November 2004

Homebuy and Key Worker Living

• The list of eligible properties for both traditional and Key Worker Living Homebuy has been expanded and now includes:
• A home the applicant is currently renting from a private landlord provided it is self-contained and the landlord is not resident;
• A property owned or part-owned by a family member (except spouse/ partner) or business associate provided an independent valuation is obtained from a RICS surveyor appointed by the RSL;
• An estranged spouse or partner's share in a formerly shared home can be bought out following a relationship breakdown where the disposal is required/supported by a court order or legal settlement after a court order;
• A 'second' property can be purchased even though the applicant has an on-going interest in a 'marital home' but only in circumstances where the property cannot be sold because the estranged spouse/partner is allowed by the court to remain there whilst bringing up dependent children.
• The KWL chapter now provides guidance on portability, like for like properties and sub-letting.
• Guidance in respect of further borrowing at Homebuy 6 has been clarified.