Local Authority Partnership Purchase Scheme

Your application

Applications for this scheme has closed.

If you’ve submitted your application within the timeframe, between Wednesday 1 June and Thursday 30 June then please make sure all requested supporting documents have been presented, for verification, at our offices at MyCouncil, Landmark Place, High Street, Slough SL1 1JL.

Outcome

We will email all successful candidates by Friday 12 August, 2016. If you have not received a response by this date, please assume your application has been unsuccessful on this occasion. This does not prevent re-application when the scheme re-opens at a future date.

The Scheme

The Local Authority Partnership Purchase (LAPP) Scheme is a shared ownership scheme to help local people buy a home in the borough. It's aimed at buyers who can afford mortgage repayments, but who cannot afford to buy a property outright, or who may not have the large deposit often required.

The scheme is available on properties for sale up to the value of £400,000 and within the Slough postcode area - so potential buyers will not have to choose from designated properties or sites.

LAPP helps people to buy up to 70% share of a home by obtaining up to a 90% loan to the value mortgage on their share. Slough Borough Council will buy the remaining 30% (subject to an independent valuation carried out by a Slough Borough Council appointed surveyor). The buyer will then pay rent to the council for this share of the property.

The size of the applicant deposit must be at least 7% (i.e.10% of the 70% share) of the estimated value of the property.

Eligibility

Currently we have 10 spaces for this scheme. The council will assess the applicant’s eligibility for the scheme. Priority will be based on a point system focussing on:

  • local residents
  • key workers
  • applicants with dependents (children/carers/foster care responsibilities)
  • applicants living in council owned social housing or on the council housing waiting list
  • first-time buyers
  • buyers with at least 7% deposit of the estimated value of the property, and who can meet the repayments.

In the event of over subscription a ballot will be held.

Viability

The potential buyer will need to meet the normal criteria of the mortgage lender. The details of the successful applicants will be forwarded to our recommended broker, Censeo, to confirm financial viability. The buyer is not restricted to using the Council’s recommended broker, and may arrange a mortgage independently.

This Scheme is run in conjunction with mortgage brokers and a number of high street mortgage lenders, including:

  • TSB
  • Halifax and
  • Nationwide Building Society.

Further details