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jargon explained
Derwent Living launched its Easy Living brand in 2005. Easy Living is an affordable option for people who want to rent a home in or close to the city, or take their first steps onto the property ladder through outright sale or our part-buy, part-rent initiatives.These part-buy, part-rent initiatives and similar are often referred to in the marketplace using different terminology. To simplify this we have listed the most common terms below with a brief description.
Part-buy, part-rent – This involves buying a share of a property (usually 50% although sometimes 25% or 75%) and paying a subsidised rent on the remaining share. This is becoming a popular option for first time buyers, and those wanting to buy a property that they may not be able to afford to outright.
Over time, if you wish, you can increase the share of the property that you own until eventually you own it outright. Sometimes this is referred to as ‘staircasing’.
Shared Ownership – This is essentially the same as part-buy, part-rent and does not mean you have to share with another buyer!
HomeBuy – This is a government part- buy, part-rent set of initiatives which are predominantly aimed at key workers, existing social housing tenants and those in priority housing need.
Anyone who cannot afford to buy a suitable home on the open market can apply for a HomeBuy property. However priority will be given to council and housing association customers who will need to move out of their rented homes if they purchase a HomeBuy home.
New Build HomeBuy - This is an extension of the government’s HomeBuy initiative where all homes are newly built or occasionally recently re-furbished.
Also…
When Derwent Living receives government funding towards building a new development, the properties are referred to as New Build HomeBuy. In these cases we have to sell the properties through the local Zone Agent Housing Association. This does not hugely affect you – it just means that we will ask you to fill in the Zone Agents application form, rather than our usual one.
