How do I apply?
How do I apply?
You need to fill out a partial ownership application form. Copies can be picked up from our offices or downloaded here. You will need to bring into the office all the requested documentation when you submit your application, as the GHA are unable to process your form without this. We need to check that the right people benefit from this first time buyer opportunity.
We recommend you save as much as possible towards a deposit for your mortgage. This will reduce the amount you will need to borrow from the bank and you may get a better mortgage interest rate. It is strongly advisable to clear any outstanding loans. You will also need to use your savings for moving in costs such as new flooring, furniture, appliances, etc.
What happens next?
Our staff will review your application form and all the information that you have sent in. If we are happy with this and you meet our eligibility criteria, then we will write to you to confirm that you have been added onto our active waiting list. Your position on the waiting list will be the date we received your application form and all the requested information.
Who do I contact for more information?
If you are interested in our partial ownership and rental properties, contact the GHA’s Allocations Officer, on 240863 or email [email protected]
We can discuss your eligibility, help complete your application form and advise you about the waiting list.
Our staff need to keep your details up-to-date in case a property becomes available that meets your requirements. This means that if your circumstances change, for example you have a pay rise, a drop in earnings, or a new partner, you need to advise us immediately as this may affect your application. We will also write to you every 12 months requesting up-to-date payslips, bank and savings statements.
There are several reasons why someone cannot be accepted onto the waiting list:
- If you can afford to purchase a property in the private sector suitable for your needs then you will be declined. If your salary or joint salary, is over our maximums (see our policy) then you are not eligible and we will advise you to look for a property in the private market.
- If you are in rent arrears with the States of Guernsey or ourselves, then you must clear your debts before applying for partial ownership.
- If you meet our criteria but you have a property to sell (still can't afford to buy in the private sector after the sale), don’t have the minimum savings, or the recommended income then we will put you on our secondary list. Once you have the recommended savings and income or sold your property, then we will move you onto the active waiting list. Your position on the active waiting list will be the date you originally applied.
The secondary list is where applicants are placed while they await to meet our criteria. For example if they need to earn sufficient earnings or save more towards the minimum savings required.
It depends on the type of property you require. The period of waiting could be anywhere between six months and four years.
You will need:
- your savings to cover the legal fees. The amount depends on the percentage you purchase (0.75% of the portion being purchased as at 1 August 2018.)
- to pay the arrangement and valuation fee for your mortgage. The bank will advise you of this amount.
After purchasing the property, you pay:
- a monthly mortgage payment
- all rates on your property
- any ongoing maintenance costs
- a discounted rent and service charge which covers items such as building insurance, maintenance of any communal areas – payable to the GHA.
If you have shared care or custody of a dependent child, then you may be allocated a property suited to your needs i.e. one additional bedroom. You will need to provide evidence of care or custody, in the form of either a Court order, or letter from the other parent/legal Guardian.
At the moment, the GHA is building 27 new partial ownership properties on the island, ready for completion in 2019 and 2020.
These are at:
- Courtil Reveaux – to be completed by February 2019.
- Le Vieux Jardin, Vale – to be completed by June 2019
- Oaks, Baubigny Road – to be completed by August 2019
- Pont Colliche, St Sampsons – to be completed by January 2020
We also occasionally have existing partial owners selling back.
Staircasing is the term used when you buy further shares of your property. It will allow you to own a greater proportion of your home. For instance if you purchased 40% or 50% of your property in 2017, then in 2019 you change jobs and are then able to afford a bigger mortgage you can buy more of your property. The greater share you buy in your home, the less rent you will pay to the GHA. Also whenever in the future you decide to sell your house, back to the GHA, you will receive more money if the value of your house has increased and you own a bigger share of it.
If you would like to do this, then please contact your Housing Officer to see if you are eligible and they will take you through the process. It is straightforward and avoids legal costs.
Remember you will only be able to staircase if you have no arrears with your rent and/or service charge.