Home Reach

Making owning your own home more accessible

Charles Church is working in partnership with heylo to offer Home Reach, a part-buy-part-rent option, only available on new-build properties.

How does Home Reach work?

Like Help to Buy, with Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don't buy. You get to choose whether you buy a bigger share of a cheaper home or a smaller share of a more expensive home.

You can initially purchase up to 75%* of your chosen home and heylo will become your landlord, granting you a 125-year lease. This means you will be able to live in your home as if you've bought it outright. You can buy more of your home in the future and stop paying rent on that part.

* Starting shares vary across sites, please visit the sales office on site.

Am I eligible for Home Reach?

You’re eligible to buy a Home Reach property in England or Wales if:

• Your household income does not exceed £80,000 per annum for homes outside of London (£90,000 in London)
• You have a deposit (at least 5% of the share value)
• You are a first-time buyer or used to own a home, but cannot afford to buy outright now
• The shared ownership property will be your principle and only home
• You have passed a Homes England Affordability Calculator, demonstrating you are financially able to buy the share value and support the monthly costs
• You have registered with a Help to Buy Agent

Is Home Reach a more affordable way to buy?

Smaller deposit requirements and lower monthly payments make it easier to buy the home you've always wanted.

You decide how much of your home you’d like to buy, with shares up to 75%, starting shares vary across developments; please see the sites sales office for more information on their starting share options. You’re able to buy your share with either cash savings or by taking out a mortgage.

If you’re taking out a mortgage to finance your share, then you will need to allow for at least a 5% deposit. The larger your deposit, the lower your mortgage payments will be. On the share you don’t own, you will pay rent of 2.75% of the unsold value. This will be paid monthly by direct debit.

*Figures above are based on a 25 year repayment mortgage and a Home Reach lease with an initial rent of 2.75% on the unpurchased property value increasing by RPI + 0.5% each year. Your home may be repossessed if you do not keep up with payments on your mortgage or shared ownership lease. Additional service charges may be payable on properties with communal facilities or services. You will also need to consider the responsibilities and associated costs involved with owning a home (such as insurance and maintenance).

What's included in my Home Reach lease?

The lease sets out:

• A description of the property including its boundaries and a guide to which parts are your responsibility – if a leasehold property, it will also contain any restrictions or obligations flowing from the superior leasehold title, such as the payment of ground rent
• The start date of the lease and the share that you have bought
• The amount of rent that you must pay, together with other amounts due under the lease
• The rent increase, linked to Retail Price Index plus 0.5% each year
• Your responsibilities as a leaseholder, such as all repairs and maintenance of the property and those of heylo as landlord under the lease, such as building insurance arrangements
• The method by which you can buy additional shares to own more of your home in the future
• The method by which you can move home, either by selling your share or selling the whole property

What are my rights and responsibilities?

You’re responsible for all utilities bills, repairs and redecoration of your property. It’s your place and your space to make your own!

The only exception would be if you wanted to make any structural changes. For this you would need to apply in writing to heylo outlining the changes you would like to make. heylo will review the application to ensure the works are being planned and undertaken properly.