Hertsmere residents and people with a local connection are being offered help to get on the property ladder, thanks to a pioneering council scheme.
We are offering anyone who already lives in the borough, has worked locally for at least six months or has close family ties to the borough, an opportunity to secure a one or two bedroomed property in the heart of Borehamwood for 80 per cent of its market value. For example, under the equity share scheme, a two-bedroom flat, which would have a full market price of £345,000, could be purchased for £288,000 - a discount of £57,600. In addition, to be eligible, applicants should not earn more than £80,000 a year, cannot be a current home owner and should be unable to buy a home without help.
Twenty properties in Liberty Court, part of the newly developed complex formerly known as Isopad House, are available through the scheme - the fifth one of its kind to be offered by the council. The purchaser does not pay rent on the share that they do not own. The remaining equity is owned by the council, who act as ‘silent partners.'
Councillor Jean Heywood, Portfolio Holder for Housing, said: “This is a fantastic opportunity for families or individuals who are living in rented accommodation, social housing or might be still at home with mum and dad, to actually own their own home.
“It is a priority of this council to provide homes for local people at affordable prices. Equity share schemes, such as this one, are just one of the ways we have been working to achieve this.
“Too often people who currently live in the borough have to move away to find somewhere they can afford to buy.
“We believe this scheme could give those families and individuals the helping hand they need to get on the property ladder, without having to leave their family, friends or move miles from their places of work to do so.”
The properties in Liberty Court benefit from underground parking, come with flooring throughout and are fully equipped with modern household appliances.
Construction at the site off Shenley Road roundabout is due to end shortly with most properties available to rent or buy before the end of the year.
Armed forces personnel who live in the borough or have lived locally before being posted will receive high priority.
Anyone who believes they may be eligible should register with Hertfordshire’s Help to Buy agents bpha who are managing applications on behalf of the council.
To find out more about our other affordable homes schemes follow this link.
Posted on Thursday 12th October 2017