Shared ownership is a scheme where Housing Associations build and develop properties and then sell an initial share (usually 50%) of the value of the property, with a monthly rent and service charge being payable to the Association on the remaining share. Applicants should have a local connection to Oxfordshire, and be unable to afford to buy outright on the open market. It is advisable to be registered on your local Council's housing waiting list.
The purchaser usually has to buy at least 25% of the property and pays rent on the part they do not own.
The purchaser needs to be able to afford to purchase the 25% share by obtaining a mortgage from a lender (bank or building society) and/or using savings. They should also be able to afford the rent and service charge (usually only for flats) on the part of the property they do not own. They also pay all associated costs of home ownership, e.g. council tax, gas, electric, water and telephone plus other normal household bills (e.g. TV licence etc).
As with buying a property outright, becoming a shared owner involves certain costs: administration fee, solicitors fees, valuation fees, stamp duty, mortgage arrangement charges, indemnity premium and any deposit made. Removal costs and/or furniture, electrical appliances and other furnishings. You must have funds available for this purpose.
As a shared owner of a house you are responsible for all repairs, decoration and maintenance costs. With flats, the Housing Association will repair and maintain the structure for which you pay a service charge and you will be responsible for the interior maintenance and repair.
Email: enquiries@sovereign.org.uk
Or write to:
Woodlands