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If you are thinking of buying a home of your own, there are a number of schemes available to Hexagon tenants (subject to availability and some eligibility criteria). The schemes are summarised in this information sheet. For full details, please contact our Customer Service Team on 020 8778 6699. Please note that ‘Right to Buy’ does not apply to our properties.

Right to Acquire
If your home was built or purchased by Hexagon after 1997, you will probably have the right to purchase it at a discounted price. The size of the discount depends on where your Hexagon home is, and for most of the areas where Hexagon properties are situated, the discount is currently £16,000. If you have the Right to Acquire, you will have been told about it when you started your tenancy, although you can check by contacting the Customer Services Centre. Please note that housing specially built for the elderly, wheelchair users, or people with other special requirements are excluded from this scheme.

Homebuy
The Homebuy scheme is very simple. You find a home on the open market and pay 75% of it. A shared ownership Housing Association pays the other 25%. You pay back 25% of the property value if and when you decide to sell the property or buy it outright. You must be able to raise a mortgage or have the savings to pay for 75% of the price of the home you want to buy. We do not operate a Homebuy scheme ourselves at Hexagon, but Hexagon tenants are entitled to take part in the scheme.
Tower Homes Ltd has Homebuy funds for a number of Local Authority areas. If you are interested in this scheme, you should telephone Tower Homes Ltd on 020 8850 9686 or email them at towerhomes@lqgroup.org.uk. They will be able to tell you if there are Homebuy funds available in your area, and if you are eligible to apply.

You will not be able to qualify for Homebuy if:

• You are able to buy without the help of Homebuy
• You occupy your home on a temporary basis with an assured shorthold tenancy or licence agreement
• You are in rent arrears or in breach of your tenancy agreement

Shared Ownership

If you would like to own your own home, but cannot afford to buy on the open market, shared ownership could be for you. (You will have sole occupancy rights - you do not have to share your home with anyone else). Shared ownership allows you to buy a share of a property from a housing association and pay rent for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association. Later, as you can afford it, you can increase your share until you own the whole property.  It is a good way of getting onto the ‘property ladder’ if you cannot afford to buy a home outright.

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