{"id":73012,"date":"2023-12-20T15:45:16","date_gmt":"2023-12-20T15:45:16","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=73012"},"modified":"2023-12-20T15:45:21","modified_gmt":"2023-12-20T15:45:21","slug":"gov-first-home-scheme","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/gov-first-home-scheme\/","title":{"rendered":"What is the Government&#8217;s First Homes Scheme?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.templewealth.co.uk\/wp-content\/uploads\/2023\/12\/house-keys-1024x683.jpg\" alt=\"\" class=\"wp-image-73016\"\/><\/figure>\n\n\n\n<p>Offering first-time buyers over the age of 18 in England the chance of home ownership with discounts of 30-50 per cent of market value, the Government\u2019s First Homes scheme is a successor to Help to Buy \u2013 but the scale and impact will be very different. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h5 class=\"wp-block-heading\"><strong>First Homes &#8211; Who and where will the scheme help the most?<\/strong><\/h5>\n\n\n\n<p>If buying as a couple, neither partner can previously have owned a home. It must be either a new home built by a developer, or a home you buy from someone else who originally bought it as part of the scheme<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Who can afford a First Home?<\/strong><\/h5>\n\n\n\n<p>First Homes has a combined earnings eligibility cap of \u00a390,000 in London and \u00a380,000 elsewhere.<\/p>\n\n\n\n<p>You must be able to get a mortgage for at least half the price of the home.&nbsp; The local council may also set some eligibility conditions:<\/p>\n\n\n\n<p>For example, some councils may prioritise giving First Homes discounts to:<\/p>\n\n\n\n<ul><li>essential workers<\/li><li>people who already live in the area<\/li><li>those on lower incomes<\/li><\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Value Caps<\/strong><\/h5>\n\n\n\n<p>First Homes value caps are set at \u00a3420,000 in London and \u00a3250,000 for the rest of England.<\/p>\n\n\n\n<p>The primary consequence is that developers in these locations may only build smaller First Home properties that will fall within the value cap, rather than delivering a range of sizes, including larger properties suitable for family housing.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>How far will this enable people to get on the housing ladder?<\/strong><\/h5>\n\n\n\n<p>First Homes is the replacement for Help to Buy which finished in March 2023, and will have a very different impact. Its aim is to open home ownership to more First Time Buyers, including a larger number of less affluent households than the Help to Buy scheme.<\/p>\n\n\n\n<p>Buyers also need to be aware of the restrictions that apply in the future. When you come to resell the home, the discount will be passed on to the purchaser, and the purchaser must meet the local authority defined eligibility criteria.<\/p>\n\n\n\n<p>But despite these restrictions, the scheme does offer another route to home ownership and enables people who would likely otherwise be renting to have increased security of tenure and be settled in a location for the long term.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>How it Works<\/strong><\/h5>\n\n\n\n<p>You can look for new homes in your area that are advertised by developers as part of the First Homes scheme. Developers offer these homes to first-time buyers with 30% to 50% of the market value taken off the price.<\/p>\n\n\n\n<p>Every home that\u2019s sold is valued by an independent surveyor to make sure the discount is based on actual market value. The scheme discount will be re-applied to this new value for the new owner.<\/p>\n\n\n\n<p>The homes cannot cost more than \u00a3420,000 in London, or \u00a3250,000 anywhere else in England, after the discount has been applied.<\/p>\n\n\n\n<p>You can only sell the home to someone who is eligible to buy a First Home. You must give them the same percentage discount that you got, based on the home\u2019s market value at the time of sale.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>How to Apply<\/strong><\/h5>\n\n\n\n<p>You can contact the developer (or estate agent if buying from a previous First Homes buyer) and tell them about wanting to buy a First Home.<\/p>\n\n\n\n<p>They\u2019ll help you to complete the application, then send it to the local council. There may be a fee to pay if the First Home property is a New Build, the amount is set by the Developer. The fee will be refunded if the application is unsuccessful. The local council check an application to make sure it\u2019s eligible under the scheme. They will then contact you to confirm their decision and also contact the developer and mortgage adviser.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>If your First Homes application is approved<\/strong><\/h5>\n\n\n\n<p>After receiving approval for your application, you follow these steps:<\/p>\n\n\n\n<ul><li>Hire a conveyancer &#8211; this is a solicitor who can help you with the purchase.<\/li><li>Apply for your mortgage.<\/li><li>Make sure your conveyancer follows any local council instructions.<\/li><li>Complete any legal documents the local council sends you.<\/li><\/ul>\n\n\n\n<p>After you\u2019ve got a mortgage offer and agreed a contract with the developer, your conveyancer will ask the local council if you can exchange contracts. The local council will check the conveyancer\u2019s request to make sure it\u2019s legal and tell you when they\u2019ve decided.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Selling the property<\/strong><\/h5>\n\n\n\n<p>You can only sell the property to someone who is eligible to buy a First Home. You must give them the same percentage discount that you got, based on the home\u2019s market value at the time of sale. You would need to get the property valued by a surveyor who is registered with the Royal Institute of Chartered Surveyors (RICS)<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Letting the property<\/strong><\/h5>\n\n\n\n<p>You can usually only let your First Home for a total of 2 years during the time you own it, no matter how many tenants you have.<\/p>\n\n\n\n<p>To do this, you need to check if your mortgage agreement allows it and tell the local council.<\/p>\n\n\n\n<p>The 2 year limit resets if you sell the home to someone else.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Letting for longer than 2 years<\/strong><\/h5>\n\n\n\n<p>You may be able to let out your First Home for longer than 2 years if:<\/p>\n\n\n\n<ul><li>the location of your job changes<\/li><li>a marriage or long-term relationship ends.<\/li><li>you\u2019re moving to get away from a situation that involves domestic abuse.<\/li><li>you\u2019ve been made redundant.<\/li><li>you\u2019re caring for a relative or friend.<\/li><\/ul>\n\n\n\n<p>You can ask the local council and you may also need to ask your mortgage lender.<\/p>\n\n\n\n<p>You can contact one of our independent mortgage advisers and see how we can help you by calling our office on 01329 282882 or using our <a href=\"http:\/\/www.facebook.com\/templewm\">Facebook<\/a> or <a href=\"https:\/\/www.templewealth.co.uk\/contact-us\">Contact Us<\/a> page.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>Your home maybe repossessed if you do not keep up repayment on your mortgage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Offering first-time buyers over the age of 18 in England the chance of home ownership with discounts of 30-50 per cent of market value, the Government\u2019s First Homes scheme is a successor to Help to Buy \u2013 but the scale and impact will be very different.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40],"tags":[41],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Government&#039;s First Homes Scheme? 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