HOLD is a shared ownership scheme which allows people with a long-term disability to buy a share of a property on the open market.
Who qualifies for HOLD?
Only people with a long-term disability qualify for this scheme. The scheme may help a disabled person to move closer to family and support networks.
How does HOLD work?
This is a shared ownership scheme. You buy a share of a property on the open market. A housing association buys the remaining share and you pay rent on this share to the housing association.
You have to buy a minimum share of 25% of your home using savings and/or a mortgage. You can later buy up to 100% of the property.
Most homes in the scheme are leasehold. You pay service charges for repairs and improvements. You also have to pay for all the other costs of owning a home.
Selling a property bought through HOLD
When sell the property, the housing association can buy it back from you. The property is sold at the full market value, and you benefit from any increase in the value of your share.
If the housing association decides not to buy the property, you can sell it on the open market. The proceeds of the sale are split between you and the housing association according to the proportions you own.