Designated Protected Area (DPA) buyback lease
Regulations are in place to ensure that rural affordable housing – specifically shared ownership homes grant funded by Homes England – remain in the ownership of local people. This means that some of our rural homes have a lease which contains one of the following provisions:
• The owner is restricted to owning no more than 80% of the shares in the property. Or,
• That the shared owner is allowed to purchase more than 80% of the property, but there is an obligation on the landlord specified in the lease to repurchase the property when the owner wishes to sell.
If your lease is the latter, and you wish to sell your home, you will need to issue Soha with an ‘Initial Notice’. We will then request payment for a RICS (Royal Institute of Chartered Surveyors) valuation which will be carried out by an independent surveyor who will determine the value of the property.
Soha will then provide an offer in writing to you at that value and provide our solicitor’s details so that the sale process can begin.
For further information please contact:
Home Ownership team on 0800 014 15 45 or homeownership@soha.co.uk