RIGHT TO BUY EXTENSION: LATEST NEWS

Future Housing Review has written an open letter to Gavin Barwell MP, urging a public consultation before roll-out of VRTB.

CLICK HERE TO SEE THE OPEN LETTER

CLICK HERE TO SEND EMAIL TO THE MINISTER

CLICK HERE TO SEND EMAIL TO YOUR MP

On 10 December 2018 Future Housing Review sent open letters to Kate Henderson, Chief Executive, National Housing Federation and to Gavin Smart, Deputy Chief Executive Chartered Institute of Housing.

You can download the letters here:

Graduated Ownership : Seven steps to a GO purchase

STEP ONE: Provider determines OMV of house or flat with independent valuation

STEP TWO: Owner satisfies eligibility criteria laid down by Provider

STEP THREE: Provider and Owner agree Owner’s Percentage (between 30% and 75% as shown on chart) on the basis of affordability criteria for the purchase of the house or flat. This determines the length of the Restricted Resale Period. See chart, column RRP.

STEP FOUR: Owner self-funds minimum 5% deposit

STEP FIVE: Owner obtains mortgage offer for the remainder of Owner’s Percentage from first mortgagee

STEP SIX: Owner agrees to give a second mortgage to Provider to secure Residual Value. Note: authorisation from FCA will be required as from March 2016 unless Provider is exempt.

STEP SEVEN: Owner pays Owner’s Percentage to Provider and completes purchase of house or flat in the normal way.