What is Shared Ownership?
Shared Ownership aims to help people on low to moderate incomes to purchase a property where it is affordable for them to over the long term. Through a Shared Ownership scheme, you can buy a 25 per cent, 50 per cent or 75 per cent share in a house or flat owned by the Housing Association.
Priority access is given to the needs of first time buyers with limited housing alternatives, members of the armed forces and veterans who have left the armed forces within the past two years, and widows, widowers and other partners of service personnel for up to two years after their partner has been killed while serving in the armed forces.
How Shared Ownership operates
Shared Ownership allows you to buy a share of the property and pay an Occupancy Charge on the remainder to a housing association. An Occupancy Charge is an amount you pay because a housing association allows you to occupy the whole property although technically it still owns a share. An Occupancy Charge does not include a cost for repairs to your property and like other home owners you will be responsible for all internal and external repairs for your property, and any ongoing maintenance costs.
For more information please contact Fyne Homes on 0345 6077117 or local estate agents.