For many Islanders, getting a foot on the property ladder can feel out of reach. The Andium Homebuy Scheme has already helped many first-time buyers into a home of their own. Here is how it works and what buyers need to know about property, the law and finance before the keys are theirs. By Marcia Lee, Senior Conveyancer and Godelaine Harrison, Conveyancer at Le Gallais and Luce.
Buying your first home in Jersey can feel daunting, especially when navigating an assisted purchase scheme for the first time. We have helped over 300 clients purchase their first home via the Andium Homebuy Scheme and understanding how it works and what’s expected of applicants is the first step towards a successful purchase.
The Right Property: Understanding the Andium Homebuy Scheme
The Andium Homebuy Scheme is designed to bridge the gap between what first-time buyers can afford and what a property costs on the open market, with no deposit required. Eligible applicants only need to borrow 75% of the purchase price from a mainstream lender, while the remaining 25% is provided by Andium Homes as a “deferred payment” loan. No monthly repayments are due on this portion. Instead, 25% of the property’s value is repaid to Andium when the property is next sold and that money is recycled back into the scheme to help the next generation of buyers.
How to Apply
To be considered for the scheme, you’ll first need to register on Andium Homes’ Assisted Purchase Pathway. Broadly, you’ll need to be over 18, hold entitled residential status and have lived in Jersey for at least six months. You must also be a genuine first-time buyer (having never owned property anywhere in the world), be unable to afford a suitable home on the open market and have a household income within the published limits for the scheme.
Once you’re on the Pathway, it’s worth arranging in principle how much you can borrow from one of the mortgage lenders who support the scheme, so you know your budget before viewing a property. Andium will then market suitable properties directly to registered applicants, prioritising those who have been on the Pathway longest and who are genuine first-time buyers. If you’re offered a property, the sale typically completes within around six weeks, though it’s worth being aware that waiting times to reach that stage can range from one to three years depending on demand and the properties available.
The Right Property Lawyers
Once a property has been found and the finance arranged, choosing a legal firm with conveyancing experience of the Andium Homebuy Scheme is what brings the transaction together. Because the scheme involves three parties, the buyer, Andium and a mainstream lender, a legal firm needs to understand what each requires and be able to liaise directly with the legal teams representing both Andium and the lender, so nothing is missed and the process runs as a single, joined-up service.
Why Do You Need a Property Conveyancer?
A property conveyancer from your legal firm checks the title to a property for a minimum of 40 years to establish what clauses or restrictions affect it, then cross-checks these against neighbouring owners’ contracts to make sure everything ties in together. If the property is a flying freehold flat, they also confirm that the association’s legal obligations have been fulfilled before the purchase goes ahead.
Flying freehold typically applies to flats and apartments, where you own your individual unit outright, but it sits within a building where other parts, such as the roof, foundations, and shared areas, are owned in common with your neighbours. Buying a flying freehold property automatically makes you a member of the building’s association, which is responsible for looking after those shared areas. It’s essential to check that the association has met all of its legal obligations before a purchase completes, which is one of the checks a conveyancer carries out as standard.
If you purchase a freehold property, it means you own both the building and the land it sits on outright, with no one else’s permission needed to make changes to the structure (subject, of course, to normal planning rules).
Your conveyancing team also carry out a site visit, which is their chance to translate all of that research into what they can actually see on the ground, checking that everything that is supposed to be at the property is there, and in the right place.
Once they have completed their checks, explained everything to you clearly and confirmed your loan documentation has been correctly executed and approved by both Andium and your lender’s lawyers, you’re ready for the final step: The Royal Court!
In Jersey, buying freehold or flying freehold property means you, or your lawyer, must appear before the Bailiff and two Jurats in the Samedi Division of the Royal Court, which actually sits at 2.30pm on a Friday, not a Saturday as its name suggests. There, once the Oath has been taken, you’ll receive your keys and the property will finally be yours.
The Right Finance
Arranging the personal bank loan alongside the Andium contribution is a key part of the process. Local mortgage brokers, such as Octagon Finance, can help buyers understand their borrowing options and identify which lenders support the scheme. Whichever adviser a buyer chooses, their conveyancer will liaise directly with the lender’s legal team to keep the process moving smoothly.
Getting Started
Le Gallais and Luce’s experience of working with the Andium Homebuy Scheme means we understand what is required by all parties. Buying your first home should feel exciting, not overwhelming. If you’re thinking about applying for the Andium Homebuy Scheme, or you already have an offer on a property, get in touch with our team for a friendly, no obligation conversation about how we can help.
Tel: 01534 760 760
Email: propertyteam@lgl.je
