OwnPlace Scheme in Merseyside (Riverside Housing)

paulh1982

Hi All,

I wanted to ask you lovely people if any of you had any experience or knowledge of the OwnPlace scheme, run by Riverside Housing in Merseyside.
It's where you have to meet the criteria (first time buyer, have to live in the house for at least 5 years, cant sub-let) and then if you qualify you get the house with 25% discount off the market value, with the house brought up to a reasonable standard by Riverside. Apparently you don't have to pay the 25% "grant" back if you stay in the house for 5 years, and if you do come to sell it after than time, you have to sell it to someone who doesn't want to rent it out.

You have to apply before you can even view a property on their books, and if you're successful, you get to view the property and get first dibs on if you want it or not.

Is it too good to be true?

kingstreet

It's an Intermediate market Rent/Rent To Buy scheme and these are run by Housing Associations using Government money provided by the HCA HomeBuy Agents.

Speak to yours, if you haven't already done so;-

HomesHub 0845 603 4559 https://www.homeshub.co.uk

OwnplaceAdmin

I work for Ownplace so I just thought Id clarify some of the issues raised.

The Scheme operates very much as PaulH1982 suggests. Qualifying Purchasers (being those who can demonstrate affordability and credit worthiness) receive a 25% discount from the Open Market Value but must occupy the property themselves and cannot rent it out (although Partners and lodgers would not be a problem). The scheme should not however be confused with shared ownership. Buyers own 100% of the house.

The scheme is understandably popular with first time buyers but other people who can demonstrate housing need might also be eligible (i.e. divorcees or people who have suffered a relationship breakdown). Most buyers purchase a house without a deposit. Further details are on the website

With regard to the Comments made by Kingstreet. The scheme is NOT an intermediate rent to buy product and will not feature on a homeshub site. Its Operated by Riverside who are one of the leading registered providers of social housing in the UK
.
Too good to be true? No – we’ve sold over 350 homes in the past 5 years via Own Place and have many happy home owners living more affordably than renting privately”.