Title: HOME OWNERSHIP FOR PEOPLE WITH DISABILITIES
1HOME OWNERSHIPFOR PEOPLE WITH DISABILITIES
2What is Home Ownership?
- Part buy / part rent
- Home Owners are Leaseholders
- Main repairs done by Advance
3What 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
4Application 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
5What 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
6 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
7What 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
8What 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
9Advantages 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...
10Contact 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
11MORE 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.
12 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
13 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..