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Shared ownership, also known as part rent part buy, part ownership and joint property ownership, homes offer a low cost way to get on the home ownership ladder. Shared ownership makes housing affordable.
Shared ownership housing: three key things to know:
- Shared-ownership makes home ownership more affordable because you can part buy and part rent your home.
- Homebuy is the Government's range of shared ownership housing schemes.
- Shared Ownership and Homebuy schemes are managed locally by Housing Association 'Agents'.
What is shared ownership housing?
Shared-ownership is a great way into home ownership. If you can't afford to buy outright, you can part buy and part rent your home.
You might buy a 25%, 50% or 75% share in your home. You pay a small rent on the share that you don't buy. The bigger the share that you purchase, the less rent you have to pay. The monthly cost of buying a 50% share is about two-thirds of what you would pay on a mortgage if you bought the property outright. When you can afford to do so, you can buy more shares until you own your home outright.
Housing Associations and shared ownership housing
The other share in the property is usually owned by a housing association. For example, Tor Homes and Devon and Cornwall Housing are both housing associations that provide affordable housing in South Devon.
Who can buy shared ownership housing?
Shared ownership housing schemes are usually intended for people who cannot afford to buy a suitable home in any other way. Applicants must usually be in housing need and be unable to afford outright purchase. Priority will often be given to people on local authority or housing association waiting lists.
However, when a new housing scheme is developed that includes shared-ownership homes for sale, housing associations often have to work hard initially to sell the shared ownership properties. This is because, when the new homes are first available the association usually has a number of homes available for sale all at one time. Consequently, if you are interested in shared ownership housing don't be put off by the bureaucracy. Apply to the local authority or a housing association that offers shared ownership housing in your area as soon as possible.
You don't have to find a new housing development to be able to buy a shared ownership property. When shared owners want to move home, their property will either be offered to the housing association to find a buyer, or will be advertised in the local estate agents.
Who does the repairs on shared ownership properties?
The shared ownership lease between you and the housing association will set out your rights and responsibilities as a shared owner. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. In particular, you will normally be fully responsible for the cost of repair and maintenance to your home.
SOURCE: www.shared-ownership.org.uk
For more information about purchasing the 50% share in 18 Crispin Road, phone 01548 856561.
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