Homes within Reach feel privileged to be able to offer brand new properties for sale to first time buyers at a greatly reduced purchase price compared with private developers, on a shared equity basis. 

It is our intention to help as many eligible first time buyers as possible onto the property ladder and we would prefer to try and keep the properties sold on this scheme in perpetuity e.g. try to ensure that properties sold through ‘Homes within Reach’ continue to benefit first-time buyers who can’t afford to purchase on the open market. 

Re-sale Covenant 

All properties purchased through 'Homes within Reach' will contain something called a re-sale covenant within the legal documentation which stipulates the following: 

• The purchase of the housing associations* retained equity is restricted to the first 3 years, i.e you are unable to purchase the remaining percentage until after the first 3 years of occupation, unless by mutual agreement with the housing association (this is commonly known as stair-casing)
   
• Properties cannot be sold without our permission. You must formally advise the seller, who will have a stipulated Nomination Period, (currently 2 months) in which to introduce a Purchaser from the ‘Homes within Reach’ waiting list. The seller reserves the right within this period to introduce up to a maximum of 3 prospective purchasers, one of which may be itself
   
• The purchase price will be no greater than your Secured Percentage of the Open Market Value of the property at that time. The Open Market Value will be established through a valuation process.
    
• We may charge a fee** for the introduction of a purchaser to you.  This fee will be based on a percentage of your equity share. It is normally substantially less than the typical estate agents’ fee
   
• If offers are made by any of the nominees and the offers are refused, allowed to lapse, or if we are unable to provide a buyer, you will be at liberty to sell your property on the open market via an estate agent.  Any such associated fees are payable by you.

* Where the words 'housing association' are stated above, they refer to the organisation through which you bought your property.

** Charges will vary depending on the housing association you have purchased a property from. All charges will be made clear within your re-sale covenant.

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