Pricing & Eligibility:
40% of Property: £104,000
Full MaArket Price: £260,000
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.
To be eligible for shared ownership you would need to meet the following criteria:
• Your annual household income does not exceed £80,000
• You have a deposit of at least 5%-10% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.
A leaflet containing all the eligibility criterea and pricing will be sent to all interested parties and an application form will need to be completed and sent to the current housing association for their acceptance prior to an offer being agreed and solicitors instructed,
Monthly Charges:
The following charges are payable·
Rent on remaining 60%: £491.73
Management charge: £7.50·
Service charge: £238.33
The above charges are reviewed annually on 1st April.
Buyer costs due to Home Group on completion:
Notice of Assignment: £75.00 + VAT
Notice of Mortgage: £75.00 + VAT
The above charges are reviewed annually.
Other useful information:·
Lease term: The lease term is 125 years from the 1st January 2010·
Pets: Not permitted.
Ground rent: Not payable.
Subletting: Permitted with prior written consent. If permitted, a Licence to Sublet is required at a cost of £175.00 + VAT.