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Collaborative Solutions for Tackling Housing Overcrowding

Join us on 20th October 2010 to learn about Housing Options services and intermediate housing schemes in SE London. Explore government-funded initiatives, New Build HomeBuy, Rent to HomeBuy, and more. Discover eligibility criteria and cost examples, and understand how overcrowding officers assist tenants and households. Get ready to address overcrowding together!

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Collaborative Solutions for Tackling Housing Overcrowding

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  1. Working together to tackle overcrowding 20th October 2010

  2. What is covered by this presentation • Outlines the HousingOptions service and the intermediate housing schemes currently available; • Explains the system that is in place to help social housing tenants and junior households to access intermediate housing in SE London

  3. What is Housing Options? • Govt. funded housing initiative • Launched on 1st April 2006 • 2 London Homebuy Agents Appointed…

  4. Who are the Homebuy Agents?

  5. What do Homebuy Agents do? • 1 stop shop • Share Database • Host www.housingoptions.co.uk website

  6. Housing Options Products • New Build HomeBuy & Resales • Intermediate Market Rent (IMR) • Rent to Homebuy

  7. NewBuild Homebuy & Resales • Part Buy – Part Rent • Brand new or existing homes • Purchase between 25%-75%

  8. Example of the costs of buying a NBHB property • Miss C recently bought a 1 bed apartment from Notting Hill in Croydon called New South Quarter • Full value of this property was £145,000 • She earns £22,000 a year and had savings of £6,000 • She bought a 25% of the property (£36,250) • Her monthly payments are as follows: • £248 for her mortgage repayments • £249 for her rent • £100 for her service charges Total £597 Monthly cost of renting a 1 bed property in Croydon is £600+

  9. Intermediate Market Rent • Rented schemes that charge rents that are 20% to 25% below open market rent levels • There is an expectation that tenants will buy a low cost home within 5 years

  10. Rent to Homebuy • Rent a brand new or existing home for up to 5 years • Rent set at 20-25% below market rent levels • Can then buy the property under NBHB

  11. Who is eligible? All applicants must: • Have savings (or access to) at least £3,000 to cover the cost of buying a home; • Be employed on a permanent contract of employment; • For IMR have at least 6 months remaining on an employment contract • Sell their existing homes if they are home owners; • Have a good credit history; and • Have a deposit of anything between 10% and 25% of the share they wish to buy.

  12. How will tenants and junior households be assisted under HousingOptions? LA designated ‘Overcrowding Officers’ will write to tenants and junior households to: • Highlight the intermediate housing opportunities that are available in SE London and will enclose a flyer and HO SELOP 1 Form. • Tenants/junior households will be invited to return their completed SELOP 1 Forms to the OOs by a given set date. • When the SELOP1 Forms are received and checked by the OOs these will sent to the HousingOptions E&A Team to be registered. • Junior households will be given Priority 1 status and once registered under HO tenants and junior households will use the HO website to access intermediate housing properties in SE London.

  13. Any Questions?

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