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What is Shared Ownership?
Shared ownership is an alternative to renting and buying a home . With shared ownership you buy a “share” of a property, and pay a rent on the rest to the housing association which owns the rest of the property.
Why buy through shared ownership?
Shared ownership is useful for people who
are unable to afford to buy a house on the open market, but do earn a regular
income and can raise
a mortgage on a smaller share of the property.
Buying through shared ownership usually costs you about two thirds of the amount of buying your home outright. This is because the housing association will have received government money in the form of a subsidy which will reduce the amount of rent you have to pay on the remaining share.
Buying a property through shared ownership means that you have the same
rights and responsibilities as all other home owners. It also means that
over time, and as your income increases you can buy further shares in
your property until eventually you own your property outright. As you
increase your share in the property, the amount of rent that you pay
to the housing association decreases.
Who is eligible for shared ownership?
Priority will normally be given
to people who are on a local authority waiting list, but can also apply
to those renting privately, or who work
in the area but are unable to buy privately due to property prices.
What happens when I want to sell?
The first step is to inform the Housing
Association of your decision to sell your home. The Housing Association
usually has the right to nominate
a new buyer for your home. If the Housing Association does not nominate
a new buyer or buy back your home, you have the right to sell it on the
open market.
Who benefits from any increase in value when I sell?
As the shared owner,
you benefit from any increase in the value of the property, according
to the share that you own. If the value of your home
increases by £5000 and you owned 50%, your share of the increase
would be £2500.
Where can I find out more information?
For more information about Pierhead Housing's shared ownership programmes contact Karen Hunter Development Manager 0151 224 0622.
For more information about shared ownership, visit the H.O.M.E.S website at www.homes.org.uk or call their helpline on 020 7963 0223