Discounted Open Market Scheme Homes Available at Kings Newton

If you’re aiming to get on the property ladder or move up it, the Discounted Open Market Scheme (DOMS) can help you purchase a brand new home at 20% below local market value, with the exact discount set by the local authority. 

Run in partnership with local authorities across England, the scheme is designed to make home ownership more accessible for buyers with a connection to the area. 

Myth Busting

 Myth 1: "You don't own the home with Discounted Open Market Scheme (DOMS)"

Fact: You own 100% of the home and eligible applicants are given 20% discount

 Myth 2: "I can't sell a DOMS home in the future."

Fact: You can sell your DOMS home in the future. When you come to selling the DOMS home, the discount remains tied to the property. This means you will receive the same percentage of the property’s current market value that you originally purchased, ensuring the home remains affordable for the next buyer.

Myth 3: "DOMS is only for first-time buyers."

Fact: DOMS isn’t only available for first time buyers. However, you must be selling or have sold any other properties before being able to buy through DOMS.

Myth 4: "First Homes scheme is the same as DOMS"

Fact: First Homes and DOMS are both schemes that help buyers purchase homes at a lower price than the open market. The main difference is that First Homes is a strict, national government scheme with fixed rules, while DOMS schemes are managed locally by individual councils and have more varied requirements.

 Myth 5: "I benefit from the property price increase with the DOMS"

Fact: You own 100% of the home, therefore you benefit from any property equity growth, but the percentage discount is registered on the title in perpetuity. You still benefit from the growth, plus from the monthly cost savings.

Myth 6: "DOMS is the same as Shared Ownership"

Fact: False, DOMS is different from Shared Ownership scheme where buyers purchase a share in their home and pay rent the remainder. Instead, your monthly outgoings will consist of your DOMS mortgage payment and a service charge, which covers the maintenance and upkeep of communal areas.

Am I Eligible?

Open Market Scheme Buyer Requirements - The purchase of this home is subject to strict eligibility criteria, including:
- Be qualified as an Eligible Purchaser.
- Have a Local Connection to Grantham.
- Be unable to purchase a dwelling at full market value based on your income and local house prices.
- Use the Discounted Market Dwelling as their principal place of residence.
- Be the approved buyer for all initial and subsequent transfers (every resale must also be to an Eligible Purchaser).

Fill out the enquiry form below to book a visit and find out if you are eligble