First Homes definition

First Homes means Dwellings which may be Disposed of as a freehold or (in the case of flats only) as a leasehold property to a First Time Buyer at the Discount Market Price and which on its first Disposal (First Home) does not exceed ]the Price Cap

First Homes means an Affordable Housing Unit which may be disposed of as a

First Homes means each and every Affordable Housing Unit comprising Intermediate Housing as may be included within the Affordable Housing Scheme approved by the Council and designated for sale by the Owner to a person or persons meeting the First Homes Eligibility Criteria at a discount from Market Value. Such discount shall be sufficient to enable each of the relevant Affordable Housing Units to meet the criteria of Affordable Housing and in any event shall not be less than 30% of the Market Value as shall be determined at the point of sale of each such First Homes unit in perpetuity;

Examples of First Homes in a sentence

• First Homes are a specific kind of discounted market sale housing and should be considered to meet the definition of ‘affordable housing’ for planning purposes.

• Homes which meet the specified First Homes criteria qualify as ‘affordable housing’ for planning purposes (from 28 June 2021 onwards).

• For customers who cannot pay all deposit monies at exchange of contracts, it is permitted to provide a deposit less than 5% of the First Homes Discount Market Price at exchange of contracts.

• First Homes are a form of discounted market housing specifically for first-time buyers where the discount is at least 30% of the full market value.

• The WMS (2021) states that First Homes should account for at least 25 per cent of affordable housing units delivered through planning obligations, which is a material consideration for decision making from 28th June 2021.

• National policy requires 25% of new affordable dwellings to be First Homes.

• A local connection criteria will be applied to First Homes to ensure that local people are given the best possible opportunity to purchase homes in areas in which they have a local connection.

• First Homes are a specific kind of discounted market sale housing offered for sale at a specified discount and meet the definition of ‘affordable housing’ for planning purposes.

• A First Homes Owner may let or sub-let their First Home pursuant to this paragraph more than once during that First Homes Owner’s period of ownership, but the aggregate of such lettings or sub-lettings during a First Homes Owner’s period of ownership may not exceed two (2) years.

• All First Homes require a Section 106 agreement to secure the necessary restrictions on the use and sale of the properties, and a legal restriction on the title of the properties to ensure that these restrictions are applied to the properties at each future sale, guaranteeing perpetuity.

More Definitions of First Homes

First Homes. Means discounted homes for first time buyers which comply with the

First Homes or “First Home” an Affordable Housing Unit which may be disposed of

First Homes means a Residential Unit which may be Disposed of as a freehold or (in the case of flats only) as a leasehold property to a First Time Buyer at the Discount Market Price and which on its first Disposal does not exceed the Price Cap the internal specification of which shall not by reasons of being of First Homes be inferior to the internal specification of equivalent Open Market Units constructed to the Development Standard; “First Home Owner” means the person or persons having the freehold or long leasehold/leasehold interest (as applicable) in a First Home other than: 1) the Owner; or 2) another developer or other entity to which the freehold interest or long leasehold/leasehold interest in a First Home or Long Lease/ leasehold interest in the land on which a First Home is to be provided has been transferred before that First Home is made available and is disposed of for occupation as a First Home; or 3) the freehold a tenant or sub-tenant of a permitted letting under paragraph 10 (use of the First Homes); “First Homes Units” means the Residential Unit to be occupied as a First Home in accordance with the terms of this Deed and reference to a “First Homes Unit” shall be to any one of them;

First Homes means a dwelling defined in and disposed of pursuant to Part 2 of this Schedule

First Homes means Dwellings constructed to Space Standards which may be disposed of as a freehold or (in the case of flats only) as a leasehold property to a First Time Buyer at the Discount Market Price and which on its first Disposal does not exceed the Price Cap (each as defined in Part 8 of Schedule 2 )