Affordable Home Ownership Schemes

We provide fixed-fee conveyancing services for clients purchasing properties through an Affordable Home Ownership Scheme and for clients selling properties they bought through one of these schemes.

For a free quote, call us on 0191 567 7244, and we’ll be happy to help you.

You can also email info@cooklaw.co.uk or complete our free online enquiry form and we will be in touch with you shortly.

What is Reduced Market Value?

The Reduced Market Value (RMV, sometimes referred to as Discount Market Value) Scheme allows clients to buy a new build property at a discounted price. This discount can vary but is usually between 20% and 30% of the full property value.

Clients using this scheme should be aware that when the time comes for them to sell the property, they only receive the same percentage of its current value back, therefore allowing the home to remain affordable to others.

What is the First Homes Scheme?

Under the First Homes Scheme, first-time buyers may be able to purchase a home for 30-50% less than its market value.

​To be eligible for this scheme, you must be:

• 18 or older
• A first-time buyer
• Able to get a mortgage for at least half the price of the home
• Buying the home as part of a household where total income is no more than £80,000

​Some local councils may have their own eligibility criteria in order for you to qualify for this scheme.

Selling a Help to Buy property

Sometimes schemes can be discontinued, such as the government’s Help to Buy scheme, which finished in March 2023. If you purchased your home using this scheme, it might now be time for your five-year no-repayment period to be over. This time can potentially be very daunting, and you may not know where to begin to discuss the repayment of your Help to Buy loan.

If you are considering remortgaging to pay off your Help to Buy loan or have saved up to pay this off with cash, our dedicated team of solicitors can ensure that this is done swiftly and professionally for you.

Why choose us?

Much like RMV, the First Homes Scheme involves dealing with further paperwork to a standard transaction. This may appear more complex and daunting, but our specialist solicitors are trained to navigate you through the journey of purchasing a property under one of these schemes.

We are committed to providing transparent quotes. If you inform us that you will be purchasing using any of these schemes, our quote will include a fixed fee for dealing with the paperwork associated with these schemes. This means that there are no nasty surprises or surplus charges to emerge throughout the transaction and you can rest assured that you are in safe hands as we do the work.

Get a free quote

Call 0191 567 7244 for a free, no-obligation quote from our residential conveyancing team. We are here to assist you.​

Alternatively, you can email us at info@cooklaw.co.uk or complete our free online enquiry form, and we will contact you shortly.