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By: Ikedi Ani-okoye

Home owner lingo

Cash incentive Scheme

With this scheme council tenants are offered a cash lump sum to vacate their home and purchase a property the o1 market. This scheme is aimed at tenants in larger size propertieshat are needed to house homeless families.

Do It Yourself Shared Ownership (DIYSO)

You may hear about a scheme called DIYSO. DIYSO was replaced by Homebuy in 1999 so is no longer available. DIYSO enabled you to buy a hornethe open market a shared ownership basis.

New Build HomeBuy formerly known as Shared Ovvnership

- A part-buy, part-rent scheme;

- A way to buy what you can aftord now so you don't overstretch yourself financially; and:

- A way to buy either a brand newly build home or occasionally a newly refurbished home

Homebuy

A Homebuy Is aimed at council and housing association tenants and those considered priority on the council waiting list who cannot afford to purchase a property outright on the open market. You can buy a home old or new - anywhere in England. You then get a mortgage for 75% of the value and the Housing Association will give you a loan for the remaining 25%. The loan is to be repaid if the property is sold or if you purchase the remaining 25%. The 25% tO be repaid is whatever the property valuation is at the time of sale.

HomeBuy Agents

HomeBuy Agents are responsible For key worker housing. If you are a key worker you should contact your HomeBuy agent to find out what housing is available to you and how you can apply for it.

Intermediate Market

The Intermediate market refers to those that do not qualify for public sector rented housing (through councils and housing associations) but cannot afford to buy a home outright or pay private sector rents.

Right to Buy

Council tenants and tenants of noncharitable Housing Associations have the right to purchase their current home at a discount price.

Right to Acquire

Some Housing Association tenants have the right to purchase their current home but there are certain conditions.

Voluntary Purchase Grant

This is run in the same way as Right to Buy except that the Housing Association chooses which homes it will sell through the scheme.