heylo’s solutions aim to deliver an easy ‘one stop shop’ for all Section 106 (s106) affordable housing requirements.
Home Reach is a compliant model for shared ownership that delivers circa 80% open market value (OMV), works like Help To Buy (but with smaller, more flexible purchase levels) and opens up new, larger buyer markets.
Working with established partners, and with favourable s106 agreements, heylo can unlock up to 60% OMV on rented affordable housing.
How it works
heylo will quickly assess the s106 requirements and deliver a competitive offer – for all s106 delivery, or if desired, the shared ownership element only.
Following execution of a market tested standard form contract the house builder has certainty of transfer and s106 compliance.
heylo prefers that the house builder constructs their standard house type, design and specification (in accordance with planning and any space design standards).
heylo undertakes the marketing of shared ownership units (in accordance with any nominations agreement) in conjunction with the local Help to Buy agent to drive buyers to the house builder’s on-site sales team who undertake their usual sales process to the point of reservation.
Buyers are then directed to experienced IFAs to qualify and arrange any mortgage element after which they go on to the normal site legal progression through to exchange and completion.
On the day of buyer legal completion heylo will complete and grant the shared ownership lease and, based on a 50% share being sold, the house builder will receive 80% of OMV.
Simple, repeatable and easy solution for s106 affordable delivery.
Certain and reliable way to secure increased value with access to price inflation on shared ownership.
heylo wants to offer, contract and acquire stock as quickly as possible – then repeat on the next site.
heylo can provide a single contract for all s106 units – which should better traditional HA disposal.
heylo will provide all marketing support to drive quality applicants to on-site sales teams.
Up to 60% of OMV on rented s106 (paid at practical completion).
Circa 80% of OMV on shared ownership s106 (paid at legal completion of the sale to a buyer).