HOME OWNERSHIP FOR PEOPLE WITH DISABILITIES

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HOME OWNERSHIPFOR PEOPLE WITH DISABILITIES
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What is Home Ownership?

• Part buy / part rent
• Home Owners are Leaseholders
• Main repairs done by Advance

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What criteria is needed to qualify?

• Correct benefits
• Either Income Support or Incapacity benefit or
  SDA or Pension Tax Credits AND DLA
  
• Legal Capacity
• Understand the meaning of a contract entering
  into a mortgage agreement
• Start-up costs for legal fees etc.
• Between 3000 - 8000
• Support package
• Needs to be in place and available to move with
  applicant
• Good reason to move

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Application Process

• Initial telephone inquiry
• Send information and application pack
• Application form returned - detailed assessment
  carried out
• Follow up discussions and visit to applicant
• Accept or decline application
• Take forward when funding available

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What can you buy?

• Advance will give guidelines on cost and type of
  property
• Buy property from open market
• Only restrictions are the budget and the bedrooms
  per person ratio as per HB regulations

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HOME OWNERSHIP FUNDING
SHARED OWNER
ADVANCE HOUSING AND SUPPORT LTD
INCOME SUPPORT HOUSING ALLOWANCES
GRANT FUNDING /FAMILY FUNDING PLUS ADVANCES
LOAN OF UP TO 26,000 or 8
MORTGAGE UP TO 100,000 OR 75 OF VALUE OF
PROPERTY
BUYS SHARE OF 50-35
BUYS SHARE OF 50-75
USUALLY THE LOWEST SHARE
USUALLY THE LARGER SHARE
RENT THIS SHARE BACK TO SHARED OWNER
RENT INCLUDES SERVICE CHARGES TO MAINTAIN THE
PROPERTY
PAYBALE BY HOUSING BENEFIT
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What happens if . . . ?

• The Property increases in value over time?
• ? WIN - equity gain divided by share
• The Property decreases in value over time?
• ? WIN - mortgage company has first legal charge

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What happens if . . . ?

• Income Support does not pay mortgage
• Housing Benefit does not pay
• Purchase fell through
• Shared Owner wants to move
• Shared Owner is deceased

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Advantages of Home Ownership

• Offers choice of property
• Greater rights as an owner / leaseholder
• Raises confidence and self-esteem
• Right to make decisions
• Development of independent living skills
• Less stigma no special needs label
• Family/friends links easier to maintain (two
  bedrooms the norm)

• where I live
• who I live with
• what I do
• who supports me

Choosing...
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Contact details
If you would like to find out more about Home
Ownership please contact
Advance Housing 1 Cygnet Court High
Street Witney Oxon OX28 6FH Tel 01993
709221 e-mail homeownership_at_advanceuk.org Website
www.advanceuk.org
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MORE TESTIMONIALS
When I ring Advance, there is always someone.
I dont feel there is a barrier, they dont seem
defensive. They are open and answer your
questions. It is easy to get in touch with them.
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I thought it might be a scam. I was in two
minds. They wanted you to come up with 3k up
front to cover costs, what if theyd taken the
money and run! I checked them out on the website
and checked that they are a registered body.
It was manna from Heaven!!! You get your own
home they do the repairs and upgrades before you
move in. You have an extended lease and ownership
/ investment in 67 of the property
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from Advance was very helpful. The process
was very simple and easy to follow, it wasnt
stressful. I had to fill in a questionnaire,
which was informal and simple and allowed you to
give a fair picture of your psychological
status..