their existing, rented homes.
If your property is eligible, you can initially buy shares in your home from 25% upwards, depending upon your financial circumstances. You will then pay a discounted rent on the share you do not own. When you can afford to do so, you can buy more shares until you own your home outright.
Each home can only be bought by the legal tenant, who may wish to include family members in the purchase if they are permanent residents in the home. No sales will be made to tenants who have rent arrears.
After you have bought your home (either all of it, or part of it) you will be responsible for arranging and paying for the repairs inside your home. If you live in a house then you will be responsible for repairs to the inside and outside of your home.
If you live in a flat then you will be responsible for repairs to the inside of your flat. Repairs and improvements to the communal areas and facilities (e.g. lifts and roofs) will be undertaken by Guinness Partnership, for which you will pay a monthly service charge. If you decide to buy your flat we will let you know the expected cost of the improvement programme for your block over the next 5 years.
Whether you choose to buy all of your home, or part of it, you will be responsible for arranging a mortgage.
As with all mortgages, your home will be at risk if you default on your mortgage payments.
If you choose to part-buy, part-rent your home, the part of your home that you do not buy will continue to be owned by the Guinness Partnership and you will be charged a rent for this.
If you currently pay a service charge to cover the cost of providing services to your home, this will continue after your purchase. The service charge will continue to be calculated in the same way that it is for our tenants on your estate. We will set out clearly what service charges are associated with your property.
In the first instance please contact us for further information.