Uprise Home Ownership
1. How do I apply for an Uprise home?
Just register with us and when we start a development that meets your requirements and our criteria, we will be in touch. Then we’ll ask to meet up for a friendly chat to see if Uprise living works for you. At that point, we ask that you speak to an independent financial advisor to check affordability. You can then make a formal application. Allocation depends on the priorities set by the local borough.
2. Do you operate a waiting list and if so, can you add my name?
We don’t hold waiting lists at Uprise. You can register your interest on our website at any time, and we will then email you when a development that you are eligible for is open for sales. Remember, you’re only able to purchase an Uprise home in the borough where you live or work. You must also pay UK taxes.
3. I registered on your website a few weeks ago but haven’t heard anything yet.
We will get in touch with you when we have news about a development that you’re eligible for. Usually this will be to alert you to a sales launch, or to let you know our progress on a specific site. We usually start selling Uprise homes in a new development about 8 to 10 months before the building is finished, and this is when we send details to anyone registered on our database who lives or works in that borough. Until that point, all the information that we have on upcoming developments is in the Buy / Coming soon and Buy / Available sections.
4. I’m interested in an Uprise development and I live very near the site, but not actually in the borough where the building is located. Can I still apply?
Uprise homes are only available to buyers who live or work in the borough (and earn below £71k), so even if you live just across the road, but pay your council tax to a different borough, then you won’t be eligible. It’s just the way it works – we agree planning permission with a specific borough on the basis that we sell the homes to people in their borough.
5. I want to rent an Uprise apartment. Do you have any details?
At present, Uprise do not offer any rental apartments. We sell affordable one, two and three bedroom apartments to local people who live or work in the borough.
6. Do Uprise apartments come with a parking space?
Yes. These can be purchased or rented. We always provide a safe and secure area for you to keep your bike.
7. Do you offer Help to Buy on your developments?
Each development is different. We will be able to tell you at the same time that we launch for sale whether Help to Buy will be available.
8. Do you have a price list? I can’t see one on your website
Prices vary depending on the development and the location, and are linked to current open market prices. So we release the price of our homes at the point of sales launch – usually 8 to 10 months prior to completion. We always sell our apartments for at least 20% below local market value.
9. If I already own a property, does it have to be sold before I can apply for an Uprise one?
Yes. We are only able to sell to people who own no other property. This applies from the point of application.
10. How much do I need to earn to buy an Uprise home?
It’s difficult to answer this question – everybody’s circumstances are different, the deposits people have vary and the prices of Uprise homes vary. You must earn below £71k, and the average income of an Uprise buyer is closer to £40k. We suggest you speak with an independent financial advisor, and we can put you in touch with advisors who specialise in affordable housing.
11. Is stamp duty included in the price?
Stamp duty is not included in the price of Uprise apartments. You will need to pay stamp duty on your Uprise home according to the usual rules, which depend upon the sale price. You can do a quick check using an online calculator, and your solicitor will also be able to advise on this issue.
12. I have heard that Uprise homes can’t be sold for a period , or there is a “clawback”or to anyone on the open market. What is this and how does it affect me?
A clawback is an agreement between the developer and the buyer that if the buyer sells the home within 5 years, 50% of the uplift in value reverts back to Uprise, to build more affordble housing. Our homes can only be sold to people who live and work in the borough. Section 106 agreements, also known as planning obligations, are agreements between developers and local planning authorities that are negotiated as part of a condition of planning consent. In the case of Uprise, the Section 106 agreement means that the home is only available to buy for people who meet specific criteria, e.g. earn below the affordability income threshold set by the Mayor of London (currently £71k), live or work in the borough, don’t already own their own home. These restrictions stay with Uprise homes in perpetuity, meaning Uprise owners are obliged to find a similar buyer when they are ready to sell.
13. What happens when I want to re-sell my Uprise apartment?
You can only sell to people who are in exactly the same position that you were in when you first bought your Uprise home: they have to have a household income less than the affordability threshold (currently £71k); they have to live or work in the Borough and they cannot own any other property. Uprise will be able to guide you through the process when the time comes. You will not be able to sell until you have owned the property for at least five years.
14. How do you make sure that Uprise homes go to, and stay with, the people for whom they are intended?
Uprise homes can only be purchased by local people who don’t already own their own home. You are not allowed to rent out your Uprise home without permission, and then only for a limited period of time, and Uprise checks annually that the owner is living in their Uprise home. Then, when an owner wants to sell their Uprise home, they have to find a buyer (checked by Uprise) that meets the same eligibility criteria.